Edward Siedle sold his commission recapture brokerage firm, Anvil Institutional Services Inc., New York, to Sherwood Securities, a publicly traded broker-dealer based in Jersey City, N.J.
Sherwood is buying out Mr. Siedle's 51% share. It previously owned a 49% stake in Anvil.
The purchase price was not disclosed, but Mr. Siedle said he was pleased with the agreement. Anvil generated revenue of about $2.5 million in 1996.
Mr. Siedle said he plans to go into consulting and will focus on Sherwood President Dennis Marino said he will continue to operate Anvil as a separate company. "We intend to continue the business and we actually look forward to doing that with the existing management structure and salespeople," he said.
Anvil was marketed as a minority-owned firm; Mr. Siedle is of Indian descent. Laura Singer, Sherwood's general counsel said Anvil's status would have to change.
"All of the final details have not been worked out," Ms. Singer said.
Mr. Siedle, a former Securities and Exchange Commission attorney, gained a reputation for commentary on commission recapture, soft-dollar and minority money manager issues.