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Private equity firm IPGL Limited has continued to build up a stake in GAIN Capital (NYSE:GCAP). A filing with the US Securities and Exchange Commission confirms that the company last acquired a new batch of shares at $6.25. IPGL, which is led by CEO Mark William Lane Richards, has been focusing on investments in the financial services sector.

The latest purchase of 36,675 shares brings the company’s total stake to just above $33.6 million.

IPGL has used two companies to accumulate the stake. IPGL Ltd which owns 689,706 shares or about $4.35 million worth of stock lists four directors: David Jeremy Courtenay-Stamp, David Gelber, Mark William Lane Richards, Michael Patrick Spencer and Michael Alan Spencer.

The board of IPGL Ltd has the power, acting by majority vote, to vote or dispose of shares directly held by the company. Another 4,629,950 shares of common stock are held by Fox & Trot Limited which is wholly owned by IPGL. The directors of Fox&Trot are Frederick Morton, Mark William Lane Richards and Tom Scarborough.

Shares of GAIN Capital (NYSE:GCAP) have lost some value in recent weeks after the company announced a convertible debt issue of about $92 million ($80 million and another $12 of over-allotment which was wholly absorbed).

The initial reaction of the market after GAIN Capital’s (NYSE:GCAP) announcement about the convertible notes sale was to sell off the company’s shares. The broker’s stock tanked from just above $6.80 to a low of $5.80 per share. As bids reemerged, as of yesterday’s close GAIN Capital’s stock was trading at $6.32 per share.

GAIN Capital’s stock has been fairly volatile this year as the company posted a disappointing first quarter report, which was only partially offset by a surprisingly robust second quarter which took the company’s stock to $7.20.

With volatility across different asset classes consolidating in recent months, trading activity has been difficult to predict. GAIN Capital’s management has been highlighting in recent earning calls that typically periods of low volatility are followed by episodes of much higher trading activity, a thesis which was confirmed in the first half of the year.