Ex-Barclays CEO Bob Diamond’s investment vehicle Atlas Merchant Capital and Swiss private bank Edmond de Rothschild’s equity strategy arm have acquired stakes in French brokerage Kepler Cheuvreux.
Atlas acquired a 19.7% stake in Kepler Cheuvreux, while Edmond de Rothschild Equity Strategies (ERES) acquired an interest of 8%. Purchase prices were not revealed.
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Last year, Atlas partnered Qatari investment firm Qinvest to buy UK-based stockbroker Panmure Gordon.
Atlas managing director and head of UK and European business Matthew Hansen said: “The decision to invest in Kepler Cheuvreux was based on an analysis of their market leading positions in pan-European Research, Advisory and Execution. In Research, which is the cornerstone of their business, they have the largest research coverage in mainland Europe and are prospering in the post Mifid II research environment.
“The Advisory business is perfectly suited to the firm’s partnership model. In Execution, they have an algorithmic trading capability which competes head-to-head with the global brokers.”
The French broker also has equity capital markets partnerships with UniCredit, Credit Agricole CIB, Rabobank, Swedbank and Belfius.
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By GlobalDataItalian lender UniCredit has now increased its stake from 5.2% to 10.3% in Kepler Cheuvreux, while French private equity firm BlackFin Capital Partners and its co-investors have offloaded their stake. The shareholding changes are subject to regulatory nod.
Kepler Cheuvreux chairman of the supervisory board Laurent Quirin said: “We now look to leverage the contacts and expertise of Atlas Merchant Capital and Bob Diamond, its founding partner and CEO, on a global scale.
“Both Atlas and ERES will help us to invest in our organic expansion and in our targeted acquisition strategy. We believe that Mifid II and bank disintermediation create opportunities. We envisage signing more alliances with banks which are looking to outsource processes or businesses.”
Kepler Cheuvreux offers research, execution and advisory services. The group employs nearly 550 staff across offices in Paris, Amsterdam, Boston, Brussels, Frankfurt, Geneva, London, Madrid, Milan, New York, Oslo, Stockholm, Vienna, and Zurich.
