Financial services provider INTL FCStone stated in a filing to US Securities and Exchange Commission that it plans to rebrand as StoneX Group Inc. The change is pending shareholder approval.
The company said that its current name reflects the merger between International Assets Holding Corporation and FCStone Group from 2011. After operating with the same name for nine years, the board is planning to adopt a new corporate name.
The company statement said:
The new name will be more distinctive, and easier to remember and pronounce, than the existing name. The new name also includes aspirational elements that are strategically important to the Company, such as digitizing the Company’s platforms and driving innovation in the marketplace.
The rebranding will cover all of INTL FCStone’s regulatory profiles around the world and will not require any significant action by clients and partners. The company says it will preserve the “significant brand equity” as “Stone” representing the oldest part of the company’s franchise and the “X” is for exchange, digitization and innovation.
INTL FCStone Financial’s origins date back to 1924. Currently the company, through its subsidiaries, is a provider of execution, risk management and advisory services, market intelligence, and clearing services. It serves institutional clients giving them access to blue chip international securities and ADRs.
The subtle change in the brand will not affect its clients greatly but all accounts will automatically transition to the StoneX.
Earlier this year, INTL FCStone Inc. took steps to acquire Gain Capital in a deal valued at $236 million. The completion is planned for the middle of 2020, awaiting Gain’s stockholders’ and regulators’ approval, as well as other customary closing conditions. The agreement mandates that Gain Capital pays INTL FCStone a termination fee of $9 million if the deal is terminated under certain circumstances.
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