Piper Jaffray completes Vie Securities acquisition
22 November 2004 | 1199 views | 0
Source: Piper Jaffray
Piper Jaffray Companies announced today that it has completed its acquisition of Vie Securities, LLC, a leading provider of algorithm-based, electronic execution services. Piper Jaffray will offer its institutional equity clients the advantage of Vie's market-leading technology and price predictive modeling through a distinct group within the firm's Equity Trading department.
"We are pleased to complete the Vie acquisition," said Andrew Duff, chairman and CEO of Piper Jaffray Companies. "This new capability will allow us to offer our institutional clients a full suite of trading products and meet increased demand for intelligent automated, cost-effective execution services."
The acquisition includes proprietary algorithms, direct market access systems, licensed trading technology, and 26 employees based in New York, who will transition to the New York office of Piper Jaffray next year. Dean Stamos, CEO of Vie Securities before the acquisition, will continue to lead the business, reporting to Mark Donahoe, head of Equity Trading at Piper Jaffray.
Piper Jaffray will offer its new proprietary algorithm-based trading capability as part of its broader, client-focused equity trading platform. In order to maintain confidentiality of all client trading data, the electronic trading execution service will be operated independently from the firm's traditional market-making activities.