London-based investment bank Stifel Europe is to take over MainFirst Schweiz. The company will also acquire MainFirst Bank and MainFirst Securities US.
The transaction, which is expected to close in the first quarter of 2019 and is subject to regulatory approval, does not involve MainFirst Asset Management, which operates under an independent entity as MainFirst Affiliated Fund Managers.
The president of Stifel Europe, Eithne O'Leary, said: ‘In the face of the evolving European regulatory environment and the changing market dynamics, we will continue to pursue strategies that will allow us to to best serve current and future customers with a broader product offering.’
The terms of the transaction were not disclosed.
According to Bloomberg, the acquisition is linked to the potential and still unclear implications of Brexit.
Stifel Europe is a subsidiary of Stifel Financial Corp.