DC Advisory's Spanish business, which was acquired by Close Brothers in 2008 and became a part of the European corporate finance business owned by Daiwa Capital Markets in 2009, is set to spin out before year end.

Atlas Capital spun out of PwC in 2000, with Close Brothers backing the firm in its early days and then building up its stake until 2008, when it acquired the remaining 55% it did not already own. Close Brothers Corporate Finance was then acquired by Daiwa Capital Markets in July 2009 and later renamed DC Advisory.