All conditions relating to the offer for Noble Group Holdings Limited have been met, and the transaction completed on 1 February 2010.
Execution and Noble to Create a New Force in International Investment Banking to be known as Execution Noble
LONDON, December 18, 2009 - The Boards of Execution Holdings Limited (‘Execution’), the full-service agency broker, and Noble Group Holdings Limited (‘Noble’), a leading independent mid-and small cap specialist investment bank, are pleased to announce an agreed offer for Noble by Execution. The enlarged group will be called Execution Noble. The offer is subject to the consent of the Financial Services Authority.
The transaction will create a new force in international investment banking with strengths in: execution; equity sales and trading; research; M&A; corporate finance; corporate broking; equity capital markets; and corporate access. Execution Noble will have some 250 staff and wholly-owned operations in London, Edinburgh, Paris, Frankfurt, New York, Boston, Greenwich CT, Mumbai and Hong Kong.
The management of Execution Noble will comprise:
• Nick Finegold Executive Chairman*
• Simon Brookhouse Chief Executive*
• Angus Macpherson Deputy Chief Executive+
• Damien Devine Chief Operating Officer*
• Charles Ashton Finance Director+
*= current Execution Director += current Noble Director
The Board of Execution Noble will also include five non-executive directors drawn from the boards of the two companies, Ben Thomson, Keith Jones, David Potter, Stephen Curran and Polly Williams.
Nick Finegold, Executive Chairman of Execution, said: “Noble’s strengths in mid and small cap company investment banking and research, with high Extel and Asia Money rankings and coverage of over 180 stocks, are widely acclaimed. Combined with Execution’s market-leading capabilities in research, sales and trading capability across over 120 European and international big cap stocks, we will between us create a new force in international investment banking.”
“Execution Noble will be an integrated securities, capital markets and advisory firm, uniquely placed to serve its clients in a rapidly changing marketplace which has seen dramatic changes in the standing of many of the traditional bulge –bracket investment banks and the recent emergence of a range of small cap focused advisers. This combination of two well established firms will deliver levels of service and expertise neither of those models can offer, and will build on a research base that covers European stocks from £75m to over £100bn in market capitalisation, to develop a leading primary and secondary equities and advisory business. The deal is an important step in building a major league player.”
Angus Macpherson, Chief Executive of Noble, said: “Execution is a unique company: an independent securities house that has demonstrated the ability to compete successfully against the bulge bracket banks. Adding Noble’s expertise in small and mid cap stocks and investment banking enables Execution Noble to provide a full range of services to corporate and institutional clients. The combined business of Execution Noble will offer a credible, alternative to traditional full-service investment banks to the benefit of all our clients, staff, and other stakeholders.”
Both companies are majority owned by their respective managements and staff. The Group will be headquartered in London while retaining a strong Scottish presence.
For further information, please contact:
Nick Finegold, Executive Chairman, Execution + 44 (0)20 7456 9191
Simon Brookhouse, Chief Executive, Execution
Angus Macpherson, Chief Executive, Noble +44 (0)131 225 9677
Simon Brocklebank-Fowler/Michael Henman/Caroline Merrell +44 (0)20 7367 5100
Cubitt Consulting
Simon.brocklebank-fowler@cubitt.com
michael.henman@cubitt.com
caroline.merrell@cubitt.com
Sarah Gestetner/Louise Elliott +44(0)20 7638 9571
Citigate Dewe Rogerson
sarah.gestetner@citigatedr.com
louise.elliott@citigatedr.com
Notes to editors
About Execution
Execution is a unique full-service agency broker providing clients with execution, sales, trading, research and corporate access. The group has 160 staff and recognised leadership in sell-side alpha generation, analyst research and agency broking. It also operates agency credit and derivatives businesses. Headquartered in London, with offices in the United States, Hong Kong and Germany, Execution has been servicing many of the world’s major investing institutions, including mutual funds, pension funds, insurance companies and hedge funds since 2001. Empowered by its technology and differentiated by its people, Execution also provides access to the market's core liquidity providers through extensive personal relationships and expertise. www.executionlimited.com
About Noble
Noble is an independent investment bank dedicated to mid and small-cap companies. It provides a full range of professional services to fast growth companies, institutions and investment vehicles, helping its clients formulate and execute bold and effective strategies for growth by providing advice, capital raising, research, sales and trading.
The firm’s research, valued by more than 200 institutions, is fundamental - informed by primary data and focused on competitive advantage. In the UK and India Noble covers more than 180 stocks across 15 sectors with market caps of up to £2bn.
Founded in Edinburgh in 1980, Noble is almost entirely owned by its management and employees with more than 90 employees spread across three offices in London, Edinburgh and Mumbai. The firm’s investment banking division provides services to more than 200 private and public companies, and acts as adviser, sponsor and broker to around 30 companies. Noble was voted UK Small to Medium Investment Bank of the Year and UK Small Cap Nomad of the Year in the ACQ Global Awards 2009. www.noblegp.com
- ENDS -
Download press release as a PDF
Execution Ltd Expands Utilities Team with Two New Appointments
LONDON, 7 December 2009 - Execution Ltd, the agency broker, has further expanded its fast growing equities research team with appointments of Andrew Fisher and Tom Lees to join its utilities team.
They join Lawson Steele, head of power research, in line with the firm’s objective of rapidly expanding the firm’s utilities sector coverage.
Andrew Fisher joins Execution with 13 years’ experience in the securities industry the last 11 of which have focused on the utilities sector. Most recently, he was the Vice President and a Senior Analyst at Pioneer Investments in Dublin where he headed the company’s utilities coverage. Previously, he was the Head of Equity Analysis and a Global Utilities Analyst at Barclays Wealth in London. He has an MBA from Warwick Business School and a First Class BSc in Economics from the University of Warwick.
Tom Lees joins the company with 5 years’ experience at Dresdner Kleinwort (now Commerzbank) where he worked as an Associate since 2007. His recent transaction experience focused on companies in the power and energy industries. He has a MA in Mathematics from St.John’s, Cambridge.
Lawson Steele said: ‘We are delighted to have made such rapid progress in building out our utilities team with these two top-class appointments which are an important step in extending our utilities capabilities.”
- ENDS -
Download press release as a PDF
Execution Ltd Boosts Reinsurance Team with Tony Pointing Appointment
Execution Ltd has boosted the capability of its Lloyd’s reinsurance broker with the appointment of Tony Pointing at Execution Insurance Products.
Mr Pointing was Chairman and Managing Director of Anthony Pointing Limited, the broking firm which he founded and subsequently sold to Jardine Thompson Graham. Thereafter, he held senior positions at Aon and Guy Carpenter.
Matt FitzGerald, Head of Reinsurance at Execution, said: “We are delighted to have Tony joining us. It says a lot about what we have achieved in the last two years that such a well regarded and established market professional would want to become part of our team. He is a great addition to the further development of our reinsurance platform.
“We offer a unique distribution capability to our clients and one that offers a truly independent and dedicated service. We provide competitive, professional, bespoke capital and reinsurance solutions for our client base.”
Tony Pointing said: “Execution offers an unrivalled and innovative broking platform broking platform to its reinsurance clients and I am looking forward to working with the team to serve clients and to help in the development and expansion of this exciting business.”
- ENDS -
Download press release as a PDF
Execution Ltd Boosts Research Team with Lawson Steele Appointment
Execution Ltd, the agency broker, has boosted its fast growing equities research team with the appointment of Lawson Steele as head of power research, to lead the firm’s utilities coverage.
The firm intends rapidly to grow its coverage of the utilities sector with a number of additional team hires to be completed by the end of the year.
With number one positions in analyst rankings going back to 1992, Mr Steele joins Execution Ltd with 22 years’ experience as an equities analyst covering the utilities industry in Europe, the USA , Latin America and Globally. Most recently, he was Executive Director of the Utilities Specialist Sales division at UBS, at which firm he held a range of senior positions since 1997. He was previously at Paribas Capital Markets for three years, latterly as Head of Latin American power research. He trained and qualified as a Chartered Accountant with Price Waterhouse.
Martin Dolan, head of research at Execution Ltd, said, “With an enviable track record of analyst survey rankings Lawson is a great appointment to launch and lead Execution’s utilities coverage. We’re delighted and proud that he has chosen to join Execution.”
Lawson Steele added, “"I was attracted to Execution by its ability to focus exclusively on the needs of the client, outside the constraints of an integrated house matched by the resources that it is putting behind the development of its research capability. Execution is hungry for success and is well on the way to building a unique research franchise of senior analysts with a combination of experience and originality to offer clients output of real value.
“In utilities, we will build an experienced team with insightful industry views on how the key drivers in the sector impact specific company dynamics and valuation.”
- ENDS -
Press Releases
7th December 2009 - Execution Ltd Expands Utilities Team with Two New Appointments
23rd November 2009 - Execution Ltd Boosts Reinsurance Team with Tony Pointing Appointment
12th November 2009 - Execution Ltd Boosts Research Team with Lawson Steele Appointment
To view the PDF press releases you will need Adobe Reader.
Download the free software here.
London | Frankfurt | Paris
Boston | New York | Greenwich
Hong Kong