Former Editor, WSJ City

Investment Technology Group (ITG), the electronic trading firm, is set to acquire Hoenig, a hedge fund group, for approximately $115m (€132.6m) in cash.

The acquisition marks ITG's ambition to move into the hedge fund arena. Hedge funds currently account for only a small portion of ITG's customer base, but they are heavy users of the company's Client Site Direct Access products, which provide analytical tools, access to virtually every major electronic trading destination and routing to over 50 broker destinations.

Phillipa Leighton-Jones

Investment Technology Group

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ITG to acquire hedge fund group

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