Abel Noser Holdings, LLC announced today that it is acquiring Zeno Consulting Group, LLC in a transaction pairing two leading providers of best execution analysis, regulatory and trade surveillance services.
Zeno brings with it over three decades of experience in helping asset owners manage and control equity, fixed income and FX trading costs.
"We are thrilled to have the Zeno team join our efforts to provide the most comprehensive suite of products available for asset owners," commented Ted Morgan, CEO of Abel Noser Holdings. "This joining of talent not only brings leading-edge expertise to our firm but will further expand on our ability to offer trade analytics and regulatory reporting to all corners of the market."
With offices in Metro DC and Los Angeles, Zeno specializes in consultative offerings for plan sponsors and asset owners. "We're delighted with the opportunities presented by fusing our collective consultative approaches with Abel Noser's superior resources, technology and support," said Zeno's President and CEO Steven Glass. Mr. Glass will join the Abel Noser Board of Directors and lead Zeno AN Consulting, the newly formed asset owner consulting group comprised of both firms' asset owner clientele. "The new internal structure will enable us to better service existing clients as well as offer our unique expertise to Abel Noser's client base; all while preserving our traditional conflict-free approach," said Mr. Glass, who will report to Peter Weiler, President of Abel Noser Solutions, the company's trade analytics subsidiary. All Zeno employees will be joining the combined companies.
Zeno will also augment Abel Noser's knowledge leadership in regulatory oversight and best execution review critical to MiFID II and PRIIPs compliance for the asset owner community, a timely component now that the 2018 European regulatory mandates are live. Moreover, the combination will create the largest universe of its kind with unparalleled peer group comparisons while leveraging Abel Noser's leading technology platform with enhanced processing and reporting customization for existing Zeno clients.
"Our consolidated energies will make us well-positioned to offer deeper client consultative analysis, a broader scope of products and an enhanced geographic footprint," Mr. Weiler adds. "We are pleased to join with Zeno who, like Abel Noser, has focused over many years on reducing the cost of trading for the owners of investment assets."
The transaction is expected to close on or around May 31st, 2018