Rudolph Giuliani, the man who led New York through the trauma of 9/11 and who spent much of the 1980s prosecuting Wall Street financiers in his role as a New York District Attorney, has bought an investment bank.

Mr Giuliani, the former Mayor of New York, pictured left, announced that his consulting firm, Giuliani Partners, had acquired Ernst & Young’s investment banking practice for an undisclosed sum.

The new investment bank, Giuliani Capital Advisors, will advise companies on sales, acquisitions and debt and equity restructurings. Ernst & Young Corporate Finance has executives and staff in six offices in the United States.

Mr Giuliani said: "We are putting together a great team of seasoned executives from the financial community to work closely with business leaders on critical transaction issues.

"The Ernst & Young Corporate Finance executives will maintain their existing client relationships, continuing to grow the business in their current locations and forming the backbone of Giuliani Capital Advisors," he added.

Steven D Oesterle, the managing director at Giuliani Partners, will act as chairman and chief executive of Giuliani Capital Advisors. Mr Oesterle is a former vice chairman of Ernst & Young, where his responsibilities included management of the firm's corporate finance practice.

"I welcome my former colleagues from Ernst & Young Corporate Finance to Giuliani Capital Advisors," said Mr Oesterle. "We look forward to providing our clients with the expertise of this talented and experienced group."

James Turley, the chairman and chief executive of Ernst & Young, said the sale is part of the group's commitment to refocus on our core businesses - auditing, tax and transaction advisory services.

"The acquisition also enables members of the Corporate Finance to join together with Giuliani Partners in the continued growth of their business," he said.

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