Financial services firm Wedbush Securities has agreed to acquire “select assets” of Crossland, which also includes its futures execution and clearing businesses. No financial terms were disclosed. Crossland is a provider of futures and derivatives trading and clearing services.
Los Angeles, CA and Chicago, IL (PRWEB) April 22, 2014
Wedbush Securities, one of the nation’s leading financial services providers, today announced the signing of an agreement to acquire select assets of Crossland LLC including its futures execution and clearing operations. The transaction will provide a more expansive range of centralized services across the equities, fixed income, options and futures markets for the firms’ combined client base.
“Expanding this relationship will allow us to enhance our capabilities for clients throughout our Private Client Services, Correspondent Services and Capital Markets groups,” said Richard Jablonski, Executive Vice President and Head of the Treasury Division of Wedbush. “We are pleased to be working with Crossland and look forward to completing the transaction.”
The transaction will offer Wedbush access to derivatives exchanges including the Chicago Mercantile Exchange, the Chicago Board of Trade, Intercontinental Exchange (ICE), EUREX and NYSE LIFFE. It is subject to regulatory approval, and Crossland’s staff is expected to maintain current positions and responsibilities.
“This is an exciting strategic combination of our operations,” said William Goodwin, Chief Executive Officer and Managing Member of Crossland. “The complementary nature of our diverse asset lines will provide clients with a broadened range of products and services from one source, helping clients to expand their businesses.” Crossland’s Principal and Managing Member Kim Swahlstedt continued, “Associating with a well-capitalized company like Wedbush provides an opportunity to further expand our client base.”
Crossland’s Executive Vice President, Jim Zellinger, agreed, noting “This acquisition will provide the ability to conveniently offer clients a broader range of enhanced products and services that will complement our existing professional services and allow us to expand our business model.”
“Wedbush and Crossland are deeply committed to providing clients with a superior level of service,” said Eric Wedbush, President, WEDBUSH, Inc. “We are pleased to partner with a firm that shares our values and long standing tradition.”
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About Crossland LLC
Crossland LLC is a leading provider of futures and derivatives trading and clearing services to a broad variety of clients, including professional traders, exchange floor traders, proprietary trading groups and self-directed traders. Founded in 1985, Crossland provides the technological and service commitments needed to create and offer a superior technology infrastructure, allowing clients to execute futures and derivatives in a competitively fast environment.
About Wedbush Securities
Founded in 1955, Wedbush Securities is a leading financial firm that provides brokerage, clearing, investment banking, equity research, public finance, fixed income sales and trading, and asset management to individual, institutional and issuing clients. Headquartered in Los Angeles, with over 100 registered offices, the firm focuses on relentless service, client financial safety, continuity, and advanced technology. Wedbush Securities is the largest subsidiary of holding company WEDBUSH, Inc., which also includes affiliated firms Wedbush Bank, Wedbush Asset Management, Wedbush Capital Partners, Wedbush Opportunity Partners, and Lime Brokerage LLC. Follow us on Twitter @Wedbush.