Sunday, 1 February 2015
Last updated 1 day ago
Nov 21 2006 | 10:43am ET
New York hedge fund and proprietary trading firm Schonfeld Securities has agreed to sell its in-house clearing business to Dallas-based Penson Worldwide.
Penson, which provides execution, clearing, settlement and custody services to securities firm, will acquire the Schonfeld business on an earn-out basis, with five annual payments based on net income from the acquired clearing operation. The first payment, almost $25 million in Penson stock, is to be made at the beginning of the year. The deal is expected to close by the end of the first quarter.
Schonfeld and the six firms it cleared trades for have signed long-term deals to keep their clearing business with Penson.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…