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KBRA Assigns Ratings to Wedbush Financial Services, LLC

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Kroll Bond Rating Agency (KBRA) assigns issuer and senior unsecured debt ratings of BBB- for Los Angeles, California-based Wedbush Financial Services, LLC (WFS). Additionally, KBRA assigns an issuer rating of BBB for the primary operating subsidiary, Wedbush Securities Inc. (Wedbush or the company), an SEC-registered broker-dealer and registered investment advisor, a self-clearing member of NYSE and CME, and a member of FINRA. Wedbush is also registered with CFTC as a futures commission merchant (FCM). The Outlook for all ratings is Stable.

The ratings are supported by the companys revitalized management regime, including select new executive management team members, which KBRA considers positively, both to lead the organization and to enact the transformational evolution emanating in coordination with the generational change in leadership in 2018. KBRA also views the companys lower risk appetite favorably, recognizing the alignment between ownership/management, risk-taking, and capital preservation. Also supporting ratings are favorable franchise elements across the companys businesses that benefit from being the largest privately-owned investment bank headquartered and mostly positioned in the Western U.S. The diversity of revenue generation in the companys four core business lines appears to be complementary in nature, both with respect to partially dampening economic countercyclicality inherent in the brokerage industry, as well as offering some operating synergies across segments. Partially constraining ratings is a regulatory compliance record, that while not particularly different than peers, does reflect some historic challenges. However, we note the proactive approach to address these legacy issues. Additionally, Wedbush previously exhibited, in some respects, a unitary leadership approach, reflected in a degree of deferred investment in executive development. This has been addressed through active bench building, led by change enactors at the executive level. Profitability has rebounded following the wind-down of proprietary trading strategies in fiscal year 2016, which had led to subpar performance. The ratings incorporate the view that Wedbushs current return profile is likely to be sustained. Further, reported leverage runs somewhat above similar peers, though this is partially offset by the composition of the capital stack, as well as a lower risk balance sheet with matched-book collateralized financing.

The ratings are based upon KBRAs Securities Firm Global Rating Methodology dated March 8, 2018.

Click here to view the report. To access ratings and relevant documents, click here.

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the U.S. Information Disclosure Form located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the U.S. Information Disclosure Form referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe is registered with ESMA as a CRA.

Analytical Contacts

M Scott Durant, Senior Director (Lead Analyst)

+1 (301) 969-3248

[email protected]

Ian Jaffe, Managing Director

+1 (646) 731-3302

[email protected]

Joe Scott, Managing Director (Rating Committee Chair)

+1 (646) 731-2438

[email protected]

Business Development Contact

Nish Kumar, Senior Director

+1 (646) 731-3372

[email protected]

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IX Social app makes trading accessible to everyone

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LONDON, Dec. 1, 2020 /PRNewswire/ — Internet adoption has more than doubled globally since 2010, as such, in a bid to make trading accessible to everyone, INFINOX Capital, a leading CFD trading broker with international presence and market expertise, has recently launched it's IX Social mobile app.

Referring to PwC's Entertainment & Media Outlook 2020-2024 report, Jay Mawji, Managing Director at INFINOX Capital, says that smartphone internet access is on the rise as more and more consumers are capable of accessing the internet on their mobile devices. “Considering that this is the largest singular contributing device to consumer data usage, brokers should be looking to technology to ensure that trading is accessible to traders anywhere and at any time, and this means putting the power of trading in the palm of their hands.”

“IX Social provides clients with the interactive functionality to social trade, see what other traders are doing, and follow and engage with them,” he explains. “Trading can be a lonely place, and the method of social trading allows clients to connect with other successful and profitable traders, and almost emulate their trading style and strategies. Further, once following a certain trader, clients have the ability to have notifications sent to them each time the trader they follow actions a trade.”

Mawji attributes IX Social's functionality to that of social media platforms such as Instagram, where it allows clients to 'like' certain trades of the traders they follow, even going so far as to comment on them and to converse about why a specific trade was chosen. Apart from merely trading on the app, IX Social also incorporates community group functionalities, where traders can create sub-communities to share information, create an education portal, or even trade as friends. Further, it allows clients to share their trades and the knowledge as to why they were chosen.

This lends to the idea of the app not only making trading accessible, but bridging the education gap and providing potential traders with the knowledge to make informed decisions in future trades. While education in trading is usually learnt over time, the idea behind social trading is being a way to fast track the often lengthy process.

Although there are other apps of its kind on the market, what separates IX Social from its competitors is twofold – the first being a more social element than others, as well as the physical presence of the brokerage behind the app.

“While INFINOX Capital is a large organisation with global representation, we still maintain that we operate as a small organisation, with the ability to converse with INFINOX Capital employees anytime,” notes Mawji. “We understand that any financial transaction involves client's money, and by putting a face to an otherwise faceless industry builds both trust, confidence, and support.”

INFINOX Capital vets providers that use the app, ensuring that they meet certain criteria before they can offer strategies or share trade ideas with users. This adds an element of security in knowing that the providers that users are communicating and interacting with are in fact real, have integrity, and knowledgeable trading brokers. Furthermore, influencing providers that meet certain criteria also have the ability to be paid a retainer based on their following, engagement and successful quality trading advice offered to others. 

With the global landscape being thrust to adopt digital means, the time is rife for the trading industry to follow suit. And with IX Social, the time for potential traders to reap the rewards of trading is now.

IX Social is free for users and available on both iOS and Android platforms. For more information, kindly visit www.infinox.com

 

 

 

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OnApp launches the all-new CDN.net – a fast, secure and truly global Content Delivery Network

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Free trial available now at https://cdn.net

LONDON, Dec. 1, 2020 /PRNewswire/ — OnApp has launched an all-new version of CDN.net, a Content Delivery Network for any business that depends on having a fast and resilient online presence to maximize revenue and customer satisfaction. A free trial is available now at https://cdn.net.

CDN.net improves performance for online businesses by distributing their web pages, scripts, files, images and video to its global network, and ensuring customers get their content from the network location that can deliver it the fastest. With 160 locations worldwide, CDN.net offers truly global coverage and excellent price/performance for e-commerce companies, website owners, gaming providers and OTT video companies.

“Covid-19 lockdowns have created a huge demand for e-commerce and entertainment services, so it has never been more important to make sure your Internet presence is as fast as possible,” said Olga Laguta, VP Sales at CDN.net. “CDN.net is a fast and simple way to make your website or stream perform optimally for your users, which translates to a better customer experience, fewer abandoned shopping carts, faster downloads and a more compelling proposition for any company that does business online.”

CDN.net also improves resilience and security for web-based businesses. Using CDN.net reduces the load on your web server by distributing content requests to servers around the world – and if one server is unreachable, the next fastest takes over. CDN.net also provides free SSL certificates and a configurable WAF (Web Application Firewalls) for its users, which helps to protect websites from malicious traffic.

A range of CDN packages is available now at https://cdn.net. The CDN.net team can also provide customized CDN, private CDN and managed CDN services for customers.

About CDN.net
CDN.net makes CDN easy for e-commerce providers, gaming providers, website owners, streaming services, video on demand companies and service providers. CDN.net is part of the OnApp family of companies. OnApp launched in July 2010, and today powers cloud and CDN services for customers in 93 countries – including an estimated one in three public clouds. For more information, visit https://cdn.net and https://onapp.com.

Logo – https://mma.prnewswire.com/media/1344798/CDN_net_Logo.jpg

Media enquiries: 
Steve Fenton 
+44 (0)7738 643271
[email protected]

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Amy Ward Joins Owl Rock Capital as Managing Director to Lead New London Office

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NEW YORK and LONDON, Dec. 1, 2020 /PRNewswire/ — Owl Rock Capital (“Owl Rock”), a leading alternative asset manager, today announced the appointment of Amy Ward ­as Managing Director in the firm's new London office. Ward joins as the first employee in London, and will oversee Owl Rock's institutional client service and business development for the European market.

Douglas Ostrover, Marc Lipschultz and Craig Packer, Co-Founders of Owl Rock Capital Partners, said: “Amy has an exceptional network and is a great leader. We look forward to having her lead the charge as we expand our business in Europe and broaden our global investor base.”

“I'm delighted to have joined Owl Rock,” said Ward. “The firm has established great partnerships with our clients and we look forward to building strong relationships with European institutions.”

Ward most recently served as a Partner of Pollen Street Capital, where she was responsible for fundraising and investor relations. Prior to Pollen Street, she was Managing Director and Head of Business Development at Chenavari Investment Managers with overall IR responsibility for all products at the firm, including managed accounts and co-mingled funds in private credit strategies. From 2008 to 2013, Ward headed Investor Relations at JCAM Global Fund. She also worked at the New York office of GoldenTree Asset Management where she focused on developing and expanding institutional investor relationships. Ward holds a Bachelor's degree in Economics and Management from University of Wales, Cardiff.

About Owl Rock Capital
Owl Rock Capital, together with its subsidiaries (“Owl Rock”), is a New York based direct lending platform with approximately $23.7 billion of assets under management as of September 30, 2020. Owl Rock is comprised of a team of seasoned investment professionals with significant and diverse experience from some of the world's leading investment firms and financial institutions. Owl Rock's relationship-oriented approach to investing seeks to provide companies with sizeable commitments to facilitate transactions and support their growth needs with certainty, speed and transparency throughout the entire investment process. For more information, please visit us at www.owlrock.com.

Investor Contact:
Dana Sclafani
212-651-4705
[email protected]

Media Contact:
Prosek Partners
David Wells / Josh Clarkson
[email protected]

 

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