Neovest’s electronic capabilities allow investors’ access to every major pool of liquidity, including electronic networks, exchanges, floor brokers, block desks, and algorithmic products, according to the announcement. It provides clients with anonymous trading and segregated support.
The companies’ combined platform promises to provide investors with a range of capabilities including direct market access, algorithmic trading, and traditional brokerage activities.
According to the announcement, Neovest will operate as a wholly-owned subsidiary of JPMorgan and its employees will continue to work in their Orem, Utah; Atlanta and New York offices. Bryce Byers, president and chief executive officer of Neovest, will join the firm as a managing director and report to Emily Portney, managing director and chief operating officer of origination and distribution for the Americas.
Subject to regulatory approval, the acquisition is expected to be completed in the third quarter of 2005, the companies said. The Neovest and JPMorgan brands will continue while a long-term branding strategy for the combined platform is determined.
JPMorgan is a global financial services firm providing such services as investment banking, financial services for consumers and businesses, financial transaction processing, asset and wealth management, and private equity.
To learn more about Neovest visit www.neovest.com .
-Rebecca Moore