BrokerageAmerica has entered an agreement to acquire online brokerage firm One Financial Network and its subsidiary The Financial Cafe. Financial details have not been disclosed.
The merged business will operate as BrokerageAmerica and provide the combined retail customer base with commission-free online market orders, rebates on every equity trade and $5 limit and odd-lot orders. Customers will also have access to investment-related products and services from The Financial Cafe - owned by One Financial Network.
Drew Sycoff, chief executive officer of BrokerageAmerica, comments: "The acquisition of The Financial Cafe offers several key business advantages. For our retail customer base, we are able to cost effectively complement our unique value proposition with value-added resources to help our customers make informed investment decisions. On the wholesale side, the liquidity provided through the retail expansion enhances our ability to attract institutional trading partners."
Sycoff and Don Camillo, president and chief operating officer, will head the management of the new firm.