American financial services group Cantor Fitzgerald has bought “certain assets and businesses” of Seymour Pierce after the stockbroker called in the administrators yesterday.
The 130-year-old firm, which was partly-owned by football financier Keith Harris, had been hit by a slump in deals following the financial crisis and plunged to a loss of almost £600,000 in the year to September 2011.
Seymour Pierce chief executive Tom Forcier will become chief operating officer of Cantor’s European arm. He said: “We anticipate a seamless transition and integration for our clients into the Cantor global platform.”
Joint administrator David Dunckley, of Grant Thornton, said: “The sale to Cantor Fitzgerald Europe will see the transfer of employees and give Seymour Pierce the financial resources to stabilise itself.”
