US investment firm Lazard has acquired the remaining 50% stake of Latin American financial services business MBA Lazard to obtain full ownership of the business.
Lazard initially acquired a 50% stake in Argentinean business MBA group in 2008 after signing a distribution deal with the firm four years prior.
MBA, which was founded in 1981, has three main businesses consisting of financial advisory, institutional asset management and brokerage services.
The asset manager has offices in Buenos Aires, Santiago, Bogotà, Lima and Panama City and has now fully integrated its Latin American operations which also see it have a presence in Brazil.
The deal will lead to the integration of Lazard's offices in Buenos Aires, Santiago, Bogota, Lima and Panama City with its operations in the US, Canada and Brazil.
Matias Eliaschev, former MBA Lazard managing partner, has been named as the chief executive of Lazard Latin America, excluding Lazard’s Brazilian and Mexican investment banking business.
‘The 12-year alliance with Lazard has been a great success, and this step is a natural evolution of our relationship,’ said Eliaschev. ‘We look forward to working even more closely with Lazard’s senior bankers, and the firm’s unmatched global network of relationships, to serve clients in South and Central America.’
Lazard and MBA formed an alliance in 2004 to provide cross-border advisory services to Lazard clients investing in Argentina and to MBA clients investing abroad. In January 2008, after Lazard acquired 50% of the MBA Group it was rebranded as MBA Lazard.