Frankfurt-based investment bank German Brokers has sold its majority interest in Vantage, an online brokerage for day traders, citing difficult market conditions.
German Broker's 76% stake in the company was bought by Vantage management and an un-named foreign investor.
Vantage opened for business in March of this year. The company was set up to offer advanced trading solutions for sophisticated and active market investors. German Brokers says it decided to sell because Vantage "was unable to establish a sufficient enough clientele quickly and to achieve profitability in a set time frame".
The identity of the new foreign investor in Vantage has not been disclosed. German Brokers says the company "enjoys a broad customer base and views [Vantage's] product offering as an ideal compliment to its existing business".