Macquarie acquires Sal Oppenheim arm

Macquarie has acquired the equity trading, derivatives and structured products operations of Sal Oppenheim, the beleaguered German bank. Redundancies of staff in the unit have been avoided in the acquisition, as the Australian bank has committed to gradually migrate more than 90 employees based in Germany and Switzerland, along with necessary back-office areas and functions.

“The acquisition makes sense,” says one London-based structured products banker. “Macquarie has a derivatives presence in