M and A
Deals Of The Day: The Latest In Wealth Management M&A – State Street, CF Global Trading, Others
The latest deals and transactions in and around North American wealth management.
State Street, CF Global Trading
State Street has agreed to buy CF Global Trading, a global firm specializing in outsourced trading on an agency basis for a variety of asset classes including equities, listed derivatives and fixed income.
The transaction is expected to be completed by the end of 2023, subject to customary closing conditions. Financial terms are not being disclosed by Boston-based State Street.
Founded two decades ago, CF Global Trading trades across multiple asset classes and will have execution desks in Hong Kong, London, New York and Lisbon (expected to be opened by the time this acquisition closes).
The combination of the two firms will allow State Street to offer a complete global trading solution as part of its State Street AlphaSM front-to-back platform, it said in a statement yesterday.
“Market volatility, margin compression, increased regulation and cost pressures have presented multiple challenges for investment managers. Survival and growth depend on the ability to streamline processes, reduce costs and integrate infrastructure to allow more focus on core competencies of investment selection and alpha generation,” Dan Morgan, global head of portfolio solutions at State Street, said. “With the addition of CF Global Trading, we add scale and significant expertise to our outsourced trading services that will complement and help further bolster our current offerings.”
State Street has provided clients with outsourced trading solutions since 2010. It provides outsourced trading to clients in the Americas, Asia-Pacific and the Middle East. CF Global Trading will extend the ability for the firm to provide these services to clients in the UK and the European Union.
Ty J Young Wealth Management
Financial firm Ty J Young Wealth Management has bought K Horton Financial, a business that is based in Fresno, California.
The transaction marks the 28th acquisition that Ty J Young Wealth Management has made in the past five years. The company seeks out potential acquisitions that share the same principles that have guided TJY, the firm said in a statement.
Ty J Young was founded in 1998 and manages more than $1 billion in assets for more than 7,000 clients across the US.