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

'Smart Beta' Funds In Regulators' Sights, Hedgies May Be Next

Mar 26 2015 | 11:11am ET

Funds that mimic strategies used by active managers for a fraction of the cost could...

Lifestyle

Study: Both Marriage and Divorce Lead to Negative Hedge Fund Performance

Mar 25 2015 | 6:51pm ET

Trouble at home leads to trouble in the market for fund managers, according to researchers...

Guest Contributor

Concerned About Your HFT Exposure? Hedge It!

Mar 26 2015 | 1:06pm ET

High-frequency trading has been a persistent storyline for several years. The trading...

 

Sponsored Content

    Mar 9 2015 | 6:35am ET

    Kelly RodriquesKelly RodriquesAs more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…

Editor's Note