Fox Pitt-Kelton, the financial services focused investment bank, has had three owners in almost as many years. The latest chapter in the bank's 38-year history, which will result in it being absorbed into Australian banking group Macquarie's international operations, brings to an end its attempt to reintroduce direct employee ownership.

FPK sold itself to Swiss Re at the height of the boom in 1999 for what at the time was estimated to be $200m (€136.7m).