iscount brokerage service JB Oxford
has acquired customer assets and accounts from Stockwalk.com
. The purchase will be made with a combination of cash and stock.
JB Oxford is acquiring approximately $400 million in customer assets and 11,500 customer accounts. The firm expects to maintain at least some of the functions of Stockwalk.com's Minneapolis office.
"With the purchase of Stockwalk.com, JB Oxford is continuing its strategy to expand through acquisitions," stated JB Oxford Holdings chairman and ceo C.L. Jarratt
. "Given JB Oxford's vertically integrated business model, transactions such as this represent a cost-effective way for us to maximize the economies of scale in the brokerage industry."
Stockwalk's Asian division will be integrated into JB Oxford's Asian division.
"We were seeking a buyer who would be able to provide the level of service that Stockwalk.com clients currently experience -- great online capabilities and personal service," added Randy Nitzsche
, president of Stockwalk.com, Inc. "We're confident that JB Oxford can deliver this experience to our clients."
Stay ahead of the news ... Sign up for our email alerts now