Solomon Partners forms new unit to focus on financial services dealmaking

Reuters
09 Dec 2024
Solomon Partners forms new unit to focus on financial services dealmaking

By David French

Dec 9 (Reuters) - Boutique advisory firm Solomon Partners is launching a new dealmaking unit that will focus on financial services and has hired a senior investment banker to help lead its efforts to win business from the industry.

Solomon Partners, which has a strategic partnership with French financial firm Natixis BFCEp.PA, has tapped former Houlihan Lokey HLI.N banker Arik Rashkes to lead the newly formed group, the New York-based firm told Reuters on Monday.

A veteran investment banker with more than 25 years of experience, Rashkes spent nearly 10 years at Houlihan Lokey, where he was most recently co-head of U.S. financial services.

Solomon Partners now covers a dozen industries, including consumer, media and technology, and healthcare, as under CEO Marc Cooper it looks to serve more clients and win market share against other investment banks.

The firm is aiming to hire more mergers and acquisitions (M&A) bankers over the next 18 to 24 months to cover different areas within the financial services industry, Rashkes told Reuters in an interview.

"We're looking to grow in the insurance and insurance services industries. When you look at opportunities in sectors such as asset management and wealth management, I'm hoping to build the franchise around those areas too," he said.

The latest moves come as Wall Street gears up for a jump in M&A activity, as dealmakers anticipate a more pro-business tone and favorable regulatory environment with the return of President-elect Donald Trump to the White House in January.

"Putting politics aside, I'm very bullish on M&A activity going forward," said Rashkes. "Private equity is driving a good amount of transactions, especially in the upper middle markets space," he said, citing it as an area of strength for the firm."

(Reporting by David French in New York; Editing by Muralikumar Anantharaman)

((davidj.french@thomsonreuters.com;))

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