Opalesque Industry Update - Concept Capital Markets, LLC (“Concept”) and Alaris Trading Partners, LLC (“Alaris”) jointly announced today that they have entered into a definitive agreement for the acquisition of Alaris by Concept. The terms of the transaction, which is pending approval by the Financial Industry Regulatory Authority (FINRA), were not disclosed.|
The combined company will offer institutional brokerage services to hedge funds, asset managers, and registered investment advisers on a global basis. Through strategic alliances with major securities industry firms, Concept offers clients a broad selection of services that includes multi-prime brokerage, financing, institutional reporting, outsourced middle and back office services, risk management and direct access and voice brokerage. Alaris will be fully integrated with Concept by the end of the third quarter.
“Bringing our two companies together will allow us to capitalize on each other’s best practices, enhance our already high level of customer service, and provide our customers with an expanded offering” said Jack Seibald, co-founder and Senior Managing Director of Concept Capital. “Alaris is a well established, fast growing firm with a very strong sales and operations team, and an enviable track record. We think they are highly deserving of their recent number one ranking for prime brokerage in North America from Global Custodian magazine.
“This is a tremendously important step for us,” said Patrick Boyle, Alaris CEO and cofounder. “Concept’s product offering, in particular its expertise in risk management, both on an intraday and end of day basis, gives us a service offering that positions us to better serve existing clients and now compete for larger ones. “This business combination will provide our customers with additional custodial options, and importantly, seamless risk management and reporting technology” adds Darren Day, President and co-founder of Alaris. “This will enable us to further improve our already high customer satisfaction levels.”
“This is an exciting announcement for Concept” said Michael Rosen, co-founder and Senior Managing Director of Concept Capital. “We’ve spent a great deal of time and money in recent years developing the technology infrastructure to support the execution, custodial, and reporting capabilities that we believe will become the norm in our industry, and we’re pleased to have our new partners involved in bringing these capabilities to a larger audience.”
For inquiries about this press release, contact Jack Seibald of Concept at (516) 746-5718 or Darren Day of Alaris at (858) 617-6400.