Fahnestock & Co. Inc., a subsidiary of Fahnestock Viner Holdings Inc., which trades on the Toronto Stock Exchange, has acquired all of the outstanding shares of Josephthal & Co. Inc. of New York for an undisclosed price.

Josephthal is a privately held full-service securities firm with approximately 650 employees in 25 offices across the United States. Josephthal will continue to operate as a broker-dealer under the Josephthal name. Josephthal was founded in 1910 and is a member of the New York Stock Exchange and other principal exchanges.

The combined businesses of Fahnestock & Co. and Josephthal will employ over 1,000 financial consultants in 100 offices. Combined client assets under administration are in excess of US$20 billion.

“Our new association with Fahnestock provides Josephthal’s customers, financial consultants and employees a substantially stronger financial and operational platform. We look forward to working with our new partners to provide an increased level of products and services to our customers,” said Paul Fitzgerald, Josephthal’s chairman and CEO.

“We welcome our new Josephthal associates to the Fahnestock group and look forward to introducing our firm to their clients,” said Albert Lowenthal, Fahnestock’s chairman and CEO.