Wedbush Securities, one of the nation’s leading financial services providers, today announced the signing of an agreement to acquire select assets of Crossland LLC including its futures execution and clearing operations. The transaction will provide a more expansive range of centralized services across the equities, fixed income, options and futures markets for the firms’ combined client base.
“Expanding this relationship will allow us to enhance our capabilities for clients throughout our Private Client Services, Correspondent Services and Capital Markets groups,” said Richard Jablonski, Executive Vice President and Head of the Treasury Division of Wedbush. “We are pleased to be working with Crossland and look forward to completing the transaction.”
The transaction will offer Wedbush access to derivatives exchanges including the Chicago Mercantile Exchange (NYSE:CME), the Chicago Board of Trade, Intercontinental Exchange (ICE) (NYSE:ICE), EUREX and NYSE LIFFE. It is subject to regulatory approval, and Crossland’s staff is expected to maintain current positions and responsibilities.
“This is an exciting strategic combination of our operations,” said William Goodwin, Chief Executive Officer and Managing Member of Crossland. “The complementary nature of our diverse asset lines will provide clients with a broadened range of products and services from one source, helping clients to expand their businesses.” Crossland’s Principal and Managing Member Kim Swahlstedt continued, “Associating with a well-capitalized company like Wedbush provides an opportunity to further expand our client base.”
Crossland’s Executive Vice President, Jim Zellinger, agreed, noting “This acquisition will provide the ability to conveniently offer clients a broader range of enhanced products and services that will complement our existing professional services and allow us to expand our business model.”
“Wedbush and Crossland are deeply committed to providing clients with a superior level of service,” said Eric Wedbush, President, WEDBUSH, Inc. “We are pleased to partner with a firm that shares our values and long standing tradition.”