Santander to Buy Broker Amherst in U.S. Fixed-Income Push
- Spain’s biggest bank is acquiring firm in $600 million deal
- New York-based Amherst is a primary dealer of U.S. Treasuries
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Banco Santander SA’s U.S. unit agreed to buy Amherst Pierpont Securities in a deal that gives Spain’s biggest bank a greater presence in the fixed-income trading business that’s been a boon to Wall Street rivals over the past year.
Santander Holdings USA is acquiring the independent broker-dealer through a $600 million takeover of its parent company, Pierpont Capital Holdings LLC, according to a statement Thursday. Amherst Pierpont was designated a primary dealer of U.S. Treasuries by the Federal Reserve Bank of New York in 2019, and is one of only three non-banks with that designation.