Guggenheim agrees to acquire Lazard Capital Markets’ London operations

By Tali Rackner

Norfolk, Va., Sept. 26 – Guggenheim Securities approved the purchase agreement to acquire the London operations of Lazard Capital Markets, according to a press release. Consummation of the transaction is subject to approval by the Financial Conduct Authority.

The acquisition would allow Guggenheim to conduct a range of sales and trading operations, with an initial focus on European corporate and sovereign debt and U.S. and foreign equities.

Guggenheim plans to operate the business under the new name of Guggenheim Securities International Ltd.

As part of the acquisition, Guggenheim bringing in Lazard’s team of 10 professionals, led by Duncan Riefler, who ran the London office. He will report to Ronald Iervolino, senior managing director and head of fixed income, based in New York.

Joining Riefler are David Corney, Phillip Bloch, Jay Larkin, Nannette Bax-Stevens, Piero Greco, Samir Patel and Alison Kilsby. In addition, Dennis McKenna and Tomas Mannion will also be joining the platform in high-yield trading and research roles, respectively, marking the start of the growth commitment from Guggenheim.

"We are excited to have the opportunity to extend Guggenheim's products and services to clients in Europe," Guggenheim Partners executive chairman and Guggenheim Securities CEO Alan Schwartz said in the release.

"At a time when many European clients are looking to restructure and find funding in the capital markets, we believe that the client-focus partnership model that has served us so well in building our business in the United States will allow us to extend our growth throughout Europe, and this is an important step toward that."

Guggenheim Securities is a subsidiary of Guggenheim Partners, a privately held financial services firm.

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