KCG closes Neonet acquisition 19 September 2016Stockholm Reporter: Stephanie Palmer
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KCG has completed its acquisition of Swedish agency broker and insurance firm Neonet Securities.
First announced in July, the acquisition is intended to improve KCG’s presence in continental Europe, while also offering Neonet clients access to a wider range of execution services globally.
Neonet will be re-branded as KCG Neonet, and will continue to be led by CEO Tim Wildenberg from its Stockholm headquarters.
Working primarily with European equities, Neonet offers a suite of algorithmic trading strategies, smart order routing and sales trading, as well as post-trade clearing and settlement services.
Philip Allison, CEO of KCG Europe Limited, said: “Neonet’s talented team of specialists and commitment to client service make them an ideal strategic partner for KCG as we expand our European presence and offerings. Neonet is at a terrific place in its trajectory, and we look forward to capitalising on exciting opportunities as a combined business.”
Wildenberg added: “This is an exciting new chapter for Neonet’s business and one that will meaningfully and quickly benefit every one of our clients. By putting Neonet and KCG together, we will be able to offer a broader set of global offerings and execution solutions, backed by a deeper range of expertise and skillsets from both firms.”
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