The largest bank in Australia isn’t a household name in the U.S. And Macquarie Bank may not want to become one. But it does plan to grow its business in the U.S. and today’s acquisition of Fox-Pitt Kelton Cochran Caronia Waller helps it do that.
Fox-Pitt is hardly a household name itself. It’s a boutique investment bank that specialiaes in bank and insurance investment banking. And is small – has a little less than 270 employees. But it made a tidy profit for its former owners, a group led by J. Christopher Flowers that bought Fox-Pitt for around half of the $130 million Macquarie paid for it.