LONDON (Reuters) - British-based financial services specialist broker Fox-Pitt, Kelton has agreed to merge with U.S.-based investment bank Cochran Caronia Waller (CCW), the firms said on Thursday.
The deal, which is subject to regulatory approval, is expected to be completed early in the third quarter of the year and the combined firm will be called Fox-Pitt, Kelton Cochran Caronia Waller.
The firms did not disclose financial terms.
"This merger will create one of the strongest financial services specialists in investment banking," U.S. financier Christopher Flowers, who last year backed a management buyout at Fox-Pitt, Kelton from Swiss Re RUKN.VX, said in the note.
"In CCW we have found a partner that both enhances our U.S. presence and accelerates our business growth in this important capital market," said Fox-Pitt, Kelton Chief Executive Giles Fitzpatrick, who will be chief executive of the new firm.
John Waller, one of the partners of Cochran Caronia Waller, which specializes in the property-casualty, life and health industries, will be president of the new firm.