Siebert Financial has signed a non-binding letter of intent (LoI) with Tigress Holdings to purchase 24% of the outstanding membership interests in diversity broker Tigress Financial Partners.
The financial terms of the transaction were not disclosed.
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However, in turn, Tigress will receive 24% of the outstanding membership interests in Siebert’s subsidiary WPS Prime Services and shares of Siebert common stock.
Tigress is a disabled and woman-owned financial services firm that focuses on serving institutional and high net worth investors.
The firm specialises in investment banking, corporate advisory, global trade execution services, asset management and global wealth management among others.
As agreed, Tigress founder and CEO Cynthia DiBartolo will join Siebert’s management team at the close of the transaction.
DiBartolo commented: “This partnership aligns two key broker-dealers on Wall Street that have a shared culture and mission of advancing diversity, equality and measurable impact within the financial services industry.
“Prime brokerage remains a key growth opportunity for Tigress due to the increased demand for critical diversity accountability. WPS Prime Services has complementary capabilities and relationships to our existing offerings that we look to expand over time.”
Building diversity initiatives
The deal is in line with Siebert’s commitment to diversity and inclusion amid a growing ESG environment.
Tigress is said to be a strategic diversity partner to corporate issuers, bookrunners, hedge funds and private equity firms. Earlier this year, StoneX Group made an investment in the firm.
The latest investment and partnership will provide Tigress with additional access to infrastructure, global financial products, and a distribution platform in the diversity broker-dealer segment.
