Sector developments and company hires

MK&C acquisition prompts CS carveout
Credit Suisse has progressed the carveout of CS First Boston as a distinct capital markets and advisory-led business (SCI 28 October 2022) through the acquisition of The Klein Group (MK&C), for a purchase price of US$175m. The seller will receive equity in CS First Boston in the form of a convertible note, while Michael Klein has been appointed ceo of banking and ceo of the Americas, as well as designated ceo of CS First Boston. He will join the executive board and report directly to group ceo Ulrich Körner.

MK&C is an international investment banking boutique and registered broker-dealer, with deep and long-standing client relationships around the globe. MK&C, which is based in New York and employs approximately 40 professionals, has advised on transactions worth over US$1.5trn since its formation in 2010. The MK&C team will integrate with, and is expected to enhance, the management and advisory capabilities of CS First Boston.

Klein has over 35 years of investment banking and strategic advisory experience. In October 2022, he stepped down from the Credit Suisse board, which he joined in 2018. He was previously ceo of Citi’s institutional businesses, responsible for the bank’s corporate, institutional and government businesses.

Klein’s appointment to the Credit Suisse board and the bank’s acquisition of MK&C are subject to regulatory approvals, with the transaction expected to close in 1H23. Credit Suisse retains control over the ultimate scope and structure of CS First Boston, including options to attract third-party capital in the future.

In other news…

EMEA
Alantra has bolstered its coverage of the FIG sector with the appointment of Pedro Urresti as an md based in Madrid. Urresti brings over 30 years of investment banking experience in advising European banks, insurance companies, asset managers and public sector institutions. He joins Alantra from HSBC, where he was co-head of the European FIG business. Prior to that, he worked at BBVA and JPMorgan.