ICP to Transfer Businesses to PrinceRidge

ICP Capital has agreed to transfer its domestic and international capital markets businesses to PrinceRidge Holdings LP to create an international investment-banking boutique serving investors and issuers in the institutional fixed income markets. The combined firms will operate under the PrinceRidge Holdings name and ICAP will become a partner of PrinceRidge. ICP president and CEO Tom Priore will be advising on the combined firm's continuing international expansion as well as "strategic development initiatives" in the United States. The companies expect integration and closing to be completed in the second quarter, subject to regulatory approvals. PrinceRidge has been working on a capital markets effort targeting the underserved U.S. jumbo mortgage market.