Refco Canada Agrees to Purchase CFG Financial Group Inc.
Friday October 11, 2:48 pm ET
A natural transition for one of Canada's key "Alternative Investment" companies
TORONTO, Oct. 11 /CNW/ - Refco Futures (Canada) Ltd. (Refco Canada), a wholly owned subsidiary of Refco Group Ltd. LLC, today announced an agreement to purchase CFG Financial Group Inc. (CFG), a full-service securities firm specializing in commodity futures trading. The transaction is subject to receipt of regulatory approval from securities industry regulators and various securities commissions. The integration of CFG's 60 brokers in 10 offices across Canada and 4,000 individual and corporate clients will result in the creation of the largest specialized futures firm in the country with more than 120 registered brokers in 16 offices servicing more than 8,000 accounts. Assets of the combined firms will be greater than $240 million.
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Effective with the regulatory approval of the acquisition, CFG will be integrated into Refco Canada and Mr. Pierre Gloutney will become Chairman and CEO of Refco Canada. Mr. Rob Dzisiak, the former President and Chief Executive Officer of CFG, will assume the Presidency of Refco Canada and will be responsible for all retail services. Mr. Dzisiak started CFG as a branch office of LFG, LLC in 1994. CFG became an independent firm in 1998. Prior to founding CFG, Mr. Dzisiak was Vice-President of Benson-Quinn Co. of Minneapolis and was responsible for their Canadian office. He also spent two years as a senior market analyst with the international consulting firm Wharton Econometrics. Mr. Dzisiak currently serves as Chairman of the Board of Directors of the Winnipeg Commodity Exchange (WCE) and has been a director there since 1996. He has also been a director of The Winnipeg Commodity Exchange Clearing Corporation since 1998. Mr. Dzisiak has a Masters degree in Agricultural Economics from the University of Manitoba.
Refco LLC is the world's largest non-bank futures commission merchant with over $3.3 (U.S.) billion in global client equity and, with volumes of more than 35 million contracts per month, is the world's top clearing member.
Refco Futures (Canada) Ltd. is a member of the Canadian Investor Protection Fund (CIPF), a member of the Investment Dealers Association of Canada (IDA), and a participating organization of the Bourse de Montréal, the Toronto Stock Exchange (TSX) and TSX Venture Exchange. |
