A new full-service investment bank brand has been launched following completion of the merger of Edinburgh's Cenkos Securities and mid-tier broker FinnCap.
The two firms have rebranded under the Cavendish name, bringing together 200 bankers, traders and researchers following final court approval for the merger earlier this month. The combined operation is aiming to push into new lines of business with the addition of M&A, private capital, and debt advisory to its existing equity capital markets services.
The Scottish arm of Cavendish will be headed up by Neil McDonald, previously head of Cenkos Scotland, and will continue to operate out of Cenkos' offices in Princes Street.
“The creation of this new full-service investment bank means we can serve growing Scottish companies which may not yet be ready to raise money on the public markets, but have a need to access either private or debt capital to fuel their ambitions," Mr McDonald said.
"The addition of an established M&A capacity and an international network brings in the potential for Scottish businesses to acquire to grow, or for owners to either list on public markets or sell when the time is right.”
The combined operation will serve around 220 clients listed either on the London Stock Exchange or the Alternative Investment Market (AIM), the most of any UK small and midcap investment banks.
READ MORE: Cenkos: Edinburgh 'very important' in £43m merger of stockbrokers
The £43 million merger of Cenkos and FinnCap was first announced in March, creating the UK's largest investment bank focused on small and mid-cap growth companies. Cenkos, which expanded into Scotland in 2008, was involved in the stock market debut of Scottish companies such as Calnex and Smart Metering Systems.
The new name comes from Cavendish Corporate Finance, a bank founded in 1998 and acquired by FinnCap five years ago. The new venture will be headed up by Cenkos chief executive Julian Morse and his FinnCap counterpart John Farrugia, who hold the title of co-CEO.
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