CRT Capital to Acquire the Institutional Equity Business of Sterne Agee
STAMFORD, CT -- March 13, 2015 -- CRT Capital Group LLC ("CRT"), an independent institutional broker-dealer based in Stamford, CT, today announced an agreement with Sterne Agee Group, Inc. ("Sterne Agee") and Stifel Financial Corp. ("Stifel") to acquire Sterne Agee's Institutional Equity business. Stifel recently announced its acquisition of Sterne Agee, which is expected to close in Q2 2015. CRT's acquisition will include Sterne Agee's Equity Sales, Trading, and Research Distribution platform, which has relationships with over 1,000 institutions and serves clients from locations including New York, Boston, Chicago, Dallas, San Francisco, and London. "This transaction represents a transformational opportunity for CRT," said Ted Janulis, CRT's Chief Executive Officer. "We will be significantly advancing our growth strategy by bringing together Sterne Agee's preeminent equity sales, trading and research business and CRT's well-established franchise in research, equities, credit and investment banking." "We are excited by the complementary fit between the CRT and Sterne Agee institutional equities businesses," said William Jump, Director of Equity Sales, Trading & Research for Sterne Agee, who will continue with the combined enterprise and serve on the Board of CRT Greenwich LLC, CRT's parent company. "We believe the combination will enhance the value proposition for our combined institutional client base." The completion of the transaction is subject to customery closing conditions including the receipt of all required approvals, including regulatory approval.
About CRT Capital Group LLC CRT, with over 25 years of experience as an institutionally focused broker-dealer, continues to build a premier organization that delivers value-added research, trading and banking services to clients. CRT provides security brokerage and research services to over 1,500 institutional accounts with established counterparty relationships around the world. CRT, formerly known as Credit Research and Trading LLC, was founded in 1989 and is headquartered in Stamford, CT. For more information, please contact John Nielsen at 1-203-569-4316 or firstname.lastname@example.org.