Institutional Financial Markets (IFMI), formerly Cohen & Company, has announced it is making a $45m majority equity investment in New York-based financial services firm PrinceRidge Holdings. PrinceRidge provides institutional financial clients, including insurance companies and family offices, with structured products sales and trading, as well as corporate credit products and investment banking services.
PrinceRidge structured products MD Joseph Castelluccio was previously structured products MD at Maxim Group and has also served as an SVP at Inter-Capital Securities and Prudential Securities.
IFMI, an eleven year old company specialising in fixed income investments, has capital markets and asset management businesses. It had been known as Cohen & Company before its name change in January. In September 2010, the firm's Cohen Brothers subsidiary acquired JVB Financial Holdings of Boca Raton, Florida, a wholesale distributor of fixed income products including structured products, for $9.8m in cash and stock. Vincent Butkevits continues to serve as the unit's president and CEO. The acquisition closed three months ago.