The Strong Funds is acquiring a small Midwest discount broker/dealer and plans, at the same time, to create its own online brokerage. Strong Capital Management of Menomonee Falls, Wis., announced Aug. 12 that it is acquiring discount broker Ziegler Thrift Trading (ZTT).
ZTT is based in Minneapolis and has five retail offices in Minnesota, Wisconsin and Illinois. It is a subsidiary of The Ziegler Cos., a financial services holding company based just outside of Milwaukee, Wis.
ZTT will be renamed Strong Brokerage. It now has 39 employees and manages over 60,000 accounts. Strong plans to offer services through the existing regional offices and through its web site.
Strong expects to rename the brokerage and create its online brokerage by the end of the year, according to a company spokesperson. Brokerage customers will be able to buy individual securities and mutual funds from Strong by phone, over the Internet or at one of its retail brokerage offices.