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Friday, 12 September 2014 01:12 - - {{hitsCtrl.values.hits}}
In a key initiative, Acuity Stockbrokers Ltd. has entered the vast US market in partnership with frontier markets specialist Enclave Capital LLC to promote among American fund managers listed equity and debt investments in Sri Lanka.
The formal brokerage relationship agreement between Acuity and Enclave was entered into ahead of the Sri Lanka Capital Markets Investor Forum in New York last week. Acuity is a joint venture between DFCC Bank and HNB.
The deal with Enclave provides an ideal platform to reach US institutional investors in compliance with US Securities and Exchange Commission rules. In promoting listed equities and debt, Acuity will prepare US-clients specific research for distribution via Enclave as well.
Enclave is a registered broker-dealer with the US SEC and is a member of the Financial Industry Regulatory Authority (FINRA). It is a unique international brokerage and capital markets advisory firm with broad distribution capabilities. It is on the ground in five continents with over 300 analysts covering more than 2,000 companies operating in developed, emerging and frontier markets.
Its equity sales and trading platforms is currently expanding to provide Institutional sales and trading coverage for all of the world’s equity markets. Currently the Foreign Broker Collective includes Australia, Bangladesh, Chile, China, Colombia, Eastern Europe, Egypt, Ghana, Greece, Hong Kong, India, Kenya, Nigeria, South Africa, Turkey, and Vietnam. Following the tie-up with Acuity, Sri Lanka has been added.
Enclave establishes what it describes as Foreign Broker Collective based on minimum three criteria, 1) extensive quality research, 2) broad based corporate access, and 3) execution through their own direct market access.
Both companies during the partnership announcement ceremony at Enclave’s office in 44th Street in New York, expressed confidence in the tie up being a win-win for the two firms as well as their clients. They also see great potential to channel US investments in to Sri Lanka since there is growing interest from North America for frontier markets.
Acuity Stockbrokers Chairman Ray Abeywardena stated: “This venture would pave the way for Acuity Stockbrokers to reach out directly to fund Managers in the US who were hitherto either untapped or inaccessible. This tie-up provides Acuity the opportunity to match their strong domestic presence with a gateway to the International Funds.”
“I also wish to thank my former boss and good friend Fergus Fleming, who was at ABN Amro when Forbes & Walker had a joint venture with ABN Amro, who is now a Managing Director of Enclave Capital, for having initiated discussions between myself and Stephen Inglis with a view to a formal tie of the respective businesses,” Abeywardena added.
Enclave Capital LLC Chief Executive Officer Stephen Inglis said: “We are happy to partner Acuity Stockbrokers. I see good potential in Sri Lanka and confident of this partnership benefitting clients of both companies.”
DFCC Bank CEO Arjun Fernando, HNB Managing Director Jonathan Alles, Acuity Stockbrokers Deputy Chairman Deva Ellepola, Enclave Capital LLC Chief Executive Officer Stephen Inglis and his senior officials as well as several Sri Lankan listed company officials who were part of the delegation to the CSE-SEC Investor Forum were also present at the ceremony.
