LOS ANGELES and SAN FRANCISCO, Aug. 14, 2012 /PRNewswire/ -- JonesTrading Institutional Services LLC (JonesTrading), which provides institutions with unconflicted block trading in securities and derivative products, capital markets services, independent research, and commission management announced today that it has formed a strategic partnership with The Conifer Group LLC (Conifer Group) concerning the company's subsidiary Conifer Securities, LLC (Conifer Securities). The two companies have signed a letter of intent, wherein JonesTrading will acquire Conifer Securities and manage the business as a wholly owned subsidiary. The Conifer Group will obtain an equity stake in JonesTrading and Jack McDonald, President and CEO of The Conifer Group, will join JonesTrading's Board of Directors. The transaction is expected to close in the fourth quarter of 2012.
The partnership is designed to seamlessly integrate Conifer Securities' clients, while providing clients of both firms access to a broad set of industry leading capabilities. JonesTrading will be able to offer prime brokerage services and the capabilities of JonesTrading's growing Advisor Services business are immediately broadened. The move furthers JonesTrading's strategy to deliver a diverse range of quality high touch services to the growing hedge fund and investment advisor markets. The Conifer Group intends to leverage the strength of JonesTrading for its expanding fund administration and middle office services for hedge funds and investment managers.
"As we looked at the landscape of growth opportunities for JonesTrading to serve our clients, we recognized the increased demand for a broader and deeper range of quality high touch services," said William (Packy) Jones, Chairman and CEO of JonesTrading. "The businesses of JonesTrading and Conifer Securities are complementary and the arrangement between our firms will not only make our respective clients' trading more effective but will add value to the entire investment cycle. Jack McDonald will bring to our Board expertise, insight, and experience which are critical to effectively building our franchise through the capabilities we will now provide."
"This partnership will provide a comprehensive and powerful set of tools that will enhance the superior trade execution services both firms currently provide," said Jack McDonald, President and CEO of The Conifer Group. "Separately Conifer will continue to grow its fund administration and middle office services through high quality service and leading technology, strengthening our market leading capabilities at an exciting time of industry expansion. I look forward to working with the JonesTrading team and contributing to the Board's continued business development initiatives."
JonesTrading Institutional Services LLC is one of the oldest and largest pure execution firms in the U.S. and a worldwide leader in block trading. Since 1975, the sole focus of JonesTrading has been creating liquidity for institutions on an unconflicted basis. The ability to provide a secure, trusted platform connecting a diverse group of market players enables the firm to unlock liquidity, providing best-quality execution for larger and more complex trades.
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About The Conifer Group, LLC
The Conifer Group, LLC is a leading provider of middle and back-office services to the asset management industry, including global fund administration, middle office, prime brokerage and trade execution. Conifer's iCon™ platform is the first and only cloud-based solution delivering an entire suite of asset services, including a customizable data repository and in-depth attribution reporting portal. Conifer's fully outsourced middle and back-office offering appeals to both start-up and established asset managers. Headquartered in San Francisco and with offices in New York and the British Virgin Islands, Conifer has been in business since 1989. For more information, please visit http://www.conifer.com.
SOURCE JonesTrading Institutional Services LLC