Knight Capital Group and Clearbrook Financial Form Joint Venture
April 14 2008 - 8:00AM
PR Newswire (US)
Knight Portfolio Access to provide products and services to firms
offering separately managed accounts; Clearbrook's John P. Galvin
to oversee day-to-day operations JERSEY CITY, N.J., April 14
/PRNewswire-FirstCall/ -- Knight Capital Group, Inc. (NASDAQ:NITE)
today announced the formation of a joint venture with Clearbrook
Financial, LLC, an independent financial services firm that
provides portfolio solutions to investment professionals serving
high net worth individuals. The joint venture, Knight Portfolio
Access, LLC, will provide a range of products and services to
retail brokerage firms and registered investment advisors offering
separately managed accounts. Under the terms of the joint venture,
Knight will control a 51 percent ownership interest in Knight
Portfolio Access with Clearbrook controlling the remaining 49
percent. As of April 10, 2008, Knight Portfolio Access will be a
consolidated subsidiary of Knight for financial reporting purposes.
Knight Portfolio Access will be based in Princeton, NJ. "Fee-based,
managed account programs represent one of the fastest-growing
segments for sponsor firms including wirehouses, regional
broker-dealers, independent planner firms, banks and RIAs," said
James P. Smyth, Executive Vice President, Knight Capital Group.
"Similar to Knight BondPoint, our electronic fixed income trading
solution, Knight Portfolio Access represents a natural extension of
the market access and trade execution services we currently provide
to approximately 750 broker-dealer clients." Clearbrook's John P.
Galvin, a veteran of the wealth and asset management industry, will
oversee day-to-day operations of Knight Portfolio Access with
responsibilities covering product development, sales, marketing and
operational support. "Clearbrook has assembled a strong management
team from major firms in the asset management industry who really
understand the market for advisory services," said Mr. Galvin,
President, Clearbrook Financial. "We're excited to partner with
Knight and believe that Knight Portfolio Access will be able to
help firms expand their product offerings and generate additional
fee-based recurring revenues." Prior to joining Clearbrook in July
2007, Mr. Galvin was responsible for fee-based business at UBS
Wealth Management. He also led Lincoln Financial's independent
advisor channel and the reengineering of the firm's investment
platforms. Galvin spent the majority of his career at Merrill Lynch
where he was a driving force behind the firm's CONSULTS managed
account program, a recognized industry leader. The Market for
Separately Managed Accounts Separately managed accounts (SMAs) are
fee-based accounts providing individual investors with access to
objective investment advice, professional managers, portfolio
customization, diversification and tax efficiency. SMAs are fast
becoming the investment vehicle of choice for investors who want
greater quality, choice and control than offered by traditional
pooled investment vehicles. According to industry analysts, assets
held in SMAs grew to $889 billion in 2007 and are projected to
reach $2.8 trillion in 2012. Knight Portfolio Access is a
registered investment advisor. Securities may be offered through
Managed Account Services, LLC, an affiliate of Clearbrook Financial
and a member of FINRA and SIPC. About Clearbrook Financial
Clearbrook Financial is an independent financial services firm,
providing unique investment products and portfolio solutions to
investment professionals who serve high net worth individuals and
institutions. The firm currently has $10 billion in assets under
administration and advisement. For more information, visit
http://www.clearbrookfinancial.com/. About Knight Capital Group
Knight Capital Group, Inc. (NASDAQ:NITE) is a leading financial
services firm that provides electronic and voice access to the
capital markets across multiple asset classes for buy-side,
sell-side and corporate clients, and asset management for
institutions and private clients. Our Global Markets business
provides market access and trade execution services in nearly every
U.S. equity security and a large number of international
securities, futures, options, foreign exchange and fixed income. We
offer high-quality trade executions through natural liquidity,
capital facilitation and trading technology, with comprehensive
products and services that support alpha creation and capital
formation. Our Asset Management business, Deephaven Capital
Management, is a global multi-strategy alternative investment
manager focused on delivering attractive risk-adjusted returns with
low correlation to the broader markets. More information about
Knight can be found at http://www.knight.com/. Certain statements
contained herein, and the documents incorporated by reference, may
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are not historical facts and are based
on current expectations, estimates and projections about the
Company's industry, management's beliefs and certain assumptions
made by management, many of which, by their nature, are inherently
uncertain and beyond our control. Accordingly, readers are
cautioned that any such forward-looking statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict
including, without limitation, risks associated with the costs,
integration, performance and operation of businesses recently
acquired, or that may be acquired in the future, by the Company.
Since such statements involve risks and uncertainties, the actual
results and performance of the Company may turn out to be
materially different from the results expressed or implied by such
forward-looking statements. Given these uncertainties, readers are
cautioned not to place undue reliance on such forward-looking
statements. Unless otherwise required by law, the Company also
disclaims any obligation to update its view of any such risks or
uncertainties or to announce publicly the result of any revisions
to the forward-looking statements made herein. Readers should
carefully review the risks and uncertainties disclosed in the
Company's reports with the U.S. Securities and Exchange Commission
(SEC), including, without limitation, those detailed under the
headings "Certain Factors Affecting Results of Operations" and
"Risk Factors" in the Company's Annual Report on Form 10-K for the
year- ended December 31, 2007, and in other reports or documents
the Company files with, or furnishes to, from time to time the SEC.
This information should also be read in conjunction with the
Company's Consolidated Financial Statements and the Notes thereto
contained in the Company's Annual Report on Form 10-K for the
year-ended December 31, 2007, and in other reports or documents the
Company files with, or furnishes to, from time to time the SEC.
DATASOURCE: Knight Capital Group, Inc. CONTACT: Margaret Wyrwas,
Senior Managing Director, Communications, +1-201-557-6954, , Kara
Fitzsimmons, Director, Marketing Media Relations, +1-201-356-1523,
, Jonathan Mairs, Vice President, Corporate Communications &
Investor Relations, +1-201-356-1529, , all of Knight Capital Group;
Ray Gooley, Director of Marketing, Clearbrook Financial, LLC,
+1-973-625-1130, ; Jennifer Connelly, JC Public Relations, Inc.,
+1-609-921-0083, Web site: http://www.knight.com/
http://www.clearbrookfinancial.com/
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