Fox-Pitt Kelton sale

It was announced last week that Macquarie Group, the Australian banking group has agreed to buy Fox-Pitt Kelton Cochran Caronia (F-PKCC) for a figure in excess of $100 million.

F-PKCC is one of the most highly regarded advisory and research 'boutiques' specialising in the global financial services sector.

Given its reputation F-PKCC would presumably have had a choice of keen suitors, once it became know the owners were considering their options in respect of the future ownership and optimal structure for the business.

The proposed deal represents a coup for Macquarie Group. It demonstrates that despite the global downturn Macquarie remain one of the most astute buyers in the financial services sector.

The fact that F-PKCC chose to place its trust and future with Macquarie is arguably the highest accolade that Macquarie could have received.

We consider the acquisition to be a good news story for both sides and believe the business will go from strength to strength, assuming they don't mess up the integration!