April 27, 2012 (PLANSPONSOR.com) - Wells Fargo Securities announced it will acquire Merlin Securities, LLC, a prime brokerage services and technology provider.
As part of the transaction, Merlin’s team members will join Wells Fargo Securities. Managing partners Stephan Vermut and Aaron Vermut will continue to lead the Prime Services Offering. Merlin and Wells Fargo Securities will work closely with existing clients to continue to provide uninterrupted service and focus on clients’ ongoing needs.
Merlin offers a suite of integrated solutions with its MerlinPrime and MerlinSHARP products and provides open architecture technology, custody and clearing services, operational support and securities trading to clients in the asset management industry.
“Merlin’s capabilities fill an important niche in Wells Fargo Securities’ product set and connect many activities where we already have expertise, including technology, custody, clearing, collateral management and execution,” said John Shrewsberry, head of Wells Fargo Securities.
The transaction, subject to regulatory approvals and other customary closing conditions, is expected to close during the third quarter of 2012. Terms of the agreement were not disclosed.