Bank of America is acquiring Financial Labs, a Massachusetts-based trading firm.
Terms of the deal were not disclosed.
Financial Labs specializes in algorithm-driven pricing and trading.
A team of mathematicians and astrophysicists will join Bank of America in the deal.
“This acquisition is another important step in achieving the overall growth plan we have set out for Bank of America’s foreign exchange platform,” said Christiane Mandell, global head of Foreign Exchange for Bank of America, in a statement. “The team of physicists and astrophysicists that are the core of Financial Labs have established themselves as leaders in high frequency trading. Their expertise meaningfully enhances our ability to provide automated, efficient pricing to our clients and continually deliver world class market making.”
