Knight Capital Group said it agreed to acquire Astor Asset Management, LLC, a money management firm specializing in macro-economic strategy and construction of portfolios of exchange-traded funds. Knight said it would pay roughly $20 million in cash and stock, based on Astor’s assets under management at the close.

“Astor Asset Management has undergone rapid growth by providing active management and diversification across sectors and asset classes at a relatively low expense ratio using ETFs,” said Thomas M. Joyce, chairman and chief executive officer, Knight Capital Group, in an announcement of the deal. “I believe we can help Astor get to the next level while creating a foundation for asset management that contributes stable, recurring revenues to Knight.”

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