Macquarie Group, an Australia-based provider of financial management services, has completed the financial closure of its acquisition of New York-based Fox-Pitt Kelton Cochran Caronia Waller (FPK), effective November 30, 2009. The business and employees of FPK are now integrated into Macquarie, operating as part of its global securities, research, advisory and capital markets businesses.
The acquisition is likely to enhance Macquarie’s global financial institutions specialist group and boost its relevance to financial institutions and corporates around the world, adding sector expertise in North America and Europe to complement FIG position in the Asia-Pacific region.
As foreshadowed when the acquisition was announced, George Cochran and Len Caronia join Macquarie as chairmen of Macquarie Capital’s global FIG advisory business and John Waller joins as co-head of Macquarie Capital’s global FIG advisory business alongside Macquarie executive director, Andrew Low.
Roy Laidlaw, global head of Macquarie Securities Group, said: “The highly regarded FPK team now forms a key part of Macquarie’s client offering to financial institutions. It continues our build out of global sector specialization to include FIG, one of the largest sectors, to our existing specialist sectoral approach in resources and commodities, property, infrastructure, energy and quant.
“The acquisition is expected to increases the access and reach of our equity offering to institutional clients through Macquarie, growing FIG research to approximately 765 stocks globally. It brings our total research coverage to approximately 2,300 stocks globally.”
Tim Bishop, president and CEO of Macquarie Capital (USA), said: “Macquarie’s global presence and capital strength are key features that financial institution clients recognize and value. Supporting FPK’s sector specialization with greater research, capital markets, advisory and restructuring capabilities allows us to provide even more value to clients.”
