ICAP acquires hedge fund analytics firm

ICAP has acquired the data analytics firm as it boosts tech offering for clients.

ICAP announced today it has acquired data analytics platform provider, ENSO Financial Analytics (ENSO), as it continues its investment in technology.

ENSO provides data analytics for hedge funds and prime brokers, and will become a subsidiary of ICAP’s post trade risk and information (PTRI) business unit.

Founders of ENSO, Michael Bernard, Michael Gentile and Dwaine Alleyne, will remain leaders of the firm, but will report to ICAP’s PTRI CEO, Jenny Knott.

Knott said ICAP’s PTRI clients are “seeking solutions to structural trends of regulation, electronification and standardisation that are driving change throughout the industry.”

She explained the acquisition of ENSO complements ICAP’s existing post trade services.

ICAP’s FinTech investment incubator, Elucid Opportunities, led the acquisition process.

The Elucid Opportunities operation was founded in 2011 by Steve Gibson, and made its first investment in ENSO in 2013.

Since its launch, ICAP has made several FinTech investments as it continues to grow its portfolio.

In March this year, shareholders at the markets operator approved Tullett Prebon’s acquisition of the firm’s voice broking business.

The multi-platform hybrid voice broking business will operate across all major asset classes with up to 3,245 brokers.