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COR Securities acquires Legent Clearing

COR Securities Holdings, the Santa Monica financial services holding company of hedge fund COR Capital, has acquired the Omaha- based securities clearing firm, Legent Clearing in a move to improve and expand its product and service offerings.

The transaction is expected to increase Legent’s equity capitalisation by $20m and continue to build on its network of over 75 fully-disclosed broker-dealer correspondents.

COR Capital CEO Steven Sugarman said the company will help Legent provide its clients with enhanced level of clearing, settlement and investment services.

COR Securities also revealed that Pershing former chairman Alton Jones, Bear, Stearns & Co former senior MD Marshall Geller and First Data former chairman and CEO Ric Duques will join its board of directors.

Legent’s CEO Christopher Frankel said that they expect their existing and prospective correspondents to see tangible benefits from this transaction as they roll out service enhancements over the next several months.

Other financial terms of the deal remained undisclosed.