Incapital snaps up LaSalle's B-D division

The two largest wholesalers of structured products are about to become one through the acquisition of LaSalle Broker Dealer Services Division by Incapital LLC. The deal, which is scheduled to be announced later today, will consolidate the Boca Raton, Fla.-based unit of LaSalle Bank Corp. of Chicago into Incapital of Chicago. The broker-dealer services division was acquired from Charlotte, N.C.-based Bank of America Corp., which acquired LaSalle Bank last year. “This will create one platform and one-stop shopping for broker-dealer customers,” said Incapital chief executive Tom Ricketts. Incapital was started by Mr. Ricketts in 2000 after he left LaSalle. Since that time, the two companies became dogged competitors as underwriters of retail- debt securities. “This acquisition fits with Incapital’s mission to make it easier for individual investors to participate in the heavily institutionalized fixed income marketplace,” Mr. Ricketts said. “Corporate issuers, broker-dealers and individual investors will each benefit from the synergies created by combining the operations, technology and client services of Incapital and LaSalle Broker Dealer Services Division.” The terms of the deal were not disclosed. Mr. Ricketts said he hopes to have the deal finalized, “as soon as possible.”