GFI Group Acquires Team from Phoenix Partners group
Economies of Scale and Seamless Integration expected
New team will join GFI's Latium Capital division
NEW YORK, May 8, 2013 /PRNewswire/ -- GFI Group Inc. (NYSE: "GFIG") announced today that it has agreed to acquire certain assets of Phoenix Partners Group, an independent interdealer broker operating mainly in the international credit and equity markets. As part of the transaction, GFI will be taking on approximately 32 brokers (divided between New York and London offices) and additional operational and management staff.
Headquartered in New York with an additional office in London, Phoenix Partners Group provides a range of intermediary services to a largely institutional, financial client base, in credit and equities. In credit, Phoenix follows a hybrid business model, combining voice broking with electronic execution.
Colin Heffron, CEO GFI Group, commenting on today's announcement, said: "We are very pleased to welcome the team from Phoenix Partners into GFI Group. Nick Stephan and Marcos Brodsky and their team share with us the same commitment to providing customers with an execution model that allows for experienced brokers to work hand in hand with the most sophisticated trading technology. This transaction presents numerous synergies and opportunities that we look forward to executing alongside our new colleagues."
Nick Stephan, CEO of Phoenix Partners Group said: "This is an exciting moment for our team. We are very happy to be joining GFI, who has a highly focused business model and a firm belief in the critical role experience and technology provide. GFI is an innovator in the brokerage space and we will work to contribute to expanding its presence in the market."
About GFI Group Inc.
GFI Group Inc. (NYSE: "GFIG") is a leading provider of wholesale brokerage services, clearing services, electronic execution and trading support products for global financial markets. GFI Group Inc. provides brokerage services, market data, trading platform and analytics software products to institutional clients in markets for a range of fixed income, financial, equity and commodity instruments.
Headquartered in New York, GFI was founded in 1987 and employs more than 2,100 people with additional offices in London, Paris, Nyon, Hong Kong, Manila, Seoul, Tokyo, Singapore, Sydney, Cape Town, Santiago, Bogota, Buenos Aires, Lima, Dubai, Dublin, Tel Aviv, Los Angeles and Sugar Land (TX). GFI Group Inc. provides services and products to over 2,600 institutional clients, including leading investment and commercial banks, corporations, insurance companies and hedge funds. Its brands include GFISM, GFInet®, CreditMatch®, GFI ForexMatch®, EnergyMatch®, FENICS®, Starsupply®, Amerex®, Trayport® and Kyte®.
Certain matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "might," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of GFI Group Inc. (the "Company") and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: economic, political and market factors affecting trading volumes; securities prices or demand for the Company's brokerage services; competition from current and new competitors; the Company's ability to attract and retain key personnel, including highly-qualified brokerage personnel; the Company's ability to identify and develop new products and markets; changes in laws and regulations governing the Company's business and operations or permissible activities; the Company's ability to manage its international operations; financial difficulties experienced by the Company's customers or key participants in the markets in which the Company focuses its brokerage services; the Company's ability to keep up with technological changes; uncertainties relating to litigation and the Company's ability to assess and integrate acquisition prospects. Further information about factors that could affect the Company's financial and other results is included in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For any queries or additional information please contact:
Vice President - Public Relations
GFI Group Inc.
55 Water Street, 28th Floor
|New York, NY 10041
Tel: (212) 968 2964
Mob: (646) 717 4379
SOURCE GFI Group Inc.