SEC-registered self-clearing broker-dealer Pierpont Securities has acquired Cortview Capital Holdings, following the receipt of regulatory approval from FINRA, for an undisclosed sum.
Until the completion of proposed merger planned during the first quarter of 2013, both firms will continue to operate as separate broker-dealers with common ownership and management.
Following the integration of the aforesaid firms, the new entity will be branded as Pierpont Securities, and current CEO of the acquirer Mark Werner will serve as chief of the new firm.
The new company will trade through its 11 regional offices across the US, employing more than 150 people.
The consolidation will transform both firms into a single midsized broker-dealer, enabling to deliver a full suite of fixed income products, as well as a varied range of finance, capital markets, and advisory services.
Established in 2009, Pierpont acts as principal in the US Treasury, federal agency, mortgage-backed securities, and financing markets, and serves institutional clients around the world.
Floated in September 2010, Cortview provides a range of fixed income sales, trading, and origination services, as well as advisory and capital markets services to its middle-markets client.