COR Securities Holdings Inc. announced Tuesday that it has acquired independent securities clearing firm Legent Clearing LLC.
COR Securities is the financial services portfolio holding company of COR Capital, a private equity firm based in Santa Monica, Calif.
“We are excited to provide Legent with growth capital and a deep bench of industry veterans to help advise the company in its expansion plans,” Steven Sugarman, chief executive officer of COR Capital, said in a statement. “Legent will succeed by providing its clients the highest level of clearing, settlement and investment services. COR Capital will ensure that Legent has the financial, operational and strategic resources it needs to achieve these goals.”
Legent CEO Christopher Frankel noted the company's new relationship with COR Securities would enable Legent to improve and expand its product and service offerings and continue to build on its network of 75 fully-disclosed broker-dealer correspondents.
“We expect our existing and prospective correspondents to see tangible benefits from this transaction as we roll out service enhancements over the next several months,” Frankel added. “The infusion of new capital and elimination of debt transforms our balance sheet and affords us the opportunity to better serve our clients.”
COR Securities also announced that Alton Jones, former chairman of Pershing LLC; Marshall Geller, former senior managing director of Bear Stearns & Co.; and Ric Duques, former chairman and CEO of First Data Corp are joining its board of directors.