Tullett Prebon has announced that it has accelerated the growth of its US operations following the acquisition of 40 brokers from New York-based inter-dealer brokerage services firm, Murphy & Durieu L.P.
The deal takes the total number of Tullett Prebon brokers in the United States to almost 550, further strengthening the Company’s fixed income activities.
The terms of the transaction were not disclosed.
The 40 new brokers have expertise and access to deep liquidity pools in a diverse range of fixed income products including corporate, convertible, municipal, high yield, distressed and government securities.
Rick Murphy, owner of Murphy & Durieu L.P, said: 'We are delighted to have concluded this transaction with Tullett Prebon. The Murphy & Durieu business was founded in 1929 and we believe in looking after our people. Having worked closely with Tullett Prebon over the years we know that it will offer excellent opportunities as it pushes ahead with its plans to grow in the US'.
John Abularrage, CEO of the Americas, Tullett Prebon, said: 'We are excited to welcome our new colleagues to Tullett Prebon. The US is a key market for Tullett Prebon and this deal further enhances our market-leading fixed income hybrid voice offering. US fixed income is one of the largest Over the Counter (OTC) market segments in the world and this acquisition allows Tullett Prebon to provide even stronger and better execution to our clients across the range of fixed income products'.