In October 2005,  MM Warburg already acquired 51 per cent of the research firm, which was founded in 1996 and focuses on small and mid-caps.

MM Warburg’s research department and SES Research will now be merged.

The new merged department will be co-headed by Christian Bruns, now head of Warburg’s research, and Henner Rüschmeier, now co-head of SES Research.

Robert Suckel, one of the founders and heads of SES Research departed from the firm at the start of this month on amicable terms, the firm said in a statement; Suckel will continue to advise the firm.