Guggenheim Securities is buying the London operations of Lazard Capital Markets to expand the firm's international presence.
The acquisition allows Guggenheim to focus on European corporate and sovereign debt and U.S. foreign equities. The deal is subject to approval from the Financial Conduct Authority.
The buyer plans to operate the business under the name Guggenheim Securities International Ltd. As part of the deal, the adviser is adding Lazard Capital Market's team of 10 professionals, including Duncan Riefler, who ran the London office. Before working at Lazard Capital Markets, Riefler was a co-founder of brokerage group Sonas partners in London, and before that, was with Merrill Lynch.
David Corney, Phillip Bloch, Jay Larkin, Nannette Bax-Stevens, Piero Greco, Samir Patel, Alison Kilsby, Dennis McKenna and Tomas Mannion will also be part of Guggenheim Securities International.
Guggenheim Securities is the investment banking and capital markets division of Guggenheim Partners, an investment and advisory firm headquartered in New York.
Other recent advisory mergers include Lucia Capital Group's purchase of the managed equity and fixed income accounts of West Coast Asset Management and CohnReznick LLP's combination with Watkins Meegan LLC.