BEDMINSTER, N.J., April 16, 2014 /PRNewswire/ -- GAIN Capital Holdings, Inc. (NYSE: GCAP, "GAIN" or "the Company") today announced that it completed the acquisitions of Global Asset Advisors ("GAA") and Top Third AG Marketing ("Top Third") and named Glenn Swanson to direct its futures division.
GAIN previously announced that it had agreed to acquire a 55% interest in both GAA and Top Third, with the remaining shares continued to be owned by the companies' respective founders, including Mr. Swanson. Mr. Swanson, (45), served as President of Daniels Trading, an independent futures brokerage firm owned by GAA, since 1998.
"We are pleased to have completed the acquisition of GAA and Top Third, which moves us further along in our efforts to develop our futures business and increase the proportion of GAIN revenues derived from commission-based businesses," stated Glenn Stevens, CEO of GAIN Capital. "Glenn Swanson is a natural choice to lead our futures efforts given his significant industry experience and track record of success. He will be supported by GAIN's top-notch marketing, operations and technology teams."
For the month of March 2014, GAIN reported Futures Daily Average Revenue Trades[1] (DARTs) of 23,884, which included 7 days of GAA and Top Third trading activity, a sequential increase of 40.0% and 78.2% higher than March 2013.
GAIN Capital has call options to acquire the remaining 45% of each of GAA and Top Third. Both transactions are expected to be immediately accretive to 2014 results.
About GAIN Capital
GAIN Capital Holdings, Inc. (NYSE: GCAP) provides innovative trading technology and execution services to retail and institutional investors worldwide, with multiple access points to OTC markets and global exchanges across a wide range of asset classes, including foreign exchange, commodities, and global equities.
GAIN Capital is headquartered in Bedminster, New Jersey, with a global presence across North America, Europe and the Asia Pacific regions. For further company information, visit www.gaincapital.com.
Forward-Looking Statements:
In addition to historical information, this press release contains "forward-looking" statements that reflect management's expectations for the future. The forward-looking statements contained in this press release include, without limitation, statements relating to GAIN Capital's expectations regarding the opportunities and strengths of the combined operations of GAIN, GAA and TT, as well as expectations regarding product offerings, growth opportunities, value creation, and financial strength. A variety of important factors could cause results to differ materially from such statements. These factors are noted throughout GAIN Capital's annual report on Form 10-K, as filed with the Securities and Exchange Commission on March 17, 2104, and include, but are not limited to, the actions of both current and potential new competitors, fluctuations in market trading volumes, financial market volatility, our ability to successfully integrate assets and companies we have acquired, our ability to effectively compete in the OTC products and futures industries, evolving industry regulations, including changes in regulation of futures companies, errors or malfunctions in our systems or technology, rapid changes in technology, effects of inflation, customer trading patterns, the success of our products and service offerings, our ability to continue to innovate and meet the demands of our customers for new or enhanced products, changes in tax policy or accounting rules, fluctuations in foreign exchange rates and commodity prices, adverse changes or volatility in interest rates, as well as general economic, business, credit and financial market conditions, internationally or nationally. The forward-looking statements included herein represent GAIN Capital's views as of the date of this press release. GAIN Capital undertakes no obligation to revise or update publicly any forward-looking statement for any reason unless required by law.
[1] Average daily trades transacted by futures customers
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SOURCE GAIN Capital Holdings, Inc.