INTL FCStone Inc. Agrees to Acquire GMP’s US-based Fixed Income Trading Business, formerly known as Miller Tabak Roberts Securities, LLC
NEW YORK, Dec. 12, 2018 (GLOBE NEWSWIRE) -- INTL FCStone Inc. (NASDAQ:INTL) ("INTL") announced today that it has signed a definitive agreement with GMP International Holdings Corp., a wholly-owned indirect subsidiary of Canada-based GMP Capital Inc., to acquire its US-based broker-dealer subsidiary, GMP Securities LLC “(GMP”), formerly known as Miller Tabak Roberts Securities, LLC, an independent, SEC-registered Broker-Dealer and FINRA member. GMP has an institutional fixed-income trading business which deals in high yield, convertible and emerging market debt and makes markets in certain equity securities. This transaction will also involve the purchase of GMP’s US-based parent, with transaction closing being subject to limited closing conditions including regulatory approval.
GMP employs approximately 50 staff in New York, NY, Fort Lauderdale, FL, Stamford, CT and Plano, TX.
Sean O'Connor, CEO of INTL FCStone Inc., commented, "This acquisition fulfills a strategic objective for INTL by allowing us to expand our current fixed income product offering to our customers beyond Treasuries, Agencies, MBS, ABS, Municipal and Investment Grade bonds and into High Yield, Convertible and Emerging Market debt. Additionally, this acquisition brings us over 2,400 institutional customers who will benefit from our broader Securities product offering as well as other financial services products we provide including commodities, derivatives, FX and global payments."
INTL FCStone's Securities Division offers its clients equity and debt products. In equities, it is the leading OTC market maker by dollar volume, making markets in over 5,000 securities including over 3,600 OTC ADRs and GDRs. In fixed income, INTL is an institutional dealer making markets in U.S. Government Securities, Federal Agency, Mortgage-Backed Securities and Asset-Back Securities to over 700 institutional clients.
About INTL FCStone Inc.
INTL FCStone Inc., through its subsidiaries, is a leading provider of financial-services execution, risk management, market intelligence, and post-trade services across asset classes and markets around the world.
A Fortune 500 company with a nearly 100-year track record, the company focuses on providing products and services within the commodities, securities, foreign exchange and global payments sectors. INTL customers include the producers, processors and end users of virtually every major traded commodity; commercial counter parties; and governmental, nongovernmental and charitable organizations. The company also serves institutional investors, brokers, professional traders, CTA/CPOs, proprietary trading groups, commercial banks and major investment banks. Headquartered in New York City, the company is listed on NASDAQ under the ticker symbol "INTL".
Further information on INTL FCStone is available at www.intlfcstone.com.
INTL FCStone Inc.
Director of Public Relations
Source: INTL FCStone Inc.