Acuity Stockbrokers enters UK market in deal with First Frontier
Friday, 19 September 2014 00:17
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Hot on the heels of foraying into the US, Acuity Stockbrokers Ltd. has expanded its reach to the United Kingdom as well in a bid to tap more institutional investors in to listed equities and debt in post-war rebounding Sri Lanka.
The entry into UK by Acuity is in strategic partnership with First Frontier Capital Ltd., an independent London based investment bank focused on providing institutional investors with a “one-stop-shop” in respect of the Frontier Markets globally.
First Frontier’s offering comprises origination, research and execution in frontier and pre-frontier markets.
Acuity was formed by the merger of the broking businesses of two of Sri Lanka’s largest banks being DFCC Bank and Hatton National Bank and has become one of the market leading firms in this space in Sri Lanka. In recent years Acuity has been responsible for executing some of the largest transactions on the Colombo Stock Exchange.
First Frontier will market Acuity’s highly regarded Sri Lanka focused research product, co-branded with Acuity, to its clients in the United Kingdom and Continental Europe supported by Acuity’s research and securities trading teambased in Colombo.
The agreement with Acuity is a further step in the implementation of First Frontier’s plan of providing its clients with access to the fact growing frontier and pre-frontier markets. First Frontier will continue to take steps to grow its Asia franchise and expand its footprint in the region.
First Frontier Chairman Nicholas Banszky commented “I am delighted to have signed a Cooperation Agreement with such a highly regarded firm in the Sri Lankan market as Acuity. This is particularly the case as I have known the leadership team at Acuity for many years. We at First Frontier see many exciting opportunities in working with Acuity in the future servicing international clients’ growing interest in the Sri Lankan market.”
Acuity Stockbrokers Chairman Ray Abeywardena commented: “Signing this agreement with First Frontier will allow us to bring our research product to the attention of institutional investors in the UK and Continental Europe much more effectively. This move is particularly opportune given the fast growing interest internationally in frontier markets.”
The Daily FT last week exclusively reported Acuity Stockbrokers’ entry into the US via a strategic partnership with frontier markets specialist and US SEC-licensed Enclave Capital LLC.
