Israel A. Englander & Co. has inked an agreement to transfer its managed account and prime services platform (MA&PS) to fund services provider Concept Capital Markets.
As part of the deal, MA&PS managing directors Harry Freda, Nick Rizzi and Bob Chicoine will join Concept Capital in the Purchase, New York branch, while Israel A. Englander financial advisor Georgia Goodman, Matt Pringle, and Bob Wibbelsman will join in the Santa Monica, California branch.
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Israel A. Englander said that additional personnel and account transfers between the firms may take place as well as details will be finalized between the parties.
Stephen Tobias, CEO of Israel A. Englander, said: "Concept Capital has continued to demonstrate a commitment to the prime brokerage business through investments in personnel and technologies that combine to deliver a comprehensive set of solutions for investment managers and those that allocate to them.
"Our clients could potentially benefit from these solutions and our employees may be better able to extend their reach into the alternative investment manager space with the additional tools available to them."
Jack Seibald, co-founder and managing member of Concept Capital, added: "With a diverse range of experiences and skill sets that include prime brokerage, launching hedge funds, portfolio management, research, sales and trading, clearance and settlement, financial operations, compliance, technology, and customer support, we believe the Concept team is uniquely equipped to understand and anticipate our clients’ needs and preferences and deliver on those."
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