Reuters sells bridge trading and acquires HedgeWorld & Tass Research.Reuters Reuters British cooperative news agency. Founded in 1851 by Paul Julius Reuter, it was initially concerned with commercial news but began to serve a growing newspaper clientele after the London Morning Advertiser subscribed in 1858. (London/New York York, former name of Toronto, Canada York, Ont.: see Toronto, Ont., Canada. York, city, England York, city (1991 pop. 123,126) and district, North Yorkshire, N England, at the confluence of the Ouse and Foss rivers. ) has signed a definitive agreement to sell Bridge Trading Company (St. Louis, MO), a soft-dollar institutional securities broker, to Instinet Group (INGP; New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ) for $21.5 million in INGP stock. Bridge serves more than 500 U.S. institutional clients and exchanged over six million of exchange-listed shares per day in 2004. Reuters acquired Bridge in 2001 as part of its acquisition of Bridge Information Systems. Reuters said the sale is part of its "Fast Forward" plan begun in 2003 to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. non-core assets "in a tax efficient manner." Also, Reuters, through its Lipper subsidiary, has entered into definitive agreements to acquire two hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" research assets, HedgeWorld (White Plains, NY) and the TASS TASS - Template ASSembly language. Intermediate language produced by the Manchester SISAL compiler. Research database business from Tremont Capital Management (Rye, NY). No terms for the deals were given. The business of HedgeWorld will be acquired from a consortium of private investors, including Tremont. Established in 1999, the acquired company is a provider of news, data and research for the global hedge fund and alternative investments industries. It has a client base of 55,000 institutional and high-net-worth investors, professional advisors, fund managers and industry service providers. TASS Research produces and maintains hedge fund databases which provide information on over 6600 hedge funds. Reuters said that Tremont will continue to manage and maintain the databases and will retain the right to use the data as is presently does. |
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