Peter Dubens splashes out on Monument
Oakley Capital, the Aim-listed private equity vehicle founded by serial entrepreneur Peter Dubens, has bought derivatives, equities and fixed income broker Monument Securities for an undisclosed amount.
The broker was acquired from Dutch firm Insinger de Beaufort, who bought Monument three years ago for £15m. Martin Burton, who founded Monument in 1991, will remain in charge and the company is expected to operate on a stand-alone basis, but take advantage of cross-selling opportunities among Oakley’s contacts.
Dubens, who is the executive chairman of Freedom4 Communications and former chairman of 365 Media Group, said it was a good time time in the economic cycle to buy into financial services. “We believe the Oakley platform will enable Monument to grow its customer base as demand for independent advisory and execution services builds in an increasingly challenging market.”
Burton added: “After 17 years of successful trading, we are delighted to be bringing Monument alongside Oakley, which we are confident will provide the opportunity to effect a step change in our levels of growth. With Oakley’s backing, we hope to expand our services and further develop Monument’s business.”
Shares in Bermuda-based Oakley Capital ticked down 1.6 per cent to 91.5p giving it a market capitalisation of £93m.