"We will have a leading position in some of the world's most exciting emerging markets, notably Brazil and India, in addition to a strong pan-European," he said in a statement.
Banco Espirito Santo de Investimento also will provide access to an underwriting capability as part of Execution Noble's equity and fixed-income markets offering.
"This acquisition establishes our ambition of becoming a key international investment banking player," Jose Ricciardi, chief executive officer of Banco Espirito Santo de Investimento, said in a statement. "The transaction will open new opportunities for Execution Noble while preserving its individuality."
The combined group will offer products in corporate finance and mergers and acquisitions, capital markets, corporate brokerage, research, corporate access, equities, derivatives and fixed-income sales and trading. The new group also will include Execution Noble's reinsurance distribution platform.
As financial services firms, they play a crucial role in the buying and selling of businesses around the world, said Roger Aguinaldo, chief executive and publisher of Mergers & Acquisitions Advisor.
"They want to expand their reach because more mergers and acquisitions are global," he said, adding that it makes sense for the Portuguese firm to control a slim majority of the operation and leave the remainder for the Execution Noble management. "In service business, you want the partners to have a significant share. If you buy them out and they go away you lose the value of the firm."
As the economy worsened and the value of the American dollar declined, there was a belief that U.S. companies would be subject to take-overs, but that is not the case because the downturn has been global, said Ken MacFadyen, editor of Mergers & Acquisitions Journal.
"It's not happening the way people expected it to happen," he said, noting that in 2008, 33 percent of purchases of U.S. companies involved foreign buyers. The percentage decreased to 16 percent in 2009.