10:43 AM
Direct Access Partners Acquired EFX Prime Services
Direct Access Partners LLC, an institutional agency-only brokerage firm, said it acquired EFX Prime Services, a division of First New York Securities, to build up its rapidly growing Global Prime Services business.
The new team complements Direct Access Partners’ Capital Raising group, and provides hedge fund clients with an integrated capital introduction and capital raising platform, which the firm claims is a unique offering among correspondent prime brokers.
The deal integrates the EFX Prime Services team into Direct Access Partners including Brian Stutman joining as managing director, Andrew Saunders, who will lead the Capital Introduction program and, Geoff Webster who joins the Prime Operations Group.
“The addition of the EFX Prime team adds significant expertise, strong client relationships and a successful Capital Introduction program to our Global Prime effort,” stated Direct Access Partners CEO, Ben Chinea, in the release. “Working with our proven Capital Raising team, Direct Access Partners is optimally positioned to address the entire spectrum of hedge fund clients – including start-ups, emerging funds and established managers.”
Direct Access Partners Global Prime Services provide a single point of contact for both back-office operations and technology and allows clients to opt for either a single or multi-prime solution with best-of-breed custodians. Clients have access to a comprehensive service offering including multi-asset execution in over 100 global markets, independent research, corporate access, securities lending, capital introduction, capital raising and strategic business consulting.
Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio