Knight Capital Group has formed a new joint venture with Clearbrook Financial, an independent financial services firm that provides portfolio solutions to investment professionals serving high net worth individuals.
The joint venture, Knight Portfolio Access, will provide a range of products and services to retail brokerage firms and registered investment advisors offering separately managed accounts.
Under the terms, Knight will control a 51% ownership interest in Knight Portfolio Access with Clearbrook controlling the remaining 49%. Knight Portfolio Access will be a consolidated subsidiary of Knight for financial reporting purposes and will be based in New Jersey, US.
Clearbrook’s John Galvin will oversee day-to-day operations of Knight Portfolio Access with responsibilities covering product development, sales, marketing and operational support. Prior to joining Clearbrook in July 2007, Mr Galvin was responsible for fee-based business at UBS Wealth Management.