Tradeweb strengthens retail interests with BondDesk acquisition

Tradeweb strengthens retail interests with BondDesk acquisition

Fixed income marketplace Tradeweb has agreed to acquire BondDesk, extending its business interests into retail fixed income and wealth management.

Tradeweb beat off rival bids from close competitor MarketAxess to take control of BondDesk, which provides fixed income services to a community of over 2000 investment firms over an alternative trading system that executes 15,000-20,000 transactions per day. The group also offers a wealth management platform for financial advisors and asset managers serving the general public.

Lee Olesky, CEO of Tradeweb Markets, says the acquisition comes at a time when retail and institutional fixed income businesses are converging

"Acquiring BondDesk is a natural step forward for Tradeweb, broadening our established retail offering to benefit customers with the next level of innovation and service in retail fixed income," he says. "As demand for liquidity in institutional and retail fixed income markets intersects, Tradeweb will continue to evolve market structure by providing our buy- and sell-side clients with efficient electronic marketplaces."

Upon closing, BondDesk chief Howard Edelstein will step down and return to private equity. John Cahalane, managing director and head of Tradeweb Retail, will lead the combined business post-close.

The acquisition is subject to customary closing conditions and regulatory review. The financial details of the transaction are not being disclosed.

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