ITI Group has acquired a 100 per cent stake in Uralsib Securities.
Based in the UK, Uralsib Securities, now renamed ITI Capital, holds a Financial Conduct Authority license for broker-dealer operations and asset management.
ITI Capital offers direct market access to emerging markets for global clients, and to global markets for its Russian clients. The new London based team will also offer prime brokerage services and a trading platform for algorithmic funds, as well as structured products and technology-focused asset management.
Pavel Naumenko, CEO of ITI Group, says: “The acquisition of a fully licensed UK broker is a huge step for ITI Group and its clients. It cements our commitment to taking a leading position among brokers with a strong Russian and international presence.”
ITI Group seeks to build a financial technology holding group focused on sell side and buy side platforms, IT services and investments into financial technology businesses. ITI Group has developed a full suite of proprietary technology solutions for cross-asset financing, wealth management and online trading platforms for institutional and private clients.
ITI Group financed the Uralsib Securities acquisition by a recent round of private equity investment by Da Vinci Capital and several experienced fintech co-investors.
Da Vinci Capital managing partner Oleg Jelezko says: “Our funds seek mid-market international companies with world class technology, and we believe that financial technologies in brokerage, IT services and asset management has fantastic room for growth.
“We strongly believe this acquisition will successfully combine Uralsib’s global brokerage with ITI’s experience in emerging and global markets.”
Uralsib Securities’ corporate parent, Uralsib Group, divested its UK business to focus on its core businesses in the Russian market.
“We respect ITI Group’s institutional approach for doing business, and our current clients remain in good hands,” says Uralsib Securities CEO John Lewin (pictured). “We see robust synergies between ITI Group and Uralsib’s core products.”
