Sunday, 28 December 2014
Last updated 3 days ago
Aug 15 2012 | 7:56am ET
Brokerage firm JonesTrading has joined forces with hedge fund servicer The Conifer Group.
According to a letter of intent signed between the two firms, JonesTrading will acquire the Conifer Group subsidiary Conifer Securities, managing the business as a wholly owned subsidiary while the Conifer Group obtains an equity stake in JonesTrading. Jack McDonald, Conifer’s president and CEO, will join JonesTrading’s board of directors. The transaction—further details of which were not revealed—is expected to close in the fourth quarter of 2012.
The partnership will allow JonesTrading to offer prime brokerage services and broaden the capabilities of its growing advisor services business while The Conifer Group leverages the strength of JonesTrading for its expanding fund administration and middle office services for hedge funds and investment managers.
“The businesses of JonesTrading and Conifer Securities are complementary and the arrangement between our firms will not only make our respective clients’ trading more effective but will add value to the entire investment cycle,” said William (Packy) Jones, chairman and CEO of JonesTrading.
“This partnership will provide a comprehensive and powerful set of tools that will enhance the superior trade execution services both firms currently provide,” said McDonald. “Separately Conifer will continue to grow its fund administration and middle office services through high quality service and leading technology, strengthening our market leading capabilities at an exciting time of industry expansion. I look forward to working with the JonesTrading team and contributing to the board’s continued business development initiatives.”
Dec 1 2014 | 10:21am ET
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