Saturday, 20 December 2014
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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.