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Wunderlich Investment Company acquires SSB Securities from
Sandnes Sparebank.
Wunderlich Investment Company acquires SSB Securities from
Sandnes Sparebank. The Memphis-based company, parent of investment firm Wunderlich Securities, Inc., establishes a presence in Norway through the acquisition of SSB Securities ASA’s shares from the savings bank Sandnes Sparebank.
Wunderlich Securities, established in 1996, is a Memphis-based full-service investment firm. The Firm provides financial advisory, trading and brokerage, equity research and investment banking services to individual and institutional clients.
Wunderlich Securities has more than 320 associates in 13 offices in the U.S. and holds $3.5 billion U.S. of assets for its 30,000 private clients. The company has a broad client base ranging from large institutional managers to affluent private investors.
Alfred Ydstebø, whose Coil Investment Group has been the majority shareholder in Wunderlich’s parent company since late 2007. He currently chairs the Wunderlich board and knows SSB Securities well from his base in Stavanger, Norway:
“Our clients in Norway are institutional investors and companies who will benefit from Wunderlich’s investment banking team which can provide advisory, M&A capabilities and capital financings. The Firm’s professionals will also introduce their research capabilities and the many opportunities of the U.S equity market to our clients. “
“The acquisition of SSB Securities by Wunderlich represents a strong foundation for the firm in Norway. Wunderlich’s objective is to foster an independent platform in Norway, with offices in Stavanger and Oslo, and to ensure that it utilizes as much as possible the skills and expertise found across the Atlantic. In both the U.S. and the Norwegian markets, there are many opportunities, especially within the energy sector.”
CEO and Wunderlich founder Gary Wunderlich explains:
“Accessing the Norwegian market is a good idea for a firm like ours. We believe that SSB, working where possible with Wunderlich Securities’ U.S. teams, can offer its Norwegian clients a wide range of services with a unique approach compared to the already existing firms. Considering the local knowledge of our chairman, Alfred Ydstebø, Norway was also a natural first step outside of Wunderlich’s current borders.”
Jone Idsøe, CEO of SSB Securities, says a geographic presence in both Oslo and Stavanger will be important for the company: “The news about becoming a part of the Wunderlich organization was met with great enthusiasm by the employees in SSB Securities! This will clearly be a positive move and expand our capabilities for taking on different projects and transactions in the future. In addition this move may open up for new and alternative capital sources for our clients.”
”Sandnes Sparebank is very pleased with the future plans now being laid out for SSB Securities” says Vidar Torsøe, deputy CEO of Sandnes Sparebank. “We are pleased to have established a relationship with an established U.S. regional securities firm. However, Sandnes Sparebank wishes to focus on its core business and decided to accept the bid when a credible and serious offer was presented. We believe that Wunderlich will add further competence and experience, and we look forward to an affiliation with SSB Securities and its employees.”
Gary Wunderlich continues by explaining that the first phase of the firm’s expansion will come through hiring of personnel and establishing an office in Oslo. “The firm will seek to attract experienced professionals to the organization by offering a strong academic- and research driven environment with the possibility of ownership. The Firm has started the process of interviewing exciting candidates for the expansion in the Norwegian market. I had the opportunity to meet personally several of these candidates during my last visit to Oslo in late July.”
Philip Zanone, who is President of Wunderlich Securities:
”Today, Wunderlich’s Equity Capital Markets division covers U.S. companies within selected industry sectors, which includes a strong emphasis in the energy sector. Together with our American analysts, the Norway-based analysts will provide coverage of relevant Norwegian companies. Wunderlich and SSB Securities are also considering establishing focused trading desks to maximize opportunity to introduce Nordic companies to U.S.- based institutional clients, and vice versa.”