Direct Access Partners, an institutional agency-only brokerage firm, is acquiring EFX Prime Services, a division of First New York Securities.

The new team complements Direct Access Partners’ capital raising group and provides hedge fund clients with an integrated capital introduction and capital raising platform.

The deal integrates the EFX Prime Services team into Direct Access Partners including Brian Stutman joining as managing director, Andrew Saunders who will lead the capital introduction programme and Geoff Webster who joins the prime operations group.

“The addition of the EFX Prime team adds significant expertise, strong client relationships and a successful capital introduction program to our global prime effort,” says Direct Access Partners chief executive Ben Chinea. “Working with our proven capital raising team, Direct Access Partners is optimally positioned to address the entire spectrum of hedge fund clients – including start-ups, emerging funds and established managers.”