Wall Street Access announced that it has acquired a majority interest in RJL Capital Group, LLC (RJL), a New York-based provider of prime brokerage and trading services.
Terms of the private transaction were not disclosed.
This acquisition adds to Wall Street Access a suite of integrated prime brokerage clearance, execution, and reporting services that are supported by proprietary technologies and an experienced support staff. RJL customers benefit by being introduced on a fully-disclosed basis to multiple prime broker custodians, allowing investment managers to diversify custodial risk while enjoying the operational ease of a single trading solution, service team and reporting system.
Were very excited to welcome the RJL team, as there has been a huge increase in demand for mini-prime brokerage services over the past few years since the major prime brokers have focused on their larger clients and ceased servicing those who do not meet tightened criteria, said Sean Kelleher, President of Wall Street Access. With the addition of RJL, we are now extremely well positioned to deliver a solution to this under-serviced universe of customers who typically manage assets under $100 million.
RJL will continue to operate under its existing brand and will maintain its current clearing and technology relationships while serving more than 100 institutions, fund managers, family offices, and registered investment advisors across the United States.
Wall Street Access has been an active owner and operator of financial services businesses since 1981, said Ralph Lamberti, President and CEO of RJL. Having the firms capital, expertise, reputation, and infrastructure behind us will enable RJL to more effectively focus on serving our existing clients, while vastly enhancing our operational infrastructure for future expansion.
This investment marks the second platform extension for Wall Street Access in 2017, following a joint venture between Wall Street Access Asset Management and Nu Paradigm Investment Partners, an investment advisor, asset manager, and outsourced CIO firm. Combined, the businesses manage nearly $300 million in assets.
In a changing financial services landscape, many quality firms are looking for a well-capitalized and established partner, explained Kelleher Wall Street Access takes an entrepreneurial view of these opportunities, and we will continue to add new lines of business and talented salespeople to support their growth.
About Wall Street Access
Wall Street Access combines an independent, entrepreneurial culture with a powerful platform to build and operate a diverse set of successful financial services businesses, including global and domestic equity trading, market making, fixed income, prime brokerage services, and asset management. Wall Street Access has the expertise and flexibility to quickly seize emerging opportunities and has successfully evolved through up and down market cycles while always remaining a trusted and reliable partner for its clients since 1981. Wall Street Access is a member of the NYSE, FINRA, ISE and SIPC. To learn more, please visit www.wsaccess.com.
About RJL Capital Group
RJL Capital Group, LLC is a New York City based privately held securities brokerage firm serving investment managers in need of a flexible suite of prime brokerage, execution, and reporting solutions. Leveraging the strong relationships it has forged with its clearing and technology partners, RJL has become a leading mini-prime service and technology solutions provider, introducing its customers to some of the worlds largest financial institutions. RJLs proprietary web-based account management portal serves as the core element of its integrated prime brokerage clearing process, and is designed to provide its customers the ability to manage multiple Prime Brokerage accounts at multiple Prime Brokers from a single login. RJL Capital Group, LLC is a member of FINRA and SIPC. To learn more, please visit www.rjlcapitalgroup.com
