GMP Capital sells U.S. fixed income operations

Toronto-based GMP Capital Inc. has entered into a definitive agreement that will result in New York-based INTL FCStone Inc. acquiring GMP Securities, LLC, GMP’s institutional fixed income trading operations headquartered in New York, the company announced Wednesday.

“This sale is consistent with GMP’s stated strategy of intensifying our focus on our Canadian operations where growth opportunities are greater and better aligned with the firm’s strategic objectives of improving earnings quality and returning excess capital to shareholders,” says Harris Fricker, president and CEO of GMP, in a statement.

Completion of the transaction is subject to a number of closing conditions, including regulatory approval. GMP expects to complete the deal in the first quarter of 2019.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.