JPMorgan Chase agreed to acquire direct market access equity trading firm Neovest Holdings, confirmed JPMorgan spokesman Brian Marchiony. Terms were not disclosed. Through the deal, which is expected to close in the third quarter, JPMorgan will offer a broker-neutral trading platform across asset classes to institutional investors, asset managers and hedge funds.
Bryce Byers, Neovest president and CEO, will join JPMorgan as a managing director. He will report to Emily Portney, managing director and COO of origination and distribution for the Americas. Mr. Marchiony said Neovest's roughly 70 employees will continue to work out of their offices in Atlanta, New York and Orem, Utah.