Ashcombe advises TP ICAP Group Plc on its acquisition of Neptune Networks
Ashcombe is pleased to announce that it has acted as exclusive financial advisor to TP ICAP Group Plc (“TP ICAP”) on the acquisition of Neptune Networks (“Neptune”), an independent financial data company co-owned by a consortium of some of the world’s leading investment banks. TP ICAP will bring together Neptune’s extensive proprietary data network with Liquidnet’s electronic credit trading platform, creating a unique, full-service, global Dealer-to-Client (“D2C”) credit business. At launch, Barclays, BNP Paribas, Citi, Crédit Agricole CIB, Deutsche Bank, ING, J.P. Morgan, Morgan Stanley, and UBS (the “Bank Shareholders”) will own a 30% stake in the new business. This ownership structure is intended to ensure that Liquidnet and the Bank Shareholders are resourced and incentivised to grow the business.
Nicolas Breteau, CEO, TP ICAP Group, said:
“Neptune is an exceptional platform with deep connectivity on both the sell-side and buy-side. With our partners, we plan to enhance and grow Neptune’s core data business, strengthening its relevance to the buy-side via Liquidnet’s electronic credit trading platform. By combining Liquidnet’s extensive client reach with leading liquidity providers, we can seamlessly and discreetly connect the sell-side and buy-side to unlock exciting potential, positioning us well to drive a step-change in fixed income markets and liquidity.”
Byron Cooper-Fogarty, CEO, Neptune Networks Ltd., said:
“I am excited by the opportunities this acquisition creates. The resources, talent and experience of Liquidnet’s Fixed Income business will complement Neptune’s strengths in real-time, high-quality bond data. There is a natural fit that, along with the continued commitment of the major banks, will create an entity that benefits buy-side and sell-side clients of both firms.””
Neptune supplies high-quality bond pre-trade data (axes and inventory) from 34 sell-side firms direct to the buy-side. Data accessed via Neptune is clean, standardised, and real-time from sell-side trading systems, rather than periodic runs or manual spreadsheets. Neptune is integrated with buy-side core workflow tools such as OMS or EMS, and is also available through FIX, REST API, SFTP, and its functionally rich user interface. The platform carries over 250,000 axe & inventory items daily, $1.2tn+ in gross notional liquidity, across asset classes such as Credit, Rates and Emerging Markets. Neptune is used globally by buy-side firms with more than $55 trillion in aggregate AUM.
Liquidnet is a leading technology-driven, agency execution specialist that intelligently connects the world’s investors to the world’s investments. Since its founding in 1999, Liquidnet’s network has grown to include more than 1,000 institutional investors and spans 57 markets across six continents. Liquidnet was built to make global capital markets more efficient and continues to do so by adding additional participants, enabling trusted access to trading and investment opportunities, and delivering the actionable intelligence and insight that its customers need.
Andreas Wesemann and George Kidd, Partner and Associate Director at Ashcombe, commented:
“It was a pleasure to work with so many talented individuals at TP ICAP on this complex transaction and be involved in the establishment of such an innovative D2C credit platform.”