Macquarie Group has entered into an agreement to acquire Fox-Pitt Kelton Cochran Caronia Waller (FPK), a New York-based investment bank focused on securities business, advisory, corporate broking and capital markets.
Reportedly, over the last several years, Macquarie has pursued a consistent build out of its equities, advisory and capital markets activities across North America and Europe to complement its preeminent position in the Asia-Pacific region.
Tim Bishop, president & CEO of Macquarie Capital (USA), said: “Combining the FPK team with ours is the ideal way to expand our financial institutions presence beyond the Asia-Pacific into North America and Europe. It is consistent with our focus on key industry sectors and adds financial institutions as a core specialty for Macquarie. We plan to develop and grow FPK’s valued specialist research, execution and advice and build their underwriting capacity. More broadly, acquiring a specialist firm like FPK is a prime example of Macquarie’s expansion on both sides of the Atlantic.”
Mr. Waller said: “Now more than ever, financial services clients seek expertise and strategic advice focused on their industry. This transaction allows FPK to grow with its clients by bringing together Macquarie’s global strength and capital resources with our specialist expertise.”
Roy Laidlaw, global head of Macquarie Securities Group, said: “FPK and Macquarie’s equity offerings in financial institutions are particularly complementary and together we’ll deliver a wider and stronger mix of products to our respective clients. The combination will take our combined FIG research offering to 765 stocks globally and double the stock coverage universe in our growing U.S. and European securities platforms.”
Following financial close, FPK’s George Cochran and Len Caronia will become chairmen of Macquarie Capital’s global FIG advisory business. John Waller, president of FPK, will co-head Macquarie’s global FIG advisory business alongside Andrew Low, executive director of Macquarie. Charles Myers, global head of FIG Equities of FPK, will assume an equivalent role within Macquarie Securities as an executive director.
