NEW YORK, March 3, 2011 /PRNewswire/ -- Ticonderoga Securities LLC announced today that it has signed definitive agreements for the acquisition of Soleil Securities Corporation. The transaction is expected to close around the end of March 2011 subject to regulatory approval.
Ticonderoga is owned and managed by Joel Plasco and Shawn McLoughlin, the former Group CEO and North American CEO of London-listed financial services group Collins Stewart plc.
The purchase of Soleil Securities will significantly increase the size of Ticonderoga's research offering and provide greater depth within each research vertical. This enhanced research offering coupled with Ticonderoga's current equity derivatives, market-making and structured credit expertise offerings, along with the recently-announced move into fixed income, will create a highly-focused solution platform for the institutional client base.
The synergies between Ticonderoga and Soleil, and the ability to leverage each other's strengths, are substantial. Both firms believe in a highly-focused approach to institutional investment research, delivering actionable market intelligence tailored to meet the specific needs of clients through an experienced sales force that can react quickly and efficiently to the ideas generated by their analysts.
As a result of the acquisition, Ticonderoga will be able to provide clients with greater information content at the point of execution. The firm will utilize state of the art technology to further complement its high-touch service, and will also provide a variety of electronic execution products for those clients seeking a low-touch solution.
The combined business will operate from offices in New York, Boston, Minneapolis and San Francisco.
McLoughlin commented: "The combination of the two businesses is the next phase in our plan to build a diverse research-led sales and trading business across a broad spectrum of asset classes. The merger of the businesses will allow for some significant cost savings from the increased revenues and overhead reductions. We continue to use the Ticonderoga platform to attract the highest quality of talent from all backgrounds to work in a very effective environment where their achievements will be recognized and respected."
About Ticonderoga Securities
In May 2009, Ticonderoga Securities LLC acquired Reynders, Gray & Co. Inc. a respected firm with more than 30-years experience and an enviable track record. The firm concentrates on domestic and international equities and focuses on high quality, order execution, as well as a differentiated research offering to support its first class execution capabilities.
About Soleil Securities Corporation
Soleil Securities Corporation (a member of FINRA and SIPC) is an institutional research, sales and trading firm that provides a wide array of services to the asset management community. Soleil provides equity research on over 200 stocks and also provides macro-economic and Washington policy research. The firm services its clients with 28 experienced research sales and sales trading professionals located in its New York, Boston, San Francisco, and Minneapolis offices.
Additionally, Soleil offers its trading clients access to all major domestic trading venues and liquidity pools. For further information, please visit our website at www.soleilgroup.com/ .
SOURCE Ticonderoga Securities