Deals & People July 26, 2010

Knight Capital Group to Acquire Astor Asset Management

Knight Capital Group, Inc. announced that it has agreed to acquire Astor Asset Management, LLC, a money management firm specializing in macro-economic strategy and ETF portfolio construction.

Reported by

Based in Chicago, Astor is a registered investment adviser with the Securities and Exchange Commission (SEC). The firm has 13 employees and approximately $560 million in assets under management.  

Founded by Managing Partner Robert N. Stein in 2001, Astor Asset Management seeks to identify fundamental economic shifts to provide retail and institutional investors with capital appreciation while managing risk in diverse market conditions. According to the announcement, the firm utilizes proprietary macro economic models to construct portfolios of exchange-traded funds (ETFs) which are offered through advisers within separately-managed accounts (SMAs) and the Astor Long/Short ETF Mutual Fund.   

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The terms of the agreement include a four-year employment contract for Stein, and approximately $20 million in cash and stock, based on assets under management at the close.  

The closing of the acquisition is subject to customary closing conditions and Astor Asset Management advisory client approval. The acquisition is expected to be completed in the fourth quarter of 2010. Upon the close of the acquisition, Astor Asset Management, LLC will operate as a wholly-owned operating subsidiary of Knight Capital Group.  

“I believe we can help Astor get to the next level while creating a foundation for asset management that contributes stable, recurring revenues to Knight,” said Thomas M. Joyce, Chairman and Chief Executive Officer, Knight Capital Group, in the announcement.
Products July 26, 2010

IBERIABANK Launches IBERIA Wealth Advisors

The launch of IBERIA Wealth Advisors was announced by IBERIABANK, a subsidiary of IBERIABANK Corporation. 

Reported by

Jason H. Waters, Senior Vice President and Managing Director of IBERIA Wealth Advisors, will lead the team of two primary managers, Jimmy D. Crocker and Kevin P. Reed.  The team’s focus will be to build the Company’s trust and asset management business.

Waters recently served as Senior Portfolio Manager for Regions Bank (formerly AmSouth Bank) in Birmingham, Alabama, where he managed the largest asset management investment portfolio for the corporation. He has over 17 years of experience in the financial services industry, and has served on the asset allocation, investment strategy and mutual fund due diligence committees of Regions Bank as well.

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Waters earned his Bachelor of Science in Business Administration from Auburn University, and a Master of Business Administration with a concentration in Finance from Southern Methodist University. He attained a Charted Financial Analyst designation (CFA), is a member of CFA Society of Alabama, and maintains a Series 65 license.

Crocker, who will serve as Senior Vice President and Director of Trust, comes to IBERIABANK with over 17 years in the financial services industry, according to the announcement. Recently Vice President and Trust Advisor for Regions Bank, he has acted as Trust Administrator managing large asset portfolios, and served as a Private Banker Group Vice President and Regional Banking Manager throughout his career.

Crocker earned a Master of Science in Financial Planning from the University of Alabama and also a Juris Doctor from Birmingham School of Law. He earned his Bachelor of Business Administration from the University of Mississippi. Crocker has taught Wills and Trust for the last seven years at Birmingham School of Law, and was named Professor of the Year three times by the graduating 3rd year class.

Reed comes to IBERIABANK as Senior Vice President and Director of Wealth Management, and has 25 years of experience in the fields of asset management, trust administration and client development. He spent the last 12 years at Whitney National Bank where he served as Division Executive for Trust, Asset Management and Brokerage. Prior to Whitney, Reed was with First National Bank of Commerce in the Trust and Investment Management Division.

Reed earned a BS in Business Administration from the University of New Orleans.

For more information, visit http://www.iberiabank.com. 

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