Gerova to Buy Seymour Pierce
Gerova Financial Group Ltd. said today [Dec 7] it will acquire Seymour Piece Holdings Ltd. and take the London-based investment bank’s name.
Upon completion of the acquisition, which has been unanimously approved by Gerova’s Board of Directors, Gerova will change its name to Seymour Pierce & Company Ltd. Gerova has also entered into an agreement to acquire 100% of Ticonderoga Securities.
Gerova is a newly capitalized reinsurance and financial services group established in January 2010 through the completion of nine simultaneous private equity portfolio acquisitions. Seymour Pierce is a privately-owned, full-service investment bank tracing its origin to 1803 in the City of London. Ticonderoga specializes in US domestic equity trading, equity research, equity derivative execution and research, international market making and risk arbitrage.
The transactions combine the investment banking, equity research, sales and trading, and private client asset management services of Seymour Pierce and Ticonderoga with the financial resources of Gerova and its access to long-term investable assets through its reinsurance businesses lead by insurance CEO, Lou Hensley. The combined enterprise will have more than 210 employees in London and New York.
Keith Harris, Seymour Pierce Executive Chairman and CEO, will become Chairman and CEO of Gerova effective January 1, 2011, assuming day-to-day control of the group at that time.
Consummation of the acquisitions is subject to the approval of the change of control of Ticonderoga from Financial Industry Regulation Authority (FINRA) and the approval of the change of control of Seymour Pierce from the Financial Services Authority of the United Kingdom. The acquisitions are stock for stock transactions.
