Cowen Group, a US-based financial services firm, has agreed to acquire Concept Capital, a provider of brokerage and fund services for investment managers, hedge funds, and registered investment advisors for an undisclosed sum.
Subject to customary closing conditions and regulatory approval, the deal is scheduled to complete in the third quarter of 2015.
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The transaction has already received approval from the board of directors of both companies,
Cowen expects the deal to be accretive to earnings in 2015. Financial terms of the transaction were not disclosed.
Cowen Group chairman and CEO Peter Cohen said: "Combining Concept Capital with Cowen’s business will allow us to better service these funds by providing focused prime broker services, supported by non-conflicted trade execution and world-class equity research."
Cowen Group president Jeffrey M. Solomon said: "By joining forces, we have an opportunity to grow with Concept’s existing clients and further develop its competitive offering for an underserved part of the emerging investment manager community that is looking to outperform.
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By GlobalData"In addition, Concept’s clients will benefit from access to Cowen’s high quality institutional equity research, investment conferences, and suite of electronic products.
Concept Capital co-founders Michael Rosen and Jack Seibald said: "Importantly, the transaction will not impact client accounts held with our various clearing firms, nor the manner in which clients are served day to day."
