The accounting and consulting firm Ernst & Young LLP is getting into the "transaction and capital advisory services" business, starting up a new broker-dealer, Ernst & Young Capital Advisors, LLC (EYCA).
"With rapidly changing financial markets, and increasing demands on operations and people, clients need an advisor who not only understands financial markets and a business' capital life cycle, but who also possesses deep industry knowledge, operational expertise, and a global footprint," said Ernst & Young LLP Americas Vice Chairman, Transaction Advisory Services, Rich Jeanneret, in an August 13 news release.
Peter Sherman, senior managing director, will lead this investment banking endeavor. A 22-year industry veteran, Sherman joins EYCA from Bank of America Merrill Lynch where, according to Ernst & Young, he had "focused on capital markets and advisory services including leveraged finance, special situations finance, restructuring and principal investing."
Joining Sherman will be K.C. Brechnitz, senior managing director, from Wachovia Securities. He has 13 years of experience in leveraged finance, restructuring advisory, loan syndications, and high yield capital markets.
Two other Bank of America Merrill Lynch bankers joined the group: Managing Directors Robert "Bo" Powell and John Murchison. Both bring loan syndication, leveraged finance and restructuring advisory experience. The group will be based in Charlotte, North Carolina.
Comments? Please send them to firstname.lastname@example.org. Kate McBride, AIF(R), is editor in chief of Wealth Manager and a member of The Committee for the Fiduciary Standard.