JonesTrading Acquires Conifer Securities
JonesTrading, a broker-dealer based in Westlake Village, CA, has signed a letter of intent with San Francisco-based hedge fund service provider the Conifer Group to acquire its subsidiary, Conifer Securities. Conifer Securities will become a Jones Trading subsidiary, and the Conifer Group will obtain an equity stake in JonesTrading.
The deal, in which Conifer CEO and president Jack McDonald will join JonesTrading's board of directors, is expected to close in Q4 of 2012.
JonesTrading will be able to offer prime brokerage services, and the capabilities of its growing advisor services business will be broadened. The Conifer Group intends to leverage JonesTrading for its expanding fund administration and middle office services for hedge funds and investment managers.
"As we looked at the landscape of growth opportunities for JonesTrading to serve our clients, we recognized the increased demand for a broader and deeper range of quality high touch services," says Packy Jones, chairman and CEO of JonesTrading. "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."
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