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.
Showing posts with label Birla Sun Life Securities. Show all posts
Showing posts with label Birla Sun Life Securities. Show all posts
Tuesday, August 14, 2007
Friday, July 6, 2007
Lehman seen close to buying 51% in Brics Sec
Lehman Brothers, one of the biggest global financial services providers, is in advanced stages of picking up a 51% controlling stake in local securities firm Brics Securities.
The Wall Street major will scale up its stake in the Mumbai-based brokerage firm to 100% over the next three years, if the deal goes through, according to sources close to the development. They said Lehman is picking up a stake in Brics Securities which is the financial services arm of the JV Gokal Group. It was created in October 2003, following the acquisition and rechristening of Birla Sun Life Securities — joint venture between the Aditya Birla Group and Sunlife Group of Canada.
The Mumbai-based brokerage has a retail and private client business. It offers portfolio management services, besides distributing third-party products. It also has an NBFC licence, which currently does lending against shares, albeit in a small way and a commodities broking business.
The Wall Street major will scale up its stake in the Mumbai-based brokerage firm to 100% over the next three years, if the deal goes through, according to sources close to the development. They said Lehman is picking up a stake in Brics Securities which is the financial services arm of the JV Gokal Group. It was created in October 2003, following the acquisition and rechristening of Birla Sun Life Securities — joint venture between the Aditya Birla Group and Sunlife Group of Canada.
The Mumbai-based brokerage has a retail and private client business. It offers portfolio management services, besides distributing third-party products. It also has an NBFC licence, which currently does lending against shares, albeit in a small way and a commodities broking business.
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