Icap (IAP.L), the world's premier voice and electronic interdealer broker, today announced that it will acquire a minority stake in Reynders, Gray & Co., Incorporated, the institutional equity firm.
Steve McDermott, Chief Operating Officer of ICAP Americas, said: "We are committed to growing our equities business, which has recently experienced strong growth, and we look forward to this opportunity with Reynders, Gray as a minority shareholder in their company."
"We're delighted to be associated with ICAP, a world leader in the OTC markets and other areas. We believe our partnership with ICAP coupled with our extensive backgrounds will provide an exciting opportunity to grow a business which will provide exceptional service to our clients and a dynamic and rewarding environment for existing and future staff," said Joel Plasco of Reynders, Gray.
On Wednesday, 17 June 2009, Joel Plasco and Shawn McLoughlin closed on their previously agreed acquisition of the entire issued capital of Reynders, Gray Holdings, Incorporated, and its operating subsidiaries. Plasco and McLoughlin were the former Group CEO and North American CEO of London-listed financial services group Collins Stewart plc. Reynders, Gray is currently located at 530 5th Avenue in New York City, and will in due course move to a new, fully-functional trading floor on Madison Avenue capable of holding over 150 brokers.