Amherst Securities Group and Pierpont Securities have merged, forming a joint fixed-income broker-dealer company known as Amherst Pierpont Securities, according to a company press release.
Amherst Holdings, Amherst Securities' parent company, and investment funds managed by private equity firms Stone Point Capital and General Atlantic will be major shareholders in the combined company. Pierpont is currently owned by Stone Point and General Atlantic.
Mark B. Werner, the chief executive of Pierpont, and Joseph N. Walsh III, the president of Amherst Holdings will lead the new company. They will retain their respective titles at the new company.
Thomas C. Connor, president of Pierpont, will serve as chief operating officer.
Amherst, which focused on mortgage-related, asset-backed and structured finance investments, will provide institutional and middle-market clients with access to a broad range of fixed-income products including residential and commercial mortgage-backed securities, asset-backed and other highly-structured finance transactions, U.S. Treasuries, federal agency debentures, investment grade corporate securities and repo finance.
Pierpont focused on rates and credit products and acted as principal in the U.S. Treasury, federal agency, investment grade credit, mortgage-backed securities and financing markets.
“Combining Amherst’s unparalleled leadership in mortgage-related securities and Pierpont’s liquid product-related offerings will create a scalable platform that will have an unmatched ability to capture future growth opportunities,” said Werner. “We have long respected Amherst’s impressive capabilities in the mortgage space and look forward to leveraging Pierpont’s strengths to grow the combined firm.”
Amherst Pierpont Securities will have the scale and infrastructure to support a diverse set of trading and banking businesses. The company will have nearly 200 employees across 19 offices and will be headquartered in Stamford, CT with sales and trading hubs in both Stamford and New York City.
The company said in the press release that it would continue to seek opportunities to further expand its business based upon a strong and scalable operational infrastructure.