Siebert Financial Corp. to Acquire 15% Ownership of StockCross Financial Services, Inc.
January 25 2019 - 3:33PM
Business Wire
Siebert Financial Corp. (NASDAQ:SIEB) announced today that its
wholly-owned subsidiary, Muriel Siebert & Co., Inc. (“MSCO”),
acquired a 15% ownership of StockCross Financial Services, Inc.,
one of the largest privately-owned brokerage firms in the
nation.
In Q4 of 2017, Siebert acquired approximately $4 billion in
customer assets of StockCross’ retail securities business, and
added StockCross’ nationwide sales force consisting of
approximately 40 employees. In connection with this transaction,
MSCO and StockCross entered into a clearing agreement in which
StockCross agreed to act as one of MSCO’s clearing brokers.
Gloria E. Gebbia, controlling shareholder and board member of
Siebert, said, “In light of the tremendous success of the
integration of the retail assets and personnel, we wanted to
continue our partnership with StockCross. We see the great
potential that is embedded in StockCross and look forward to a
prosperous and synergistic business relationship. There is a
substantial opportunity to integrate the businesses further,
streamline many of our processes, and expand our products to reach
a wider customer base.”
About Siebert Financial Corp.
Siebert Financial Corp. is a holding company that conducts its
retail brokerage business through its wholly-owned subsidiary,
Muriel Siebert & Co., Inc., which became a member of the NYSE
in 1967 when Ms. Siebert became the first woman to own a seat on
the Exchange and the first to head one of its member firms. The
company conducts its investment advisory business through its
wholly-owned subsidiary, Siebert AdvisorNXT, Inc., a registered
investment advisor, its insurance business through its wholly-owned
subsidiary, Park Wilshire Companies Inc., a licensed insurance
agency, and KCA Technologies, LLC, its wholly-owned subsidiary and
owner of certain intellectual property and related computer
software for optimizing investment portfolios. Siebert Financial
Corp. is based in New York City with 12 retail branches throughout
the continental United States. More information is available at
www.siebertnet.com.
About StockCross Financial Services
StockCross Financial Services, Inc. is one of the largest
privately-owned brokerage firms in the nation. Established in 1971,
it has spent many years providing financial guidance and excellent
customer service to its clients. Branch offices are located
throughout the nation and are staffed with knowledgeable and
experienced representatives. Online investment services and phone
support offer clients around the world instant and current
information on their accounts. StockCross consistently delivers on
its full scope of offerings including market making, fixed-income
products, online or broker-assisted equity trading, and ESOS/ESOP
programs across the globe through advanced online trading
capabilities. StockCross is a clearing broker-dealer and IRA
custodian providing clearing and custody services for its clients
and Muriel Siebert & Co., Inc. StockCross is headquartered in
Beverly Hills. Member FINRA | SIPC | EST. 1971.
Notice to Investors
This communication is provided for informational purposes only
and is neither an offer to sell nor a solicitation of an offer to
buy any securities in the United States or elsewhere.
Gloria E. Gebbia and other members of the Gebbia family are the
majority owners of StockCross and Siebert.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute “forward- looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such “forward-looking statements” involve risks and
uncertainties and known and unknown factors that could cause the
actual results of Siebert Financial Corp. (the “Company”) to be
materially different from historical results or from any future
results expressed or implied by such “forward-looking statements”,
including without limitation: changes in general economic and
market conditions; changes and prospects for change in interest
rates; fluctuations in volume and price of securities; changes in
demand for brokerage services; competition within and without the
brokerage business, including the offer of broader services;
competition from electronic discount brokerage firms offering
greater discounts on commissions than the Company; the prevalence
of a flat fee environment; limited trading opportunities; the
method of placing trades by the Company’s customers; computer and
telephone system failures; the level of spending by the Company on
advertising and promotion; trading errors and the possibility of
losses from customer non-payment amounts due; other increases in
expenses and changes in net capital or other regulatory
requirements. As a result of these and other factors, the Company
may experience material fluctuations in its operating results on a
quarterly or annual basis, which could materially and adversely
affect its business, financial condition, operating results, and
stock price, as well as other risks detailed in the Company’s
filings with the Securities and Exchange Commission (“SEC”).
Accordingly, investors are cautioned not to place undue reliance on
any such “forward-looking statements.” The Company undertakes no
obligation to update the information contained herein or to
publicly announce the result of any revisions to such
“forward-looking statements” to reflect future events or
developments. An investment in the Company involves various risks,
including those mentioned above and those which are detailed from
time to time in the Company’s SEC filings, copies of which may be
obtained from the Company or through the SEC’s website.
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version on businesswire.com: https://www.businesswire.com/news/home/20190125005444/en/
Investors:Siebert Financial Corp.Yesenia Berdugo,
212-644-2435Office of the AdministratororMedia: LHK Communications,
LLCLaura Hynes-Keller, 212-758-8602
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