Gruntal Draws Up Plans To Expand Fledgling FX Brokerage Business

- By FX Markets Staff
- @FXMarkets_
- 28 Feb 1994

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Retail equity broker Gruntal & Co. Inc. is planning a major expansion into interbank money markets brokerage, starting with a doubling of its recently-acquired foreign exchange desk, say officials.

Gruntal acquired the FX broking operation of Reich & Co. in December when Reich was bought by Fahnstock & Co. The ten-strong Gruntal group is led by foreign exchange manager Daniel Smith, who ran the group at Reich.

According to Smith, Gruntal was offered the chance to acquire Reich, but opted only to

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