Business
Siebert Financial Corp. Files 10K and Reports Financial Results for 2019
Total assets under management increased 33% from the prior year due to organic growth of retail customer assets as well as institutional customer assets
About this update from Siebert Financial Corp.
[{"type":"text","content":"\n\nTotal assets under management increased 33% from the prior year due to organic growth of retail customer assets as well as institutional customer assets acquired from Weeden Prime\n\n\nEffective January 1, 2020, Siebert acquired StockCross, a clearing broker-dealer, for a total purchase price of approximately $30 million paid in Siebert stock\n\n\nStockCross generates approximately $11-$13 million in annual revenue through its business lines of clearing operations, market-making, equity stock plan services, IRA custodianship and securities lending\n\n\nSiebert gains approximately $2.9 billion in assets under management and four offices through its acquisitions of Weeden Prime and StockCross\n\n\nStarting January 1, 2020, Siebert’s total stockholders' equity will be approximately $35 million as a result of these acquisitions\n\n\n\n \n\n NEW YORK--(BUSINESS WIRE)--\nSiebert Financial Corp. (NASDAQ:SIEB) (“Siebert”), a provider of financial services, filed its 10K and reported results for its fiscal year ending December 31, 2019.\n\n\nGloria E. Gebbia, controlling shareholder and board member of Siebert, commented on the results for 2019 saying, “There were many highlight moments in 2019 for our company. We started out the year by acquiring 15% of StockCross Financial Services, Inc. (“StockCross”), a clearing broker dealer, and in July we were included in the Russell 2000® Index as part of the 2019 Russell U.S. Indexes reconstitution, further solidifying our visibility in the capital markets.\n\n\n“In December 2019, we completed the acquisition of Weeden Prime Services, LLC (“Weeden Prime”), a leading prime brokerage service provider, which provides a new customer base of institutional clients as well as opportunities related to new clearing relationships. We also see substantial cross-selling opportunities for our institutional and retail clients.\n\n\n“We saw a significant opportunity in StockCross and decided to buy the company and merge it with and into our broker-dealer subsidiary, MSCO, effective January 1, 2020. StockCross provides an array of new business lines to Siebert such as clearing operations, market-making, equity stock plan services, IRA custodianship, and securities lending. StockCross’ equity stock plan service business exposes us to public companies on a global level, enabling us to further our account grow...