CHICAGO, Dec. 2, 2016 /PRNewswire/ — Cheevers and Company, Inc., a Chicago based institutional broker-dealer, and Penserra Securities LLC, a San Francisco based institutional broker-dealer, today announced that the companies have entered into a merger agreement.

“We are excited to be partnering with Penserra,” said Kathy Cheevers. “This merger will significantly expand our business across the country while also offering significant opportunities for our employees.”

The combination of Cheevers, which has built an exceptional reputation over the past 34 years, and Penserra, which has grown significantly over the past 7 years, will form a strong combination of global trading expertise and a wide breadth of broker-dealer services. After the merger is complete, Cheevers will be a division of Penserra.

“This merger supports Penserra’s strategy to establish a core presence in the Midwest,” said George Madrigal, Penserra president and chief executive officer. “Kathy Cheevers has built an incredible firm filled with extremely talented people. I look forward to continued expansion in Chicago.”

Kathy Cheevers, Cheevers’ president and chief executive officer, will continue to lead the Cheevers division. Ryan Peterson, who is currently Cheevers’ chief compliance officer and general counsel has been promoted to chief operating officer of the Cheevers division and general counsel of the combined firms. The merger is expected to take effect at year end after regulatory approvals.

About Cheevers

Cheevers & Company leverages nearly 35 years of experience to provide best execution and clearing services for some of the world’s largest banks, brokers, pension plans and asset management firms. We strive to hire and retain talented individuals who comprise a diverse team of professionals – all of whom maintain a continuous commitment to an exceptional level of customer service. Our collective ability and expertise has enabled Cheevers & Company to be a trusted partner since 1982. For more information about Cheevers and its services please visit www.cheevers.com.

About Penserra

Penserra Securities provides global equity and fixed income execution services, equity research, and investment banking. Since 2009, Penserra has leveraged technology, data, and intellectual capital to provide precise and innovative services to some of the largest and most sophisticated institutions around the world. Its affiliates, Penserra Capital Management and Penserra Transition Management, provide advisory and fiduciary services to institutional investors. Core services include transition management, ETF sub-advising, index funds and custom beta solutions. For more information about Penserra and its services please visit www.penserra.com.

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SOURCE Penserra Securities LLC