Chubb CTF Management Buyout Is Off: Fidelity Investments Pulls Out Of Deal
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It appears that the much-publicized reorganization under way at Fidelity Investments has claimed an early casualty--the attempted buyout of Chubb Contingency Trading Facility (CTF) by four CTF executives.
Fidelity, which was to get an equity stake in CTF in exchange for funding the buyout, has backed out of the deal, thus putting the brakes on the proposed management buyout, according to two industry sources. Official verification from Chubb and Fidelity that the deal has fallen apart is imminent
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