Siebert Financial Corp to acquire Weeden Prime Services
Financial services provider Siebert Financial Corp is to purchase Weeden Prime Services (Weeden Prime), a prime brokerage services provider.
When the deal completes, Weeden Prime will become a wholly-owned subsidiary of Siebert.
Founded in 2009, Weeden Prime is a full-service prime broker focused on providing services to institutional customers in clearing, hedge funds and family offices. Weeden Prime’s platform offers clients a scalable solution for prime brokerage, capital raising solutions, automated separately managed account infrastructure, exceptional client service and access to top-tier custody and clearing partners.
Weeden Prime offers a comprehensive global platform that includes dynamic proprietary risk management and analytics technology (Armor), institutional equity, outsourced trading, automated allocation technology and sophisticated portfolio reporting. These tools allow clients to effectively manage their complex trade and allocation needs.
Gloria E Gebbia, controlling shareholder and board member of Siebert, says: “We are very pleased to reach the agreement to acquire Weeden Prime. The Weeden Prime team has built an excellent platform that offers turnkey solutions to a wide variety of investment managers. The acquisition of Weeden Prime presents a tremendous opportunity to enter into a business line that is complementary to our existing business. In addition to the company’s distinguished operations, Weeden Prime brings a very capable management team with over 25 years of experience. We are very excited to welcome the President of Weeden Prime, Andrew Formato, and his team to the Siebert family.”
Andrew Reich, CFO of Siebert, says: “The acquisition of Weeden Prime will significantly contribute to our annual revenue, and the combined strengths of the two organisations will drive future revenue synergies and substantial cost savings. We look forward to capitalising on the opportunities within Weeden Prime to achieve the next level of growth for our shareholders.”
Formato says: “We are eager to join the Siebert family and to drive the synergies of the combined entity. We are entering into an exciting era for Siebert and Weeden Prime.”