Ceros Financial Services Inc acquires Rydex Distributors Inc

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Acquiring Company: Ceros Financial Services Inc View Profile Add Homepage Google Search
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Target Company: Rydex Distributors Inc View Profile Add Homepage Google Search
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Announced: Sep 02, 2009


BOSTON & ROCKVILLE, Md.--(BUSINESS WIRE)--Ceros Financial Services, Inc. announced today that it had completed its acquisition of RFS, a division of Rydex Distributors, Inc., which provides brokerage and custody services to fee-based and hybrid investment advisors.

“This acquisition is a very exciting opportunity for us. It hastens our growth in the U.S. and establishes us in the business of servicing the growing independent registered investment advisor market, with a group that has earned the respect of the advisor community,” noted Ceros group chairman Markus Ross from his offices in Frankfurt, Germany. “We are looking forward to building on this strong base of providing advisors the services they need to grow their practices.”

Mark Hausman, president of Ceros Financial Services, Inc., located in Boston, said RFS has developed tremendous relationships with the advisors that it serves. “From the beginning, we were impressed with the way that RFS has partnered with their advisor clientele, listened to their needs and rolled out a very comprehensive platform offering many value-add services. We are now well-positioned to expand to help advisory practices become more efficient.”

“We see strong growth in the registered investment advisor market and supporting that growth is our core business,” remarked Catherine Ayers-Rigsby, managing director. “Consequently, we are delighted with Ceros’ commitment to the brokerage and custody business. Through this transaction, in which the RFS team has been retained, we are able to provide our clients with a continued high level of service with minimal change. All account number, product lines and contacts remain the same. Moreover, we can offer our advisors enhanced capabilities, particularly on the international side.”

Gary Clemmons, founder and senior portfolio manager of Texas Capital Management of Baytown, Texas, one of the first advisor clients of the RFS group, confirms, “I am happy that the transaction will provide such continuity. The platform is truly geared toward registered investment advisors and will remain so. This is a win for the advisor, a win for the clients, and a big win for Ceros!”

Terms of the transaction, which involves approximately $3 billion in assets, were not announced.

About the Ceros group

Ceros Financial Services, Inc., a registered broker-dealer, member FINRA/SIPC, was established in Boston, Massachusetts in 1994. It is part of the Ceros group, which maintains presences in Frankfurt, Munich, and Limburg, Germany; Lucerne, Switzerland; and Istanbul, Turkey, from which it offers brokerage and custody, investment management and mutual fund distribution. It is the largest independent U.S. brokerage firm in Germany. Ceros can be found at ceros.de and cerosfs.com.

For further information, contact Mark Hausman, (617) 315-7347, mh@ceros.de or Catherine Ayers-Rigsby (301) 296-5318, cayers-rigsby@cerosfs.com.

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Edit History:
Sep 02 '09
This version submitted by Anonymous