GFI Group has purchased certain assets of Phoenix Partners Group, including 32 brokers and other operational and management staff.
GFI, a New York-based broker-dealer, said in a release that the group includes Phoenix chief executive Nick Stephan and founder Marcos Brodsky, as well as other unnamed personnel. The new staff will be divvied up between GFI’s New York and London offices.
Phoenix Partners Group was founded in 2005 as a New York-based inter-dealer derivatives broker and provides a range of intermediary services to a largely institutional, financial client base, in credit and equities.
A spokesperson for GFI declined to provide any further details or comment on the acquisition.
“We are very pleased to welcome the team from Phoenix Partners into GFI Group,” said GFI chief executive Colin Heffron in a release. “Nick Stephan and Marcos Brodsky and their team share with us the same commitment to providing customers with an execution model that allows for experienced brokers to work hand in hand with the most sophisticated trading technology. This transaction presents numerous synergies and opportunities that we look forward to executing alongside our new colleagues.”
Nick Stephan, chief executive at Phoenix, is 10 year veteran who spent about eight years with the firm. Prior to that, he worked at Enron from 1999 to 2001.
GFI Group provides wholesale brokerage services, clearing services, electronic execution and trading support products for global financial markets.
