Gerova to Buy British Investment Bank Seymour Pierce
Gerova Financial Group Ltd., a U.S. reinsurer, agreed to acquire London-based Seymour Pierce Holdings Ltd. to expand its investment banking and asset management operations.
The combined company will change its name to Seymour Pierce & Co. and will continue to trade on the New York Stock Exchange, Gerova said in a PRNewswire statement today. Gerova also agreed to buy New York-based broker dealer Ticonderoga Securities. Terms of the transactions weren’t disclosed.
Seymour Pierce, which traces its roots to 1803, provides equity research, sales, trading and private client asset management services. The firm ranked 18th in managing equity and equity linked share sales in the U.K. this year, up from 34th in 2009, according to data compiled by Bloomberg.
“The risk management and capital allocation expertise of these businesses are highly complementary to the Gerova reinsurance business model,” said Keith Harris, Seymour Pierce’s chief executive officer. He will become Gerova’s CEO next month.
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