Sterne Agee, one of the oldest and largest privately held financial services firms in the US, has closed its purchase of London-based brokerage firm Yorvik Partners, which has been renamed Sterne Agee UK.
The acquisition establishes Sterne Agee's first overseas presence at 11 Ironmonger Lane, London, from which Sterne Agee plans to expand its services internationally.
"We envision an immediate impact in Europe and are excited that the door to international growth has been opened," says Eric Needleman, head of fixed income for Sterne Agee in New York. "This is undoubtedly an exciting step toward not only expanding but also enhancing our full-service offerings."
Yorvik Partners founder and chief executive Simon Mullaly will be Sterne Agee's head of international credit (EMEA and Asia). Prior to founding Yorvik, Mullaly managed trading desks for Deutsche Bank and Lehman Brothers in London.
"I look forward to working with Sterne Agee and building a team of experts in London and abroad that will provide financial services internationally," says Mullaly.
James S Holbrook, Jr (pictured), chairman and CEO of Sterne Agee, says: "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. We are also very pleased to have Simon and his team join Sterne Agee as they will play an integral role in our international expansion."
