China’s largest brokerage Citic Securities Co., has announced the acquisition of a stake in US-based BTIG, a firm offering equities, options, and fx, in its latest bid to secure more exposure amongst international investors, according to a BTIG statement.
This move represents the latest push by Citic to expand into the realm of forex, specifically after investing in another US asset management fund run by former FX concepts executives. BTIG maintains over 450 employees in the US, and deals in a variety of financial instruments, however the focus of the deal remains on equities and fx, two areas Citic wishes to increase its competitiveness against rival firms such as Goldman Sachs Group.
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According to Fanny Chen, a Hong Kong-based analyst at Haitong International Securities Group in a phone statement on the acquisition, “the deal demonstrates Citic’s determination to expand overseas. It will further cement Citic Securities’ leading position in China’s brokerage industry. A large overseas operation is a great advantage as China opens up its capital markets.”
BTIG has had a very successful run since its inception over a decade ago, opening up new offices and operations across the US, Europe, and Australia. “BTIG plans to use the funds to add to its research and banking businesses. Many have concluded that electronic trading is more profitable, and the reality is there is still a need for high-touch service. Our model is all about relationship, trust, service and liquidity,” added Steve Starker, co-founder of BTIG in an accompanying phone statement.