Newbridge Securities to be bought by foreign wealth management firm
October 11. 2017 By Bruce Kelly, Investment News London-based European Wealth Group is acquiring the U.S. independent broker-dealer, which has about 200 reps and advisers Another independent broker-dealer is changing hands. This time, Newbridge Securities Corp., a mid-size firm with about 200 reps and advisers, will be acquired by a foreign firm, the London-based European Wealth Group. The deal was announced jointly Tuesday. Terms of the deal were not disclosed. "We are ambitious to grow both organically and dynamically by acquisition," said Marianne Ismail, CEO of European Wealth Group, in the announcement. "Newbridge presents a unique opportunity to invest in an established, well-positioned and nationally represented company." Newbridge reported $26.17 million of total revenue in 2016 and a net loss of nearly $488,000. Leonard Sokolow, CEO of Newbridge Financial Inc., a holding company, did not return a call...