UBS buys out Prediction Company
15 November 2005 | 7706 views | 0
Swiss banking group UBS has acquired the stake it didn't already own in Prediction Company, a New Mexico-based developer of automated trading systems and predictive technology, for an undisclosed sum.
Founded in 1991, Prediction Company employs 46 staff and specialises in the development of advanced financial engineering and trading software.
UBS has been a joint venture partner and sole client of Prediction since 1995 when it entered the relationship through its acquisition of Chicago based derivatives trading firm O'Connor & Associates.
USB says the company and its staff will continue to operate in Santa Fe, New Mexico, as a subsidiary of its Americas division. Karen Lawrence, CEO of Prediction, will join UBS as a managing director and has been appointed to the bank's US equities operating committee.
Commenting on the acquisition of Prediction, Larry Leibowitz, COO of UBS Americas Equities, says: "We see significant synergies as we continue our emphasis on applying technology in the development of our equities business."