INTL FCStone has announced that it is rebranding the firm as StoneX Group Inc. The StoneX Group name was approved by an overwhelming majority at this morning’s shareholder meeting and effective July 6.
The firm notes that it had a record quarter, completed a material acaquisition of Gain Capital, broke $1 billion market cap, ranked in the Fortune 100, and filed for its upcoming rebrand all within the past few months. INTL FCStone’s recent acquisition of Gain Capital was another major step in a decade-long strategy aimed at making INTL a provider of financial services focused on under-served clients in niche markets, the firm says in a statement.
Founded in 1924 by Saul Stone, the StoneX Group connects its clients to 36 derivatives exchanges, 175 foreign exchange markets, nearly every global securities marketplace, and a number of bilateral liquidity venues.
Sean O’Connor, CEO, comments, “Our firm has experienced transformational growth in recent years – in terms of the breadth and depth of our offering, our technology platforms and our global client base. This re-brand will help us better define and communicate our strategic focus on driving innovation and digitalisation in the global markets going forward.”
In 2003, the company says that it set out to become a leading provider of financial services with the mission to meet the needs of underserved clients in specialised markets. As larger investment banks derisked after the financial crisis by withdrawing from markets, raising their minimums, and narrowing their offerings, the company was able to occupy the gaps in the marketplace and seize opportunities left behind by these larger firms, the group says in a statement. Additionally and concurrently, it continues, as regulations and capital pressures drove mergers amongst smaller players in the industry, INTL FCStone Inc. became an opportunistic consolidator executing strategic acquisitions across business lines.
“Our transition to the StoneX brand signals an exciting new phase for our company and our clients. We owe all of our success to our clients, and we will continue to put them at the centre of everything we do as we pursue our goal of becoming recognised as a best in class financial services franchise,” adds O’Connor.