Sterne Agee, a US-based financial services firms, has completed the acquisition of London-based brokerage firm Yorvik Partners.
Sterne Agee said that Yorvik Partners will be renamed as Sterne Agee UK LLP and will be located at 11 Ironmonger Lane, London.
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Yorvik Partners founder and CEO, Simon Mullaly, will become Sterne Agee’s head of international credit for Europe, the Middle East, Africa and Asia.
Before joining Yorvik, Mullaly has managed trading desks for Deutsche Bank, AG and Lehman Brothers in London.
Through the deal, Sterne Agee plans to expand its services internationally. Financial terms of the deal were not disclosed.
Eric Needleman, head of fixed income for Sterne Agee in New York, said: "We envision an immediate impact in Europe and are excited that the door to international growth has been opened. This is undoubtedly an exciting step toward not only expanding but also enhancing our full-service offerings."
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By GlobalDataJames S Holbrook, chairman and CEO of Sterne Agee, said: "The purchase of Yorvik Partners is an important step in our ongoing strategy to expand Sterne Agee’s markets and creates a platform from which Sterne Agee can expand internationally."
