BNP Paribas SA of Paris said Tuesday that it is buying the U.S. boutique investment banking company Hill Street Capital LLC, to increase its heft in the corporate advisory sector in the Americas.
Financial details of the transaction were not disclosed. A spokeswoman for BNP Paribas said that Hill Street, of New York, has roughly 10 employees.
Hill Street was founded in 2001 by John Brim and Lorenzo Weisman. They began their careers at Dillon, Read & Co, which later became part of UBS AG.
At BNP Paribas, Weisman is to head corporate finance for the Americas and Brim is to head North American corporate finance for energy and commodities. "We have made solid inroads into mergers and acquisitions and other forms of corporate advisory services in North and South America in recent years," said Alain Papiasse, the head of BNP Paribas' corporate and investment bank division. "We have decided to take this additional step in a targeted expansion of that franchise."