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Knight Announces Acquisition, While Others Report Big Firm Layoffs
Good News, Bad News. Knight Capital announced it had acquired an asset management business. Charlie Gasparino announced that Knight Capital was laying off 8% of its workforce. Details are still had to come by regarding the layoffs. But here's an account of the firm's acquisition:
Knight Capital Group, Inc. announced it had completed the acquisition of Astor Asset Management for about $18 million. About 40% of the purchase price will be paid in the form of restricted shares of Knight Capital Group. Astor founder Robert Stein comes along with the acquisition - he was named SMD, Head of Global Asset Management, and signed a 4-year employment contract.
The addition of a growing asset management business to Knight's offering will provide further diversification. "With the acquisition of Astor, Knight has a promising foundation in asset management," said Knight Chairman and CEO Thomas Joyce. "As a start, I believe we can accelerate the growth in assets under management by providing introductions to Knight's clients among the leading wirehouses and broker-dealers."
[Business Insider, 10/1; Company Announcement, 10/4]
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