BGC Partners adds brokers with Mint buy

 
Marion Dakers
INTERDEALER broker BGC Partners has added more than 100 brokers through its purchase of Mint Partners for an undisclosed sum, in what one insider has labelled a large-scale hiring spree.

Mint co-founders Richard Barnett and Timothy Bullman will join BGC as senior managing directors, but will remain co-chief executives of their original business and operate under the Mint name.

“BGC’s strong balance sheet, global presence and pre-eminent technology platform, which were key factors in our decision to become part of BGC, create a tremendous opportunity to bring new capabilities and levels of service to our loyal clients worldwide,” the pair said in a statement.

BGC, which currently employs around 1,600 brokers and sales staff, said the move was part of its strategy of “selective acquisitions, hiring experienced brokers, and investing in our proprietary technology”.

Sean Lynn, BGC’s president, said: “With the addition and continuing growth of the Mint brand… we expect to augment our offerings to clients and expand our customer relationships.”

But a source close to the company added: “Effectively it’s a giant recruitment exercise for BGC.”

Mint was set up in 2004 by Barnett and Bullman, and expanded rapidly through the recession to list around 500 institutional clients and 150 members of staff in Dubai, New York and Paris today.

Barnett fell into insurance broking after dropping out of school at 16, while Bullman studied town planning before they founded Mint.