Two years after its European business was hit by a poaching raid from its arch rival, Fox-Pitt, Kelton, the specialist financial services investment bank, is looking forward to life under new ownership.

Fox-Pitt is awaiting regulatory approval on its management buy-out from parent Swiss Reinsurance backed by Christopher Flowers, owner of private equity firm JC Flowers, and Gary Parr, deputy chairman of Lazard. The involvement of Flowers and Parr, two of the biggest names in financial services investment banking, will enable Fox-Pitt to become the "pre-eminent financial institutions investment bank", according to chief executive Giles Fitzpatrick.