Walbrook Capital Markets has come under new ownership, with ITI Group Ltd. acquiring a 100% stake in the brokerage group. The deal is the result of the sale of Walbrook Capital by previous shareholder AS Expobank, which had itself acquired FXCM Securities back in early 2015.
FXCM Securities was one of the first FXCM assets sold off to help fund its Leucadia debt deal. Back in February 2015, FXCM Securities was offloaded to Latvian bank AS Expobank – FXCM Securities had been a relatively minor component of the business of FXCM, with the brokerage arm focused on equities, futures, and options. Since the deal, AS Expobank has operated as a leading shareholder and parent of Walbrook Capital.
Simon Foster, Head of Markets at Walbrook Capital, commented on the acquisition: “Walbrook are excited to be part of the ITI Group with the backing of Da Vinci Capital. This will be highly beneficial to the client base knowing that Walbrook has a stable, respected and experienced parent that focuses on low latency platform development. It will also bring the benefit of an expanded product offering.”
The acquisition by ITI Group will help Walbrook develop a more robust presence in the UK, having already focused on the institutional space in the country.
Walbrook Capital is regulated by the UK’s Financial Conduct Authority (FCA), and provides direct access to global exchanges and bespoke wealth management services in the UK. Its sale will help ITI Group, and its UK subsidiary ITI Capital, broaden its market penetration and scope of services domestically. The deal will also see Walbrook Capital integrate with ITI Capital’s offices, facilitating a large move.
ITI Group’s purchase of Walbrook Capital for an undisclosed sum was funded by a recent equity investment round in tandem with multiple fintech co-investors. Central to the deal was ITI Group’s bid to strengthen its digital delivery of products and services, channels Walbrook Capital has specialized in.
“The acquisition of Walbrook advances ITI Group’s objective of building a financial technology group focused on sell side and buy side platforms, IT services and investments into financial technology businesses. ITI Group has developed a full suite of proprietary technology solutions for cross-asset financing, wealth management and online trading platforms for institutional and private clients. We are pleased to be able to extend this offering to Walbrook clients,” added John Barker, Chairman of ITI Capital.