Broker Weeden Investors LP acquired Saxis Group LLC for an undisclosed amount.
Saxis is also a brokerage business. The company will become a wholly-owned subsidiary of Weeden and continue to be led by its founder, Sohail Khalid.
The target provides services, including risk management, analytics, customizable trading applications, automatic allocation technology and portfolio reporting, to hedge funds and family offices.
Weeden, headquartered in Greenwich, Conn., provides brokerage services to more than 1,500 institutions.
The deal comes as several other investment managers or brokerage companies have announced transactions. In April, FTV Capital led a $75 million equity investment in Good Harbor Financial LLC, an investment management company based in Chicago. Also in April, Gain Capital Holdings Inc. (NYSE: GCAP), a company that provides online trading services, received a proposal from FXCM Inc. (NYSE: FXCM) to acquire the company is a $210 million deal.