IND-X, an execution and commission management platform operator, has signed a conditional memorandum of understanding to merge with Enzard, a Hong Kong-based investment research management firm.
The resulting combined entity, provisionally named IND-X Enzard, will provide investors with independent research, execution and commission management capabilities, and offer clients an enhanced multi-broker product suite.
Leading Investment and Securities of Korea, a provider of global electronic trading solutions to Korean investors, will provide additional funding to the project in exchange for a majority ownership position in IND-X Enzard. Seed investor Japaninvest Group will also retain a shareholding of the new company. The deal is subject to regulatory approval.
“This transaction positions us perfectly for the next phase of our growth,” said Peter Twist, CEO of IND-X Securities, in a statement. “Enzard complements our broker-neutral approach to trading and gives fund managers what they need: a competitive payment solution and access to quality research.”
Enzard CEO Richard Wallace added, “The addition of execution and commission management will substantially enhance the services we offer to both our institutional clients and the research providers we work with.”