Wedbush Financial Services has purchased a ‘significant’ stake in Canada-based brokerage firm Velocity Trade.
Velocity Trade provides its clients with access to over-the-counter (OTC) and exchange listed solutions. The firm also delivers tailor-made wealth management products through its WealthTech portfolio.
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It currently has offices in Canada, the UK, Australia, New Zealand, the Netherlands, Germany, South Africa and Barbados.
The latest investment, value of which has not been divulged, has made Wedbush the largest external shareholder of Velocity Trade.
Pending regulatory nod, the deal has allowed Wedbush to gain access to more than 20 international liquidity centres and FX Prime Clearing services.
The move also enables Wedbush to leverage Velocity Trade’s global presence and its regulatory framework to offer various solutions, such as prime services, foreign exchange, wealth management and investment banking, to its clients.
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By GlobalDataIt was carried out in line with Wedbush’s goal of becoming one of the key non-bank multi-asset financial service providers in the world.
Wedbush CEO Gary Wedbush said: “Our new partnership with Velocity is a major step forward in the Global vision for our firm.
“The unrelenting mission to provide our clients with world-class global multi-asset services will only accelerate with the addition of Velocity’s outstanding international capabilities.”
Last month, Wedbush subsidiary Wedbush Securities appointed David C. Smith as the managing director of its investments unit to strengthen its operations in Pasadena, California.
Velocity Trade Group CEO Simon Grayson said: “The combination of Wedbush’s expertise and competencies combined with Velocity’s unique foreign exchange, derivatives and global multi-asset distribution platform will provide more opportunities and products to deliver on Velocity’s client first model.”
