Banco Espirito Santo de Investimento (BESI), the Lisbon-based investment banking arm of the Banco Espirito Santo Group, has acquired a 50.1% stake in UK securities broker and investment bank Execution Noble following regulatory approval in Portugal, the UK, Jersey, Hong Kong and the US.
Execution Noble provides execution, research, M&A, corporate broking, corporate equities and equity capital markets services via an distribution platform across London, New York and Hong Kong. It also operates agency broking, fixed income and derivatives businesses. BESI has established a significant market share in Portuguese and Spanish investment banking, as well as operations in emerging markets including Brazil, India, Poland and Africa, and is currently seeking to grow its business internationally.
BESI together with Execution Noble will have offices in Lisbon, London, Madrid, Edinburgh, Dublin, Paris, New York, Mumbai, Hong Kong, Sao Paolo, Warsaw and Mexico City. Jose Maria Espirito Santo Ricciardi, CEO of BESI, said the acquisition was critical to the firm's expansion strategy, adding that Execution Noble would broaden the firm's distribution abilities and expand its international footprint. Some 60% of BESI's 700-strong staff is currently based outside Portugal.
“Clients and a wider group of stakeholders have shown their dissatisfaction with the pre-crash, product-driven investment banking model,” commented Nick Finegold, CEO and founder of Execution Noble. “Both BESI and Noble have evolved from client-focused cultures, where products evolved based on client needs. We can now offer these services to our clients in some of the world's most exciting emerging economies.”