The US brokerage Cantor Fitzgerald has agreed to buy parts of Seymour Pierce, the 168-year-old City stockbroker that fell into administration yesterday. The deal – for an unspecified amount – includes Seymour Pierce's corporate finance business, according to a statement from the London Stock Exchange.
The City broker, which is part owned by the football financier Keith Harris, has been hit by falling revenues and fees. It is understood to have debts of between £3m and £4m with its largest creditor being Denis Gorbunenko – a Ukrainian investor who has injected several million pounds into the firm over the past year. The Ukrainian had hoped to buy Seymour Pierce but pulled out after UK regulators raised concerns over the deal.
Tom Forcier, Seymour Pierce's chief executive, will become chief operating officer of Cantor Fitzgerald Europe. He and other Seymour Pierce team members will report to James Rowsell, chief executive of Cantor Fitzgerald Europe, based in London.