Jim Ross, best known for his executive vice president role at State Street Global Advisors and Chairman of the Global SPDR Business, is managing to keep himself busy with an exciting new project following his recent retirement from SSGA. Jim has been working with an experienced team in the fintech, asset and wealth management spaces to launch a new SPAC, Fusion Acquisition Corp.
Fusion Acquisition Corp, listed today on the NYSE, trading under the symbol “FUSE.U”. Fusion’s mission is to unlock shareholder value by identifying an acquisition target across the fintech, asset or wealth management sectors and of particular note is the team leading this mission, which includes John James, most recently the founder of BetaSmartz, a global fintech business, as CEO, and Ross as Chairman.
Special Purpose Acquisition Companies (“SPACs”) are companies formed to raise capital in an initial public offering (“IPO”) with the purpose of using the proceeds to acquire one unspecified business or assets to be identified after the IPO.
“Over all these years I’ve met a lot of great people involved in exciting companies. Naturally, discussions have turned to opportunities to help these firms expand to the next level,” said Ross. “It could be a private company that’s family owned with the idea of going public, or it may be a company looking for support from a strategic and board level while keeping current management in place. We’re looking forward to meeting with these companies to see how we may be able to help them pursue their business goals.”
Jim is still a senior advisor to State Street.
“I love the financial service business and Fusion allows me to stay involved in a new and creative way,” he said.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.