International Assets Holding Corporation Acquires Futures Division of Hencorp
October 04 2010 - 8:43AM
International Assets Holding Corporation ("INTL") (Nasdaq:IAAC)
today announced that it has acquired 100 percent of the ownership
interests in Hencorp Becstone Futures, L.C. ("Hencorp Futures"),
the futures operation of Miami-based Hencorp Group. Hencorp Futures
specializes in the development and execution of risk-management
programs designed to hedge price volatility in a number of widely
traded commodities, including coffee, sugar, cocoa, grains and
energy products.
The transaction, which closed on October 1, 2010, will enable
INTL and its wholly-owned subsidiary FCStone Group to round out its
portfolio of commodity risk management services to include a more
robust capability in soft commodities, especially coffee, where
Hencorp Futures has established a substantial presence and
reputation globally, and especially in Central and South
America.
Hencorp Futures, which will change its name to INTL Hencorp
Futures, will be led by Oscar Schaps, who will be its Managing
Director.
"We regard this acquisition as an exceptional opportunity to
enhance our presence in Central and South America," commented Pete
Anderson, President of INTL. "In addition, Hencorp Futures'
expertise in the coffee industry allows us to fill in the last
remaining gap in our portfolio of physical commodity risk
management advisory and execution services."
Oscar Schaps commented, "We see this combination as a wonderful
opportunity to help INTL grow its capabilities in several areas
where we can offer our expertise while, at the same time, taking
advantage of INTL and FCStone's own expertise in OTC and structured
products and in a host of other commodities."
Raul Henriquez, CEO of Hencorp Group, sees this development as
"a logical evolution for Hencorp Group's futures division, where
INTL's strategic focus and financial resources will serve to
optimize the potential of Hencorp Futures' well established client
network and management team."
About International Assets Holding
Corporation
International Assets Holding Corporation (INTL) provides
execution and advisory services in commodities, currencies and
international securities. INTL's businesses, which include the
commodities advisory and transaction execution firm FCStone Group,
serve more than 10,000 commercial customers in more than 100
countries through a network of offices in eleven countries around
the world. Further information on INTL is available at
www.intlassets.com.
Forward Looking Statements
This press release includes forward-looking statements including
statements regarding the combined company. All statements other
than statements of current or historical fact contained in this
press release are forward-looking statements. The words
"believe," "expect," "anticipate," "should," "plan," "will," "may,"
"could," "intend," "estimate," "predict," "potential," "continue"
or the negative of these terms and similar expressions, as they
relate to International Assets Holding Corporation, are intended to
identify forward-looking statements.
These forward-looking statements are based largely on current
expectations and projections about future events and financial
trends that may affect the financial condition, results of
operations, business strategy and financial needs of the combined
company. They can be affected by inaccurate assumptions,
including the risks, uncertainties and assumptions described in the
filings made by International Assets with the Securities and
Exchange Commission. In light of these risks, uncertainties and
assumptions, the forward-looking statements in this press release
may not occur and actual results could differ materially from those
anticipated or implied in the forward-looking statements. When you
consider these forward-looking statements, you should keep in mind
these risk factors and other cautionary statements in this press
release.
These forward-looking statements speak only as of the date of
this press release. International Assets undertakes no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Accordingly,
readers are cautioned not to place undue reliance on these
forward-looking statements.
CONTACT: International Assets Holding Corporation
Bill Dunaway
866-522-7188
bdunaway@intlassets.com
International Assets (NASDAQ:IAAC)
Historical Stock Chart
From Jun 2024 to Jul 2024
International Assets (NASDAQ:IAAC)
Historical Stock Chart
From Jul 2023 to Jul 2024