Deals
Ex-Goldman Banker’s Little M&A Shop Is Having a Breakout Moment
- Chris Cole’s Ardea Partners adviser on E*Trade, Legg Mason
- Deals are validation of his bet on financial services mergers
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When Chris Cole walked away from his post as one of Goldman Sachs Group Inc.’s top investment bankers back in 2016 to co-found a small advisory firm, it wasn’t the best moment. The business his new firm would specialize in -- transactions in the financial services industry -- was sluggish.
But after four low-profile years, Cole’s firm, called Ardea Partners, exploded onto the scene this week when it scored back-to-back mandates on marquee Wall Street deals: Franklin Resources Inc.’s agreement to buy asset manager Legg Mason Inc. on Tuesday, and Morgan Stanley’s purchase of E*Trade Financial Corp. on Thursday, which would be the biggest merger in the financial industry since the crisis a decade ago.