Only a few days after Finance Magnates reported that Rob Fleschler had become CEO of a newly formed fintech firm named Seabury Global Markets, a subsidiary of Seabury Group LLC which caters to a number of industries as a professional global advisory firm, today the company announced an initial investment into Spotex which provides an FX ECN offering including precious metals trading for both the buy-side and sell-side.
According to the official press release, Spotex will remain an independently run firm, while becoming part of the product offerings at Seabury Group and its related affiliates which include Seabury Capital (SeaCap) which operates finance companies that provide cross-border and asset-back financing.
“Seabury’s initial investment and global reach will enable Spotex to immediately expand our sales opportunities and distribution efforts,” said Ritesh Agrawal, Spotex Chief Executive Officer, commenting in the official press release. Mr. Agrawal added: “The Spotex ECN provides a complete end-to-end solution for institutions and retail brokers through participating prime broker and prime relationships.”
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As part of the investment, Seabury Global Markets (SGM) entered into a multi-year strategic relationship and intends to have develop some of Spotex’s technology as the firm becomes part of the Seabury Group of Companies. Through its subsidiaries, Seabury caters to a diverse range of Industries including Aviation, Aerospace & Defense, Financial Services, Government Services, Logistics, Maritime, Transportation, among others, according to the press release.
The news follows one of Seabury’s subsidiaries announcing a joint product offering with Spotex earlier this year that aimed to combine certain product groups to the benefit of each company’s respective customer base as it relates to finance. Financial terms of the deal weren’t disclosed or made readily available around time of publication.
“We are excited to build on the existing partnership between our companies, which has been well received. Feedback from clients has been positive and we will all benefit from our mutual business operations,” said Rob Fleschler, Seabury Global Markets President and CEO, commenting in the press release. “This expanded collaboration will deepen Seabury’s capabilities to provide our clients with an additional source of liquidity, intelligent client-facing technologies and tools.”