By Andrei Skvarsky.
ITI Group, an emerging markets brokerage focusing on technology and algorithmic trading, has bought a London-based brokerage from Russian financial corporation Uralsib.
Uralsib Securities changed its name to ITI Capital after its buyout.
The Uralsib broker’s 100 per cent acquisition by the Guernsey-headquartered ITI Group, which has a strong presence in Russia, was co-financed by Da Vinci Capital, a private equity manager investing mainly in Russia and other ex-Soviet republics, ITI Capital said in a statement.
In explaining its sale by Uralsib, the London broker said the Moscow-based financial group had decided to divest its British business to focus on its core businesses in Russia.
John Lewin remains chief executive of the London firm after its takeover by ITI Group.
“The acquisition of a fully licensed U.K. broker is a huge step for ITI Group and its clients,” the statement quoted ITI Group chief executive Pavel Naumenko as saying.