COR Securities Holdings has acquired Legent Clearing for an undisclosed amount. As a result of the deal, COR Securities, the financial services holding company of California-based hedge fund COR Capital, has injected about $20 million of equity into Legent to enable the clearing company to expand its product and service offerings and build on its network of over 75 broker-dealer correspondents.
“We expect our existing and prospective correspondents to see tangible benefits from this transaction as we roll out service enhancements over the next several months, said CEO Christopher Frankel. The infusion of new capital and elimination of debt transforms our balance sheet and affords us the opportunity to better serve our clients.”
Steven Sugarman, CEO of COR Capital, said, “We are excited to provide Legent with growth capital and a deep bench of industry veterans to help advise the company in its expansion plans. Legent will succeed by providing its clients the highest level of clearing, settlement and investment services. COR Capital will ensure that Legent has the financial, operational and strategic resources it needs to achieve these goals.”
COR Securities has also announced that joining its board of directors are Alton Jones, former chairman of Pershing; Marshall Geller, former senior managing director of Bear, Stearns & Co.; and Ric Duques, former chairman and CEO of First Data Corp.
(JDC)