Merill invests US$ 11 mn in India's Copal Partners

Merrill Lynch completed a minority investment in KPO provider Copal Partners, joining Citigroup and Deutsche Bank as minority investors in the firm, reported . The three banks now collectively own around 25% of the business.

Based in the UK, Copal Partners is a leading KPO with approximately 550 employees based primarily in India and Mauritius. Copal is a leading outsourced research provider to Wall Street firms and the buy-side. The funding will be used for expansion organically and through acquisitions

According the WSJ, Copal is valued around $300 million, putting Merrill’s stake around 3.7%. The investment is a strategic one, in the sense that Merrill, like the other minority investors, relies heavily on outsourcing for its own research and other activities such as investment banking prep work.