Macquarie Group has acquired equity derivatives, cash equities sales and research businesses of Germany-based private bank Sal. Oppenheim jr. & Cie.
The acquisitions, announced in December 2009 and February 2010 respectively, are expected to enhance Macquarie’s European client offering, complementing its existing presence. More than 150 people will join Macquarie’s existing EMEA team of 1450 people in 17 offices across 12 countries in the region.
The acquisition will result in Macquarie Securities having 420 staff in the UK, France, Germany, Switzerland and South Africa. It will also expand Macquarie’s equities coverage in Europe to 400 companies, representing approximately 80% of the EuroStoxx 600 Index.
Derivatives coverage will grow to include market making and issuance operations on exchanges in Germany, Switzerland, and Italy. The equity derivatives business, called Macquarie Oppenheim, plans to issue products from Q3 2010.
Roy Laidlaw, global head of Macquarie Securities Group, said: “The teams from Sal Oppenheim will be an integral part of Macquarie’s European and global platform. Clients will benefit from the global reach of Macquarie’s sales and research capability, financial strength and stability and from access to our growing European advisory platform.”