Sunday, 24 May 2015
Last updated 1 day ago
Mar 11 2010 | 2:49pm ET
The boutique broker-dealer founded by the former heads of an ill-fated UBS hedge fund has acquired another boutique broker-dealer.
ICP Capital has sold its domestic and international capital markets businesses to PrinceRidge Holdings, the firm founded last year by John Costas and Michael Hutchins. Costas and Hutchins were the top executives at Dillon Read Capital Management, the hedge fund shuttered by UBS after it cost the Swiss bank $3 billion on bad mortgage-backed securities bets.
ICP CEO Tom Priore will remain with the combined firm, which will be called PrinceRidge, as one of its six partners. He brings with him 60 employees spread across offices in New York, Chicago, Los Angeles, London and Copenhagen, Denmark. The firm specializes in structured products, with trading, origination and proprietary advisory businesses.
“ICP will significantly enhance the scale of PrinceRidge as we add our client franchise and intellectual capital to a strong business platform headed by two leading figures in the industry,” Priore said. “Our complimentary business lines and philosophical alignment will facilitate a quick integration and the combination of our resources will strengthen our product breadth, operational infrastructure and financial position to provide our institutional clients with best-in-class service and trusted advice.”
The deal is expected to close during the second quarter.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…