IND-X, an execution and commission management platform, has signed a conditional memorandum of understanding to merge with Enzard Ltd., an independent investment research management firm based in Hong Kong. The combined entity will be known as IND-X Enzard and will receive a substantial capital infusion from Leading Investment & Securities of Korea, a provider of global electronic trading solutions.
Already a shareholder in Enzard, Leading has concluded initial agreements to provide this capital injection and to assume a majority ownership position in IND-X Enzard. The deal is subject to regulatory review. In addition, seed investor, JapanInvest Group plc, will retain its shareholding in IND-X Enzard, allowing it to benefit from the future growth of the business, while it continues to expand its Japanese research business across Asia.
The additional funding will give IND-X Enzard the balance sheet and capital it needs to develop as Asia’s independent research marketing, execution and commission management business, according to the firm’s release. IND-X Enzard will be in a position to offer clients an enhanced product suite, especially in Asia where it is the only independent multi-broker platform.
“This transaction positions us perfectly for the next phase of our growth. Enzard complements our broker neutral approach to trading and gives fund managers what they need: a competitive payment solution and access to quality research,” commented Peter Twist, CEO of IND-X Securities in the release.
Richard Wallace, CEO of Enzard stated that his firm is “delighted to be teaming up with IND-X. 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.”
Cheul Park, chairman and CEO of Leading, stated: “As one of the most international securities houses in Korea, Leading is delighted to be investing in the combined IND-X and Enzard businesses to help them achieve further rapid growth and an enhancement to their product offerings
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