JAKARTA (TheInsiderStories) - Indonesian tycoon, Hary Tanoesoedibjo, through PT MNC Kapital Indonesia Tbk (IDX: BCAP) reached an agreement to acquire a majority stake in Auerbach Grayson & Company LLC (NYSE: AGCO), a stock brokerage company based in New York, said the management. The company reluctant to disclose the values of the transaction.
This securities company operating on the New York Stock Exchange focuses on global trading and in-depth research exclusively for United States (US) institutional investors. This agreement was finalized after obtaining approval from the US Financial Industry Regulatory Authority (FINRA).
“By acquiring AGCO shares, out company will benefit from AGCO’ strong international network and access to 126 local partners around the world,” said Tanoesoedibjo, the executive chairman of MNC Group, in an official statement, on Monday (01/04).
Previously, AGCO was owned by Beltone Financial Holding (BFTH. CA), an investment bank based in Egypt. MNC Kapital, through its wholly owned subsidiary, Winfly Ltd., will controls the shares of AGCO, while the co-founder, David Grayson, bought back the remaining shares.
Tanoesudibjo explained, this acquisition aims to complement the distribution network of PT MNC Sekuritas‘ capital market activities like placement and stock brokerage, debt market, investment banking, research and online trading, not only in Indonesia, but also reaching the global investment community.
Investors are targeted primarily from US, Britain, and European regions as well as expanding MNC Sekuritas’ research distribution network among international fund managers. MNC Sekuritas will also bridge all AGCO transactions in Indonesia
“In the capital market, a strong distribution network is one of the keys to success. AGCO is expected to become the MNC Group distribution network for placement and fundraising in the United States and Europe. In addition, AGCO will play an important role in developing asset management under BCAP,” he added.
While, David Grayson commented, “Together, we share a vision to further develop Auerbach Grayson’ unique approach to the world of global capital markets and expand the company during this difficult time by providing our institutional clients with research, as well as access to more than 125 markets worldwide.”
Auerbach Grayson was founded in 1993 in New York by Jonathan Auerbach and Grayson. The firm builds its global network by forging partnerships with local and regional brokers and banks in both developed and developing countries around the world. With a network in more than 125 countries, the brokerage is the largest global player in terms of number of companies reviewed and number of analysts worldwide.
The company also facilitates trade execution of US institutional investors and in-depth local stock research into nearly all global stock markets. Through a network of local Auerbach Grayson broker partners in more than 125 countries, AGCO serves as the largest global broker in terms of number of companies reviewed and number of analysts worldwide.
Auerbach Grayson is a member of FINRA and the Securities Investor Protection Corporation.
Written by Editorial Staff, Email: theinsiderstories@gmail.com
