Australia’s Macquarie Group on Wednesday said it would buy Fox-Pitt Kelton Cochran Caronia Waller, a US-based boutique bank, in an effort to turn itself into a global player in the provision of banking services to financial institutions.

Macquarie will pay $130m cash for FPK’s equity and will assume $16.7m of long-term debt, with some of the payment spread over four years following the deal’s closure later this year.