Bank of America today announced it has acquired Financial Labs, LLC, a Cambridge, Massachusetts-based trading firm specializing in algorithm-driven pricing and trading. The acquisition, which includes Financial Labs’ team of mathematicians and astrophysicists, was structured as a purchase of selected assets of Financial Labs. Financial terms of the deal were not disclosed.
“This acquisition is another important step in achieving the overall growth plan we have set out for Bank of America’s foreign exchange platform,” said Christiane Mandell, global head of Foreign Exchange for Bank of America. “The team of physicists and astrophysicists that are the core of Financial Labs have established themselves as leaders in high frequency trading. Their expertise meaningfully enhances our ability to provide automated, efficient pricing to our clients and continually deliver world class market making.”
“As part of the Bank of America platform, we look forward to more fully utilizing the skills of our team to provide our intelligent pricing and execution capabilities to a broader audience of clients,” said Aaron Sokasian, former Chief Executive Officer of Financial Labs.
Mark Werner, head of Global Markets, said, “Bank of America continues to emphasize the development of algorithmic and other electronic trading capabilities to effectively meet client needs. Building on our success in electronic trading in equities, the Financial Labs acquisition accelerates our already strong momentum in FX electronic trading, and positions us to extend our expertise into other markets.”