Weeden Buys Prime Broker

Apr 23 2013 | 1:13pm ET

Institutional brokerage Weeden & Co. is moving into the hedge fund services business with the acquisition of prime broker Saxis Group.

New York-based Saxis will remain headed by founder Sohail Khalid. Terms of the deal were not disclosed.

"This acquisition underscores Weeden's strategic objective of investing in cutting-edge technologies and platforms that give our clients a competitive edge," Lance Lonergan, co-CEO of Greenwich, Conn.-based Weeden, said.

Four-year-old Saxon focuses on early-stage and emerging hedge fund managers, featuring a technology platform that offers risk analytics, customizable trading and asset allocation services to funds and family offices. The firm also offers fundraising and separately-managed account options.

Khalid said the merger was designed to make Saxis "the destination for any hedge fund looking to grow its business, grow its assets and make efficient use of technology."


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...