Guggenheim Securities agreed to acquire Millstein, a restructuring advisor to companies, investors and sovereigns with expertise in sovereign advisory and financial institutions.
Jim Millstein, founder and CEO of Millstein, will join Guggenheim as co-chairman of Guggenheim Securities alongside Alan Schwartz, executive chairman of Guggenheim Partners and co-chairman of Guggenheim Securities. Ronen Bojmel will lead the combined Guggenheim restructuring team.
Prior to founding Millstein, Millstein served as chief restructuring officer at the U.S. Department of the Treasury from 2009 through 2011, overseeing the department’s investment in and oversight of the financial sector following the 2008 financial crisis. From July 2000 to April 2009, he served as managing director and global co-head of Corporate Restructuring at Lazard. Before that, Millstein was a partner and head of the Corporate Restructuring practice at Cleary Gottlieb Steen & Hamilton.
“I am excited to partner with Jim at Guggenheim,” said Schwartz. “Jim brings an extensive history of senior leadership, a deep understanding of markets, and an unparalleled reputation as an innovative thought partner with his clients. Jim and his team of highly talented bankers share our approach to advising clients and values core to our firm. We look forward to welcoming Jim and team to Guggenheim.”
“Alan and his partners have built a first-class independent investment bank, and I look forward to helping them continue to grow its business through the combination of our respective restructuring and liability management businesses,” said Millstein.
The transaction is expected to close in the third quarter 2018, subject to regulatory approvals.
Guggenheim Securities is the investment banking and capital markets business of Guggenheim Partners, a global investment and advisory firm. It offers advisory, financing, sales and trading and research services.