Conifer Securities, a provider of operation solutions for hedge fund managers, has purchased Morgan Stanley’s outsourced trading business. Terms of the transaction, which is due to close at the end of April, were not disclosed.
Conifer believes the deal will boost its presence in independent trade execution of equities, options, exchange traded funds (ETFs) and related products for its hedge fund clients.
The acquisition will see Morgan Stanley’s entire New York-based outsourced trading team move to Conifer’s New York office and join existing Conifer trading teams in New York and San Francisco.
Stu Hendel, global head of prime brokerage at Morgan Stanley, said in a statement: “We know and respect Conifer’s expertise and client focused culture and are confident in their ability to support our clients.”