Interactive Brokers Acquiring Retail Brokerage From Goldman Sachs
Interactive Brokers Group (NASDAQ: IBKR) is acquiring a big piece of a peer brokerage from Goldman Sachs (NYSE: GS). In the deal, Interactive will purchase the self-directed retail segment of Folio Investments, a subsidiary of Folio Financial. Goldman bought the latter business in mid-September. The sprawling investment bank will retain Folio's clearing and custody services.
Interactive did not specify the acquisition price, and Goldman has not publicly commented on it at all.
Interactive did provide several details about Folio Investments' business. It said that there are roughly 70,000 self-directed investors on its client list, and that owning much of the company will add roughly $3 billion in client equity.
Source Fool.com
