TP ICAP snaps up big broker

Here’s what you need to know 

TP ICAP, the global firm of professional intermediaries, is today pleased to announce the acquisition of Coex Partners Limited, a leading independent broker, which provides trade advisory and execution services in listed derivatives and OTC foreign exchange.

Coex, which is based in London, Paris and New York, was founded in 2014 and has 55 brokers. The company offers market and economic analysis, FX and macro strategy, relative value and proprietary quantitative tools, and generated revenues of £11m in the six months ending June 30 2017.   

Under TP ICAP’s ownership, Coex aims to expand its presence through the addition of further product and execution expertise and accelerate the delivery to its clients of a broader range of products and services. The two parties have worked closely together since 2016, when they formed an initial partnership.    

Coex will sit within TP ICAP’s Institutional Services division, which provides advisory, sales and execution services to a sophisticated client base including institutional asset managers and hedge funds. The company’s senior management team, including co-founders John Ruskin and Alex Gerskowitch, will remain with the business and continue to build it.

The acquisition, which is being funded from TP ICAP’s existing cash resources and the potential issue of shares to Coex’s management team, includes an initial cash consideration of £7.1m. Further performance-related payments may be made over the next two years. 

Sam Ruiz, CEO of TP ICAP’s Institutional Services division, said: “The acquisition of Coex is consistent with our strategic aim of building a global Institutional Services franchise that serves a varied and growing client base. This deal underlines the momentum within our business as we continue to expand our specialist execution expertise, our product range and client coverage.”

John Ruskin, co-founder of Coex, said: “We are delighted to be teaming up with TP ICAP, a company that shares our commitment to serving customers with professionalism and integrity. We believe Coex will be an excellent fit alongside TP ICAP’s existing businesses and we look forward to working together closely.”

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