AT&t announced on Tuesday that it will sell a stake in investment bank Winterfell Investment Management, part of its business in the UK.
AT&ts move will allow it to sell some of its stake in Snowflake Investment Management and put it into a holding company that will be led by AT&s UK chief investment officer Michael Wilson.
The move will enable AT&ters new investment banking arm, AT&Ts investment bank, to take a lead role in the new venture.
ATTR, which was founded in 2014 and now has offices in London, New York and Singapore, had a turnover of $2.4 billion in the fourth quarter of 2019.
AT &ts UK chief executive Michael Wilson says the deal will create a strategic partnership for AT&tts global financial services group.
AT&tz global financial affairs head of global corporate affairs, James Hutton, says the sale of Snowflake will help AT&twow better manage the investment banking industry in the United Kingdom.
He says the UK investment banking community is “determined to move beyond the crisis” and “we want to continue to be a leader in the global financial market” as AT& ts investment bank moves to the UK, the Financial Times reported.