Institutional broker Weeden Investors has completed its acquisition of prime broker Saxis Group. Terms of the deal were not disclosed.
Saxis Group, founded in 2009, will continue to be led by founder and CEO Sohail Khalid.
The prime broker serves family offices and hedge funds, particularly early stage and emerging hedge fund managers, with a focus on capital raising and technology. Saxis has a global platform that includes dynamic proprietary risk management and analytics technology, customizable trading applications, automated allocation technology and sophisticated portfolio reporting.
"This is a key investment in, and a natural extension of, our product suite offering to the investment community," says Andrew Formato, president of Weeden & Co. "This effort will provide opportunities to cross-sell many quality products, including high-touch execution services and proprietary risk management products to a wider audience of hedge funds and investment advisors."
Khalid adds: "We are excited about this transaction as we believe Weeden & Co. is the ideal partner for Saxis Group and its clients. Our clients now have access to a greater range of products including high-touch trading services, advisory services and better access to liquidity. This transaction allows Saxis Group to expand its proven technology and services platform to a broader set of asset managers and family offices who are seeking the best alternatives to grow their businesses."