29 02 2016

Chicago Board Options Exchange acquires Vest Financial Group

Cadwalader, Wickersham & Taft LLP has advised The Vest Financial Group Inc. (Vest Financial), an investment company that provides options-based products and services, in its majority stake acquisition by Chicago Board Options Exchange (CBOE).


Vest through its subsidiaries provides options-based investment advisory services through packaged products and develops technology solutions for options-based investments. Vest's products are protection-oriented, allowing investors to maintain market exposure with a degree of protection against downturns. Vest's technology-powered managed account advisory platform is accessible through financial advisors and is designed to provide investors with access to the same investment tools and protections available to institutions and high net worth individuals. The platform allows an investor to choose the desired level of risk for new or existing stock/ETF positions, then structures a "Protective Strategy," using a portfolio of exchange-traded options to match the investor's personalized investment objectives and desired protection as closely as possible. As a result of the investment, Vest becomes a majority-owned subsidiary of CBOE. Karan Sood will continue to lead the firm as CEO. Bill Kung, Vest's former CEO, will step down from his current role as President to focus on Vest's technology solutions business. The Vest acquisition allows for enhanced integration of CBOE's proprietary products, strategy indexes and options expertise into Vest's platform, which substantially reduces the complexity of options trading while providing investors with targeted protection, enhanced returns, and a level of predictability unattainable with most other investments. Vest plans to launch Unit Investment Trusts (UITs), Mutual Funds and Exchange Traded Products (ETPs). Chicago Board Options Exchange, Incorporated operates an options exchange for trading in equity, index, and exchange traded fund (ETF) options in the United States. The company, led by Edward T. Tilly, John F. Deters, James T. Enstrom, Lita M. Frazier and Alicia M. Goldberg, was founded in 2010. Cadwalader represented Vest with a team led by partner Rocky T. Lee (Picture) and including Louis B. Savage. Involved fees earner: Rocky Lee - Cadwalader Wickersham & Taft; Louis Savage - Cadwalader Wickersham & Taft;

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