REDI under new management as investors buy majority share of Goldman Sachs
Goldman Sachs Group sold its majority stake in REDI, one of the pioneers of trading technology, to a group of investors. The pool of investors included BofA Merrill Lynch, BNP Paribas, Citadel, Barclays and Lightyear Capital. Financial details of the sale were not disclosed, but Goldman Sachs will still retain a minority stake in the company. Each of the investors' representatives, however, will be given a seat in the board.
The new management effectively established REDI as a financial technology company, according to its website. Using their respective expertise in their own fields, the new investors plans to introduce new services, expand the broker network and boost cross-asset capabilities of REDI.
Rishi Nangalia, new CEO of REDI, said the company has always understood the needs of the investment community and is at the forefront of technology solutions innovations.
"Our clients are at the core of everything we do and we look forward to continuing to develop our community of investors, brokers and content providers," Nangalia said.
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