Merrill Lynch has taken a minority stake in a Munich mergers and acquisitions boutique, which will see the US bank offload small middle market deals in return for greater access to high net worth individuals.

Merrill has bought a 30% stake in Sannwald Jaenecke & Cie, a privately held firm founded in 1991 by C Bernt Sannwald and Klaus F Jaenecke. A Merrill spokesperson said that a certain number of middle market deals would be referred which would be better served by a personalised smaller company service.