Siebert Financial Corp completes acquisition of Weeden Prime Services
Siebert Financial Corp (Siebert), a provider of financial services, has completed the acquisition of Weeden Prime Services (Weeden Prime), a prime brokerage services provider for hedge funds and family offices.
Weeden Prime is now a wholly-owned subsidiary of Siebert.
The acquisition of Weeden Prime will provide a new customer base of institutional clients as well as several strategic clearing relationships. Weeden Prime’s technology, including their Armor solution, will be added to Siebert’s technology portfolio.
In addition, there are substantial cross selling opportunities for the institutional and retail clients, including partnering with institutional clients to generate new product offerings for the retail clients. The addition of Weeden Prime will bring economies of scale in terms of operational and administrative functions as well as a skilled management team to Siebert.
Gloria E Gebbia, controlling shareholder and board member of Siebert, says: “We are excited to have the Weeden Prime team officially on board and are looking forward to achieving the benefits of the combined company. Combining Siebert’s and Weeden Prime’s complementary business lines creates a powerful and dynamic company able to meet the needs of a rapidly changing market.“
Andrew Formato, the President of Weeden Prime, says: “The entire team at Weeden Prime is excited to combine with the Siebert family and build on the strength of both of our respective firms. With Siebert’s strong positioning in the marketplace and our shared vision, we look forward to growing our business for the future.”
Andrew Reich, CFO of Siebert, says: “We are very excited about the financial benefit this transaction will deliver to Siebert. Currently, Weeden Prime generates approximately USD12-14 million in annual revenue and it has achieved significant organic growth over the past few years. By integrating Weeden Prime into the Siebert infrastructure, we will be well positioned to continue that growth as well as achieve significant economies of scale. We are excited for the future of Siebert and capitalising on the opportunities ahead.”