– WPS Prime Services Rebranded to RISE Financial Services
– RISE Prime, a Division of RISE Financial Services, Is Aligned with Growing Mission-Driven ESG Initiatives of Institutional Investors
– Siebert Closed Transaction and Acquired 24% of Tigress, and In Exchange Tigress Received 24% of RISE Financial Services and Shares of Siebert Common Stock
– Cynthia DiBartolo Joins Siebert’s Board and Gloria E. Gebbia Joins Tigress’ Board
Siebert Financial Corp., a provider of financial services, and Tigress Financial Partners (“Tigress”), the nation’s only disabled and woman-owned broker-dealer, confirmed the completion of their previously announced transaction, and the creation of RISE Financial Services, LLC, (“RISE Financial”) a woman-owned, diverse financial services firm.
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Siebert’s subsidiary, WPS Prime Services, LLC is rebranded to RISE Financial Services, LLC and its division, RISE Prime (“RISE”) specializes in offering a comprehensive suite of prime brokerage services aligned with the growing mission-driven Environmental, Social and Governance (“ESG”) initiatives of institutional investors. RISE maintains a prime clearing relationship with Pershing, positioning RISE to serve as a strategic partner to institutional clients when diversity and access to best-in-class prime brokerage services matter.
The creation of RISE addresses a critical missing link in the financial services Diversity, Equity and Inclusion (“DEI”) ecosystem and follows the recent partnership between Siebert and Tigress. In addition, RISE furthers Siebert’s 50+ year history of diversity which began with the legendary Muriel Siebert.
On November 16, 2021, Siebert acquired 24% of Tigress Holdings, LLC, and in exchange Tigress Holdings, LLC received 24% of RISE Financial, and shares of Siebert common stock. Tigress’ founder Cynthia DiBartolo will continue as CEO of Tigress and will assume the position as CEO of RISE Financial. Gloria E. Gebbia will assume the role of Chief Impact Officer at RISE Financial. Cynthia DiBartolo was appointed to Siebert’s Board and Gloria E. Gebbia was appointed to Tigress’ Board.
“We are excited to expand our collaboration with Tigress as we embark on initiatives that are aligned with our mutual commitment to diversity and inclusion while continuing to support the goals of our strategic partners,” said Gloria E. Gebbia, controlling shareholder and Board member of Siebert. “Tigress is a recognized industry leader in propelling the ESG initiatives of their stakeholders, and with Tigress’ support, we continue to build on Muriel Siebert’s legacy and our company’s core values while enhancing our current relationships with vendors and partners. Cynthia’s addition to our Board will be a true asset as we continue to modernize our offerings.”
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Cynthia DiBartolo commented, “Rapidly expanding and transparent ESG environment, institutional investors can no longer afford to have Diversity, Equity, and Inclusion as mere talking points. Rather, they are committed to analyzing, measuring and prioritizing DEI ensuring important metrics are elevated and approached with the same rigor as other business priorities. Institutional investors and global hedge funds, together with women and minority-led funds, are demanding a best-in-class prime brokerage partner that understands crucial accountability with respect to DEI and that is clearly aligned with their ESG mission. As a diverse and mission-driven prime brokerage firm, RISE will be at the forefront of this trajectory.”
“We are committed to supporting women and minority entrepreneurs and helping them achieve their business goals,” said Maura Creekmore, co-head of Wealth Solutions at BNY Mellon’s Pershing. “RISE will fill an important need in the industry given the increased demand for ESG investments. We are thrilled to be part of their journey and continue to work with them in this new chapter.”
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