JonesTrading partners with Conifer
16 August 2012 Los Angeles, California
Image: Shutterstock
The Conifer Group and JonesTrading Institutional Services have signed a partnership deal that will see Conifer Securities become a wholly owned subsidiary of JonesTrading.
Los Angeles-based Liquidity supplier JonesTrading provides institutions with block trading in securities and derivative products, capital markets services, independent research and commission management.
The Conifer Group, which is headquartered in San Francisco, provides middle and back-office services to the asset management industry, including global fund administration, middle office, prime brokerage and trade execution.
The two companies have signed a letter of intent to seal the partnership. JonesTrading will acquire Conifer Securities and manage the business as a wholly owned subsidiary.
The Conifer Group will get an equity stake in JonesTrading and Jack McDonald, who is the Conifer Group’s president and CEO, will join JonesTrading’s board of directors. The deal will go through in Q4 2012.
The partnership is designed to provide clients of both Conifer Securities and JonesTrading with access to a broad set of capabilities. “JonesTrading will be able to offer prime brokerage services and the capabilities of JonesTrading’s growing advisor services business are immediately broadened,” said JonesTrading in a statement.
“The move furthers JonesTrading’s strategy to deliver a diverse range of quality high touch services to the growing hedge fund and investment advisor markets. The Conifer Group intends to leverage the strength of JonesTrading for its expanding fund administration and middle office services for hedge funds and investment managers.”
William Jones, chairman and CEO of JonesTrading, said: “As we looked at the landscape of growth opportunities for JonesTrading to serve our clients, we recognised the increased demand for a broader and deeper range of quality high touch services.”
“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. Jack McDonald will bring to our board expertise, insight, and experience which are critical to effectively building our franchise through the capabilities we will now provide."
“This partnership will provide a comprehensive and powerful set of tools that will enhance the superior trade execution services both firms currently provide,” said McDonald. “Separately Conifer will continue to grow its fund administration and middle office services through high quality service and leading technology, strengthening our market leading capabilities at an exciting time of industry expansion. I look forward to working with the JonesTrading team and contributing to the board’s continued business development initiatives.”
Los Angeles-based Liquidity supplier JonesTrading provides institutions with block trading in securities and derivative products, capital markets services, independent research and commission management.
The Conifer Group, which is headquartered in San Francisco, provides middle and back-office services to the asset management industry, including global fund administration, middle office, prime brokerage and trade execution.
The two companies have signed a letter of intent to seal the partnership. JonesTrading will acquire Conifer Securities and manage the business as a wholly owned subsidiary.
The Conifer Group will get an equity stake in JonesTrading and Jack McDonald, who is the Conifer Group’s president and CEO, will join JonesTrading’s board of directors. The deal will go through in Q4 2012.
The partnership is designed to provide clients of both Conifer Securities and JonesTrading with access to a broad set of capabilities. “JonesTrading will be able to offer prime brokerage services and the capabilities of JonesTrading’s growing advisor services business are immediately broadened,” said JonesTrading in a statement.
“The move furthers JonesTrading’s strategy to deliver a diverse range of quality high touch services to the growing hedge fund and investment advisor markets. The Conifer Group intends to leverage the strength of JonesTrading for its expanding fund administration and middle office services for hedge funds and investment managers.”
William Jones, chairman and CEO of JonesTrading, said: “As we looked at the landscape of growth opportunities for JonesTrading to serve our clients, we recognised the increased demand for a broader and deeper range of quality high touch services.”
“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. Jack McDonald will bring to our board expertise, insight, and experience which are critical to effectively building our franchise through the capabilities we will now provide."
“This partnership will provide a comprehensive and powerful set of tools that will enhance the superior trade execution services both firms currently provide,” said McDonald. “Separately Conifer will continue to grow its fund administration and middle office services through high quality service and leading technology, strengthening our market leading capabilities at an exciting time of industry expansion. I look forward to working with the JonesTrading team and contributing to the board’s continued business development initiatives.”
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