Venture capital firm NewMedia Spark has taken a 53.7% stake in German online brokerage Spütz.
Michael Whitaker, CEO of Spark, says: "Spark has extensive investments in electronic trading platforms and we believe that by combining these with Spütz’s broking operations, a substantial and profitable business can be built."
Over the coming months, Spark says it will undertake a thorough review of the online brokerage's operations and assets. The present Spütz supervisory board has submitted its resignation.