NEW YORK, March 18, 2015 /PRNewswire/ -- Abel/Noser Corp., a leading independent agency brokerage firm providing data-driven trading products and services for institutional clients, announced today that it has named ICBC Financial Services LLC (ICBCFS) to handle clearing services for its U.S. equities business.
"Abel/Noser has been experiencing a tremendous amount of growth, particularly in our transition management and portfolio rebalancing services. As we expand, we felt it was vital to our continued success to partner with a broker that has the experience, balance sheet and singular focus on clearing to support our business," said Abel/Noser CEO Bill Conlin. "We know and have worked with many of the senior executives at ICBCFS for years and have the utmost of confidence in their understanding of the clearing business and attentiveness to client needs. We look forward to building a successful partnership."
Abel/Noser recently announced six straight years of volume increases in its transition management business, which helps asset owners make changes to their investment allocations while minimizing transaction costs. The company's dedicated transition management group has received numerous industry accolades for its work, including being named aiCIO's top global service provider in 2013 and for ranking first in 2014 for "customer confidence in revenue disclosure."
Commenting on the relationship with Abel/Noser, Joseph Spillane, CEO of ICBCFS, said: "As we continue to advance our initiatives to service global institutions, Abel/Noser will be an important relationship to the firm. We have built our firm by hiring professionals with an extensive amount of Wall Street experience, and supporting Abel/Noser is a testament to this strategy. In addition, our team focuses its energy on clients, and places great value in building a premier brand. We feel these valuable traits are shared between both firms."
About Abel/Noser Corp.
Abel/Noser Is one of the oldest and largest independent agency brokerages providing a range of tools and services for institutional sponsors and investment managers. Abel/Noser offers comprehensive solutions and analytics throughout the pre-trade, execution and post-trade cycle, including Transaction Cost Analysis (TCA), domestic and international commission recapture for equities and fixed income, transition management, liquidity analysis and customized algorithms. Founded in 1975 and headquartered in New York, Abel/Noser is a member of the NYSE, FINRA and SIPC.
About ICBC Financial Services LLC (ICBCFS)
ICBCFS is a U.S.-based and registered broker dealer with the Securities and Exchange Commission ("SEC"), and a member of the Financial Industry Regulatory Authority ("FINRA"). ICBCFS offers global clearing and financing services to institutional clients in all major marketplaces. ICBCFS is a wholly owned subsidiary of Industrial and Commercial Bank of China Limited (ICBC), which is considered the largest bank in the world as measured by deposits, market capitalization and profitability. ICBC provides a wide range of financial products and services to over 5 million corporate customers and over 450 million individual customers while maintaining a global network of more than 17 thousand physical branches. At the end of 2013, total assets reached $3.03 trillion, achieving a 10.2% increase against the previous year in net profit and defended its position as the world's most profitable bank. ICBC's capital adequacy ratio and core Tier 1 capital adequacy ratio stands at 14.2% and 11.79% respectively.
SOURCE Abel/Noser Corp.