Financial services group JPMorgan is planning to buy Neovest Holdings, a Utah-based trading technology firm.
Neovest is a provider of trading technology and direct market access. It provides investors with access to electronic communication networks (ECNs), exchanges, floor brokers, block desks and algorithmic products.
JPMorgan says the acquisition will enable it to offer a combined broker-neutral trading platform across asset classes to institutional investors, asset managers and hedge funds.
Neovest will operate as a wholly-owned subsidiary of JPMorgan and its staff will continue to work at its offices in Utah, Atlanta and New York.
The deal was led by a group of private investors headed by private equity firm Conning Capital Partners. It is expected to be completed in the third quarter of 2005.