Wealth management firm and stockbroker WH Ireland is in acquisition talks with Wall Street bank Cantor Fitzgerald's European arm, the firm has revealed.
WH Ireland's CEO Philip Wale, who was head of fixed income at Cantor Fitzgerald Europe before moving to the firm in August 2018, issued a response to "recent press speculation" that the firms have been engaged in discussions regarding "the possible acquisition, transfer or introduction of certain assets of part of CFE's mid cap and AIM corporate finance business".
WH Ireland confirmed it would "provide further updates to the market as required", but noted current discussions are "preliminary, require certain third-party consents and there can be no guarantee that any transaction will occur".
Earlier this month, WH Ireland issued a profit warning as a result of the coronavirus pandemic, forecasting a £2.2bn operational loss over the previous 12 months.
In its half-year results in November 2019, the wealth management firm announced an 8% fall in assets under management in the period to September, which it said was due to challenging market conditions.
Last week, Bloomberg reported that Cantor will make "hundreds" of job cuts due to the pandemic - a move that would mark one of the largest reductions of any Wall Street investment bank during the current crisis, as the likes of Morgan Stanley, Citigroup and HSBC Holdings have pledged to hold off on staff dismissals.
WH Ireland's share price is up 5.75% since the stockmarket opened this morning to time of writing (09.28am).