Advanced Capital Securities, a Latin American investment bank, has bought Lake Forest Securities, a Chicago, IL-based broker-dealer that specializes in high-grade corporate fixed income securities and municipal bonds.

Advanced Capital Securities, a Latin American investment bank, has bought Lake Forest Securities, a Chicago, IL-based broker-dealer that specializes in high-grade corporate fixed income securities and municipal bonds. 

Lake Forest Securities will now operate under the name of AdCap Securities.

Advanced Capital has brokerage, capital markets and asset management operations in Argentina, Uruguay and Peru. In February, it acquired Latmark Asset Management, a boutique investment advisor based in Miami. It then also bought Andes Securities SAB and Andes Securities SAFI, a brokerage firm and investment fund manager in Peru.

Lake Forest Securities operates in the US Mid-West, specifically in Illinois, Ohio, Wisconsin and Michigan, as well as the southern states of Texas and Florida. The broker-dealer focuses on high-grade corporate fixed income and municipal bonds, but also engages in equities trading, mutual funds and mortgages trading.

Daniel Canel is the chief executive of Advanced Capital Group while Gustavo Dominguez is CEO of AdCap Securities.