General Atlantic LLC, a private equity firm with $8 billion of capital under management, has invested DKr 728 million (about $127 million) in Saxo Bank.
“We’ve selected Saxo Bank over many other investment opportunities,” said Florian Wendelstadt, Managing Director at GA. “We like its track record, and we believe that its market position will continue to strengthen and remain at the vanguard of the industry. We’re encouraged by Saxo Bank’s multi-product trading capabilities, its access to the deepest liquidity pools, and its ongoing commitment to world-class technology. Together, these factors will allow Saxo Bank to capitalize on the strong secular trends driving increased electronic trading globally. This, in turn, will secure Saxo Bank’s leadership position for years to come.”
Lars Seier Christensen, co-CEO at Saxo Bank, stated, “Our commitment to technology has enabled our company to define a unique position in this industry. The substantial trading flows and client confidence we have earned over the years are genuine testimony to the staying power of Saxo Bank. General Atlantic’s participation expands the resources with which we can grow and refine our current business opportunities.”
The co-CEO’s of Saxo Bank, Kim Fournais and Christensen, hold the majority of the shares, and will continue to lead the bank. In addition, GA Managing Director Florian Wendelstadt and Principal Jonathan Korngold, both of whom are based in GA’s London office, will join the Saxo Bank board of directors.
“This investment is an endorsement of a sound and rational business strategy,” said Fournais. “We’re delighted to welcome General Atlantic to Saxo Bank, and feel confident that the firm’s investment will be rewarded with progressively positive results as we pursue our program of growth through facilitation in the capital markets. The funds invested have been used to purchase a minority stake in the bank from the shareholders.”