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Pierpont Securities Holdings LLC (“Pierpont”) announced that it has closed on the purchase of Cortview Capital Holdings Inc. (“Cortview”), having received regulatory approval from FINRA.
Pierpont and Cortview will continue to operate as separate broker-dealers with common ownership and management into Q1 of 2013 at which time the two firms will combine into a single entity that will be named Pierpont Securities. Pierpont will have more than 150 employees in 11 regional offices across the U.S.
The combination of the two firms creates a premier, midsize broker-dealer that offers a full suite of fixed income products, as well as a diverse range of sophisticated finance, capital markets, and advisory services.
A reallocation of capital into Cortview’s existing Credit, Agency, and Mortgage-backed businesses will allow them to expand inventory, products, and distribution. The new company will remain committed to providing underwriting, structuring, and syndication to middle-market clients in the Capital Markets space.
“Pierpont Securities is now well positioned for growth. Our strong capital position, product breadth, and scalable platform give us a competitive advantage in meeting the needs of our diverse client base,” said Mark B. Werner, CEO of Pierpont. “We plan to hire an additional 20-25 salespeople by the end of Q1 2013, which will bolster an already robust team of specialist and generalist sales professionals.”