Fixed income trading platform Tradeweb Markets has signed an agreement to acquire BondDesk Group, a US-based provider of retail fixed income wealth management and trading technology.
According to Tradeweb, the transaction will leverage the technology and expertise of both firms to improve overall liquidity, transparency and efficiency for broker dealers, retail and middle market investors.
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The acquisition is subject to customary closing conditions and regulatory review.The financial terms of the deal are not being disclosed.
Following the acquisition, Edelstein will step down from BondDesk and return to his role as an operating partner in private equity and John Cahalane, managing director and head of Tradeweb Retail, will lead the combined business.
Lee Olesky, CEO of Tradeweb Markets, said: "Acquiring BondDesk is a natural step forward for Tradeweb, broadening our established retail offering to benefit customers with the next level of innovation and service in retail fixed income.
"As demand for liquidity in institutional and retail fixed income markets intersects, Tradeweb will continue to evolve market structure by providing our buy- and sell-side clients with efficient electronic marketplaces," Olesky added.
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By GlobalDataHoward Edelstein, chairman and CEO of BondDesk Group, said: "Now BondDesk clients will receive the added benefit of Tradeweb’s strong institutional experience and presence at a time when retail and institutional fixed income businesses are converging."
