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

Q&A: Portfolio Advisors' Brian Murphy On The Advantages of A Private Markets Platform

Jan 2 2018 | 11:05am ET

Most private markets firms reference their platforms as a source of competitive...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: The Top Hedge Fund Industry Trends for 2018

Jan 2 2018 | 12:22pm ET

Each year, Don Steinbrugge’s Agecroft Partners compiles the insights gained...

 

FINalternatives Trending

From the current issue of