Wedbush Securities, Inc.

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Wedbush Securities
Wedbush.jpg
Founded 1955
Headquarters Los Angeles
Key People Gary L. Wedbush, Richard Jablonski, Co-Presidents
Employees 1000
Products Securities clearing and execution; wealth management; investment banking
Website www.wedbush.com

Wedbush Securities is a Los Angeles-based securities firm providing investment banking, brokerage, clearing and wealth management services from over 100 locations in the U.S.[1] The firm was founded in 1955 by Edward Wedbush and Robert Werner.

Wedbush is one of the top Nasdaq liquidity providers for stocks listed on both the Nasdaq and the New York Stock Exchange.[2]

As of 2010, the firm managed more than $15 billion in assets, employed 1,000 people and was valued at $300 million. It has retail sales offices in all of the larger Western cities. Its market making business is also significant.

On May 31, 2018 the firm said its co-founder and long time president Edward Wedbush would retire and the company would be led by co-presidents Richard Jablonski and Gary Wedbush, the founder’s son.

History

Wedbush was started as a partnership between Edward Wedbush and Robert Werner, who founded the company fresh out of college with $5,000 each that they pooled to capitalize the company.[3] It gradually grew through its retail business and correspondent services business, and in the early 1970s it joined the New York Stock Exchange. It began as primarily a retail business with some market making. During the 1970s, its retail business continued to grow and its correspondent and market making businesses expanded aggressively.

In 1969, Wedbush acquired Noble Cooke, a division of Gregory & Sons, a firm dating back to 1925. The acquisition brought it into the specialist business on the Pacific Exchange. Wedbush went on to acquire two specialist posts from Charles Schwab & Co., and eventually to become the largest specialist firm on the Pacific Exchange. In 1976 it acquired the investment banking department of the former William R. Staats Company, a Los Angeles firm that dated back to 1890. That gave Wedbush its start in the investment banking business.[4]

In 2017, Wedbush was sued by ION Trading for the early end to a software licensing deal to process futures trades that was originally signed by Crossland, a company Wedbush later acquired.[5]

A Move into Execution and Clearing

In June 2011, Wedbush purchased New York-based Lime Brokerage, in order to expand its base and help the firm meet new direct market access regulations.

In December 2014, Wedbush acquired the futures division of KCG Holdings (the former Knight Capital) for an undisclosed sum.[6] The deal increases Wedbush's reach in derivatives execution and clearing services.[7]

Products and Services

  • Securities: including equities, fixed income, derivatives, and cash management;
  • Investment banking: including mergers & acquisitions, private equity, and valuations
  • Clearing and execution: including automated trading, sponsored and direct access, prime brokerage and securities lending;
  • Investment advising

Key People

References

  1. Our Firm. Wedbush.
  2. Wedbush Buys Lime Brokerage to Help Meet Market-Access Rules. Bloomberg.
  3. History of Wedbush. Wedbush.
  4. Edward W. Wedbush. The Wall Street Transcript.
  5. Financial software firm Ion sues over early end to US deal. Independent.
  6. KCG ANNOUNCES AGREEMENT TO SELL FUTURES COMMISSION MERCHANT BUSINESS TO WEDBUSH SECURITIES. Nasdaq.
  7. KCG Completes Sale of Futures Commission Merchant. Press Release.