GAIN Capital’s acquisitions policy continues as it acquires majority interest in Global Asset Advisors and Top Third AG Marketing
The mergers and acquisitions activity among retail FX’s large firms continues as GAIN Capital (NYSE:GCAP) has announced that it has completed the acquisition of two specialist firms.
Last month, LeapRate reported that the company was to expand its futures business via the acquisition of two firms in that sector.
Global Asset Advisors (GAA) and Top Third AG Marketing had been subject to an agreement by GAIN Capital that the company would purchase 55% interest in both firms, with the remaining shares to be owned by the company’s founders, Daniels Trading President Glenn Swanson.
Subsequent to the completion of these transactions, Mr. Swanson is billed to direct GAIN Capital’s futures division.
“We are pleased to have completed the acquisition of GAA and Top Third, which moves us further along in our efforts to develop our futures business and increase the proportion of GAIN revenues derived from commission-based businesses,” stated Glenn Stevens, CEO of GAIN Capital. “Glenn Swanson is a natural choice to lead our futures efforts given his significant industry experience and track record of success. He will be supported by GAIN’s top-notch marketing, operations and technology teams.”
GAIN Capital has call options to acquire the remaining 45% of each of GAA and Top Third. Both transactions are expected to be immediately accretive to 2014 results, and no actual financial detail regarding the transactions has been declared.