Lehman Brothers, the fourth largest securities firm in the US, has clinched the deal to buy institutional broking business of Mumbai-based Brics Securities.Sources said Lehman Brothers is likely to disclose the new acquisition to the regulators in the US, where it is listed, later this week .
Brics Securities was created in October 2003 after the acquisition and rechristening of Birla Sun Life Securities - a joint venture between the Aditya Birla group and the Sunlife Group of Canada.
Brics Securities, the financial services arm of J V Gokal Group, is one of the top-ranked brokerage houses in India, catering to high networth clients. Post-deal, the research team, headed by Prabhat Awasthi and his 21-member institutional team, institutional sales (8 members) and derivatives sales (12 members) will be move to Lehman Brothers.
The sources said Brics Securities, which recently hired Rahul Rege from Sharekhan to head the retail business, will expand the retail brokerage business in the coming years.
Read more in The Business Standard article.
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