Futures brokerage R.J. O’Brien and Associate has acquired the assets of Refco Commodity Management, Inc. (RCMI), including the managing owner interest in the JWH Global Trust, a public commodity pool, with more than $125 million in customer assets under management.
The assets of the JWH fund are managed by John W. Henry & Company, Inc., a long-established commodity trading advisor and will be diversified among four of its trading programmes. The managing owner interest in the fund was purchased from RCMI in its bankruptcy process.
“This acquisition represents a key strategic initiative by RJO to build out its managed futures business, including product distribution and fund administration,” says Gerald F. Corcoran, chief executive officer of RJO. “The opportunity to acquire the managing owner interest in a public commodity pool managed by John W. Henry & Company, a premier commodity trading advisor, is beneficial to RJO in every respect. The acquisition of the Fund diversifies and builds on RJO’s existing infrastructure.”
In addition to the $125 million in customer assets, Corcoran said the acquisition brings a team of professionals and a sales network to RJO’s Chicago headquarters. “Going forward, I am confident that this team, led by Annette Cazenave, has the talent and experience to continue to grow the assets of the current JWH Global Trust product and to develop additional innovative, customer-driven investment products,’ he says. “RJO expects its managed assets unit will be accretive to earnings in 2007.”
“We are pleased that RJO has acquired the managing owner interest in this fund,” adds Mark Rzepczynski, President and Chief Investment Officer at JWH. “RJO is a long-standing independent and growing force in the futures industry with an excellent reputation for client service and innovation.”