Former New York City Mayor Rudolph Giuliani has agreed to sell his boutique investment bank to Australian financial group Macquarie Group, the companies said on Monday, as the presidential hopeful ramps up his campaign.
The investment bank, Giuliani Capital Advisors, has about 105 employees in major cities including Chicago, New York, and Los Angeles. It is a unit of the former mayor's consulting firm Giuliani Partners, which employs about 50 people.
"The mayor is very much dedicated to focusing his attention on running for president," a source close to Giuliani Partners said.
Terms of the deal were not disclosed.
"Joining the Macquarie team will allow the professionals of GCA to benefit from the vast resources of a leading global investment bank," Giuliani said in a statement.
Giuliani Partners formed the investment bank in December 2004 by acquiring Ernst & Young Corporate Finance.
Press reports had said in January that the bank had been put up for sale to prevent its clients' activities from being used against Giuliani in the presidential campaign.
Macquarie Group comprises Macquarie Bank, Australia's top investment bank, and its worldwide affiliated entities.