A team of six dealmakers at US-headquartered investment bank KBW have stepped down from its City office and will start their own boutique, according to sources familiar with the situation.
The M&A focused investment banking team, which includes managing directors Anurag Verma, Garth Hackshall and Simon Barrass, along with three other dealmakers, have all resigned, according to two people familiar with the matter.
One source said they left to set up their own specialist boutique advisory firm. The KBW team specialised in financial institutions, fintech and technology.
A KBW spokesperson said: “While it can be disappointing when people leave the firm, we continue to recruit aggressively and attract top talent as we execute on our strategic growth initiatives. Our European investment banking group, covering KBW and Stifel, now exceeds 200 professionals with a broad range of experience and expertise that help drive positive client outcomes.”
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KBW poached the team from professional services firm Deloitte in 2018 as it looked to bolster its European dealmaking unit. Peter Carter, Chris Reyniers and Steve Williams joined the bank at that time and sources said they are also stepping down.
Resignations of senior dealmakers so late in the year are uncommon, with most bankers generally waiting until annual bonuses have been paid before resigning for a new role.
KBW is owned by US-headquartered investment bank Stifel. It has been expanding across Europe and the UK this year, acquiring in June ACXIT Capital Partners, a boutique investment bank focused on the mid-market. The deal added 50 dealmakers to its ranks.
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To contact the author of this story with feedback or news, email Paul Clarke