Global market maker Citadel Securities and independent equity research platform Wolfe Research, today announced a strategic partnership that will combine each firm’s strengths to transform equity trading for institutional clients.

Through this new venture, Wolfe’s clients will have access to Citadel Securities’ seamless execution experience, deep liquidity and competitive pricing. Citadel Securities’ clients will gain access to Wolfe’s best-in-class research, including timely, rigorous, and unconflicted insights from the most thoughtful analysts across the industry. This agreement will create a new execution services model for Wolfe.

“We have been rapidly expanding the depth and breadth of our client franchise to deliver a highly differentiated offering to institutional investors, and our partnership with Wolfe represents a significant step forward in that effort,” said Jim Esposito, President of Citadel Securities. “Ed and his team have built an exceptional franchise, with a well-earned reputation for rigorous research, differentiated public and private company access, and deep domain expertise. Combined with our insights into market flows, technology and macro trends, we will deliver institutional clients a seamless trading, execution and research platform built for the demands of modern markets.”

Citadel Securities has also made a minority investment in Wolfe that will create long-term alignment and support a seamless offering for current and new clients.

“Citadel Securities has an exceptional track record of leveraging differentiated data and technology and driving excellence through a relentless focus on improvement, efficiency and empathy for their clients. This is similar to our firm’s mentality, and we look forward to working with Peng, Jim and their team on a daily basis to accomplish great things,” said Wolfe Research Founder and Managing Partner, Ed Wolfe. “Clients continue to seek a simpler way to seamlessly access and pay for Wolfe’s differentiated fundamental equity, quantitative, and macro research services—they can now do so through Citadel Securities’ industry-leading execution platform.”

Morgan Stanley & Co. LLC served as financial advisor to Citadel Securities, and Sullivan & Cromwell LLP served as legal advisor to Citadel Securities. Paul Hastings LLP served as legal advisor to Wolfe.