Tullett Prebon Acquisition of Brazilian Inter-Dealer Broker Approved

Jul 12 2011 | 9:53am ET

Brazilian President Dilma Rousseff has given her blessing to the acquisition of the Brazilian inter-dealer broker Convenção by London’s Tullett Prebon.

Said Tullett Prebon COO Steph Duckworth: “The acquisition of Convenção plays especially well to Tullett Prebon’s strengths and our plans for growing our business in Latin America. With this acquisition, we can now expand Tullett Prebon’s customer base by offering Brazilian clients access to global products and services, and at the same time, provide global clients elsewhere with access to local Brazilian markets.” 

Duckworth confirmed that Convenção’s existing management Eduardo Azevedo and Marcelo Arbex will remain with Tullett Prebon after the transaction closes.
 
Headquartered in São Paulo, Brazil, Convenção’s products and services include futures of interest rates, options, commodities and foreign exchange desks, as well as fixed income and swaps.
 
“Competition for the Brazilian market is increasingly fierce. With stock and derivatives markets going public, the trend is for brokerage firms to expand internationally. This joining of forces between Convenção and Tullett Prebon will provide our customers, through new technology, with a wider range of products,” said Azevedo.
 
Since Tullett Prebon’s initial announcement in October 2009 that it was to acquire the firm, Convenção has expanded from 22 brokers to 35 brokers. Tullet Prebon expects to complete the acquisition, the terms of which were not disclosed, in August.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR