Rabobank has struck a partnership with Kepler Cheuvreux, Europe's largest independent broker, and will shed its own equity research and brokerage team, the bank said on Tuesday.
Reuters reports that Rabo will buy a 5% stake in Kepler for an undisclosed sum as part of the deal, Rabo said in a statement on its website.
Around 15 Rabobank analysts and 15 traders will lose their jobs as a result, newspaper Het Financieele Dagblad reported. The bank could not immediately be reached to confirm that early on Tuesday.
New European rules require fund managers to disclose separately what they pay for research and what they pay for trading commissions, making some reluctant to continue paying for research.
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Rabobank outsources equity research and trading to Kepler
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