TradeKing Group announced this week that it is acquiring assets from Gain Capital’s stock trading subsidiary, GAIN Capital Securities. TradeKing will acquire several thousand accounts as well as the rights to certain other assets of the Cleveland-based boutique brokerage. This was an all cash acquisition, but financial terms of the deal were not disclosed.
After regulatory finalization of the deal, GAIN securities customers will be moved to TradeKing’s trading platform. TradeKing and GAIN securities share the same clearing partner, which should allow for a smooth transition for all clients. Account numbers will be able to stay the same.
Don Montanaro, CEO of TradeKing Group, said he expects the deal to close within the next 30 to 60 days. Montanaro said, “We see an opportunity in today’s environment to bring greater stability to the independent investor market through this type of consolidation, while offering clients a modern and standout online and self-directed brokerage experience.”
Glenn Stevens, CEO of GAIN Capital, said it was important to him that GAIN securities clients would be able to work with another firm that shares their commitment to personalized service. He said, “Our clients will be in good hands with TradeKing.”
For more details on this acquisition click here for the full press release.