Ernst & Young Gets Into Capital Markets Business

The accounting and consulting firm Ernst & Young LLP is getting into the “transaction and capital advisory services” business, starting up a new broker-dealer, Ernst & Young Capital Advisors, LLC (EYCA).

“With rapidly changing financial markets, and increasing demands on operations and people, clients need an advisor who not only understands financial markets and a business’ capital life cycle, but who also possesses deep industry knowledge, operational expertise, and a global footprint,” said Ernst & Young LLP Americas Vice Chairman, Transaction Advisory Services, Rich Jeanneret, in an August 13 news release.

Peter Sherman, senior managing director, will lead this investment banking endeavor. A 22-year industry veteran, Sherman joins EYCA from Bank of America Merrill Lynch where, according to Ernst & Young, he had “focused on capital markets and advisory services including leveraged finance, special situations finance, restructuring and principal investing.”