GFI Group has agreed to acquire certain assets of Phoenix Partners Group, an independent inter-dealer broker operating mainly in the international credit and equity markets.
As part of the transaction, GFI will be taking on approximately 32 brokers (divided between New York and London offices) and additional operational and management staff.
Headquartered in New York with an additional office in London, Phoenix Partners Group provides a range of intermediary services to a largely institutional, financial client base, in credit and equities. In credit, Phoenix follows a hybrid business model, combining voice broking with electronic execution.
Colin Heffron (pictured), chief executive of GFI Group, says: “We are very pleased to welcome the team from Phoenix Partners into GFI Group. Nick Stephan and Marcos Brodsky and their team share with us the same commitment to providing customers with an execution model that allows for experienced brokers to work hand in hand with the most sophisticated trading technology. This transaction presents numerous synergies and opportunities that we look forward to executing alongside our new colleagues.”
Nick Stephan, chief executive of Phoenix Partners Group, says: “This is an exciting moment for our team. We are very happy to be joining GFI, who has a highly focused business model and a firm belief in the critical role experience and technology provide. GFI is an innovator in the brokerage space and we will work to contribute to expanding its presence in the market.”