ODL Securities, a London-based equities, derivatives and FX trading house, has bought the bestconnect electronic dealing service for retail investors, from investment bank Dresdner Kleinwort.
The bestconnect management, led by Andrew Rowland, is expected to run and grow an advanced algorithmic execution business.
“bestconnect has a great track record and further potential,” says Alan Yarrow, Vice Chairman of Dresdner Kleinwort. “We believe ODL Securities is an excellent fit to be the new owner of the business and look forward to working with them over the coming months to ensure a smooth transition. As part of this agreement, Dresdner Kleinwort will continue to provide prices on the bestconnect platform for UK small and mid-cap stocks and investment trusts.”
Graham Wellesley, Chief Executive of ODL Securities, describes the acquisition as “exciting.” He says it will “allow us to gain closer working relationships with an important and active client community in the financial markets and brings us a sophisticated technology platform to help us enter new markets internationally.”