They merged in 1961 to create Kleinwort Benson Lonsdale, later Kleinwort Benson. Soon thereafter, Dresdner began merger talks with Commerzbank AG, the second largest bank in Germany, though these negotiations were also scuttled. Kleinwort Benson's 1984 annual report spoke of the firm forming a "global chain." All rights reserved. Hans Friderichs, a former economics minister, was Ponto's eventual replacement. By 1977, Kleinwort Benson had become involved in unit and investment trusts, factoring, leasing, insurance brokering, venture capital, tax planning, executor and trustee services, property development, commodity dealing, and bullion brokering and dealing, among other services. [33] Additional cases were brought by Dresdner Kleinwort executive committee members John McIntyre, Bertrand Pinel and Alberto Piedra in August 2009 seeking 11million. World War I caused trouble for British merchant banks by disrupting foreign trade, and Kleinwort, which relied considerably on business in Germany, was among the hardest hit. About us Since its foundation in 1993, South Andes Capital provides mergers and acquisitions and corporate finance services to local and foreign clients. Also, Dresdner and the other big banks carried too much foreign credit. Email. This, together with issues regarding severance payments and guaranteed bonus payments, led to a number of lawsuits. [13] It also managed the flotation of Cable & Wireless in the same year. We see them around but we don't know what goes on behind the scenes. Dresdner Kleinwort - Crunchbase Investor Profile & Investments In Los Angeles, it purchased the services of a group of brokers specializing in interest-rate swaps and renamed it Kleinwort Benson Cross Financing. Allianz made it clear that it would either split off or scale back Kleinwort Wasserstein. [31] Former senior managers Martin Newson, Eduardo Listorti and Michael Adams sued but settled out of court. According to the Wall Street Journal, analysts predicted that Allianz would sell off the investment bank as soon as market conditions improved and would require Dresdner to refocus on commercial banking and pension and fund products. Judy serves as a board member of Shanghai Charity Foundation and United Way China, and also president of the Wharton Club of Shanghai Board. In May 1988, Dresdner bought a majority interest in Thornton & Company, a leading British asset-management company, to strengthen its presence in that country and also in Asia, where Thornton had a strong position. Dresdner earned recognition in 1974 for its adroit handling of the sale of the Quandt family's 10 percent share of Daimler-Benz to Kuwait, the largest deal of the kind at the time. Thornton managed about $1.49 billion in mutual funds and pension accounts. Langham Capital advises companies on sourcing capital from the public markets (NASDAQ, AIM) as well as private equity. He also served as corporate manager & board director at PTW Architects firm. Final Cash Offers by Nightingale Acquisition Limited (A Two years later, Kleinwort Benson entered a consortium with 17 other partners, including Barclays and the Bank of Scotland, to form Airlease International, a company specializing in aircraft leasing. Dresdner Bank, as the fattest financial goose among the banks, was the chief target for total and irrevocable nationalization. The loss of wealth coupled with the need to pay reparations produced the legendary hyperinflation of the Weimar Republic, further cutting into the German banking business. Mr. Lambert serves as a member of Vine's investment committee and is a Board member of Village Roadshow, a Vine portfolio company. Kleinwort Benson recognized early on that the future of merchant banking also lay over the seas. As a result, merchant banks had to diversify and shuck their traditional specialist status. Nevertheless, Kleinwort survived the Depression, while other merchant banks either folded or needed a handout from the Bank of England. But Alan Yarrow, who in January became a vice chairman of Dresdner Kleinwort Benson, is an example of the advantages of staying put. By 1959, Kleinwort had recovered 2 million. Dresdner renamed its investment banking operations Dresdner Kleinwort Wasserstein. A few months after swallowing Kleinwort, Dresdner purchased San Francisco-based RCM Capital Management from Travelers Group, which managed assets of $26 billion for institutional clients in the stock and bond markets. As consumers, we often take for granted all the hard work that goes into building a great company. Unlike Robert Fleming and Schroders, the two last main UK banking survivors, Kleinwort Benson had failed, to Robertson's personal regret, to build up a major asset management operation. This was clarified to mean that Front Office staff would receive 10% of the bonus promised in December 2008 but support functions would receive their full bonus. [22] The Frankfurt branch of the bank was instrumental in initiating trading in emissions credits in 2003. This eye for expansion would continue to make Dresdner grow until its foreign interests were lost after World War I. Dresdner's huge credit reserve, like that of the other large German banks, also helped Germany transform itself from a capital importing to a capital exporting economy during the 1880s. [25], In December 2008 Commerzbank, which was in the process of acquiring Dresdner Bank,[26] decided to close Dresdner Kleinwort's Mergers & Acquisitions Unit. It did so under the guidance of Herman Andrae, Alexander Kleinwort's grand-nephew, who had become a partner in 1907 and whose influence in the firm waxed as that of his aging uncles waned. [40], RHJ International became "BHF Kleinwort Benson Group" in March 2015[41] and was acquired by Oddo & Cie in early 2016. In the mid-1970s, Dresdner opened representative offices in London, Tokyo, and even Moscow. Privacy Policy, Astbury, Kate, "Allianz Still Half in Love,", "Finance and Economics: Death of a Deal,", "For Better, For Worse; Allianz and Dresdner Bank,", Hobday, Nicola, "Whither Dresdner Kleinwort Wasserstein,", Jenkins, Patrick, "DrKW Aims to Recapture Past Glory,", Kerr, Ian, "Can Kleinwort Elude the Vultures,", Merrell, Caroline, "Allianz Signals Disposal of DKW,", Stevenson, Richard W., "Dresdner Will Pay $1.6 Billion for Kleinwort Benson,", "Wasserstein's Acquisition Completed by Dresdner,". [2] For example it became part of a syndicate that marketed shares in the Illinois Central Railroad in 1852. As a member of the Tata Administrative Service, he worked on a number of projects in areas such as hotels, luxury goods, telecoms and soft drink bottling and distribution. New name for Dresdner Kleinwort Capital - buyoutsinsider.com Judy has more than 20 years of global investment experiences in venture capital and private equity investments ranging from primary fund commitments, direct investments to M&A activities that span across US, Europe, and Asia, particularly in China. Mr. Morriss has been Treasurer and a member of the Board of The Margaret Thatcher Foundation since 1997. Kleinwort Benson was a leading investment bank that offered a wide range of financial services from offices throughout the United Kingdom and Channel Islands. Focus Industries: Biotechnology; Business and consumer products . The company operated as Dresdner Kleinwort Benson (DKB) after the 1995 acquisition. When Kleinwort and Robert Benson Lonsdale merged in 1961, The Economist described it as "a marriage of essentially complementary partners." "We had 20 billion when we should have had a minimum of 50 billion," he says. His clients includes: Citibank, P&G, Unilever, Lucent, China Mobile, China Telecom, China Unicom, PetroChina, Sinopec and CNOOC. Among the most popular fund investment industries, there are Business Intelligence, Information Technology. Admittedly, "whenever I've felt like moving, something's happened to the firm where I've been working," he says. Also in 1984, Kleinwort Benson Australia acquired a 50 percent interest in Australia Gilt Company Group, a dealer in Australian government securities. 4/30/2023 2:00 AM. This was not unusual; having representatives on boards and councils, as well as controlling blocks of voting stock shares, were the chief ways that the big German banks exercised economic control. St. James Press, 2004. Barry served as Senior Investment Officer responsible for Alternative Investments and Private Equity placements where he undertook direct private equity, mezzanine debt and partnership transactions. He is Foundation Fellow, Corpus Christi College, Oxford. Finally, we can read about how these great companies came about with Company Histories.. [20], In 1995, Kleinwort Benson was acquired by Dresdner Bank and, as Dresdner Kleinwort, became its investment banking arm. A syndicate of 14 old-line merchant banks, which was led by Hambros and Lazard Brothers and included Robert Benson Lonsdale, came to the aid of British Aluminum. Dresdner and its rival Deutsche Bank both rushed to capture this new market, forming joint ventures with Deutsche Kreditbank outlets. Isaac began his career at Intel, managing microprocessor based systems, micro-controller based ASICs, and computer-aided design systems. Principal Competitors: Allen & Company Inc.; Credit Suisse First Boston Corp.; Lazard LLC. analysing the strategic implication of transactions, structuring the transaction to ensure the most effective long term benefits for both parties, structuring payment terms to ensure the best valuation for all parties, ensuring effective tax and exchange rate management within the relevant regulatory framework, doing an 'as is' valuation of the business, determining the right price to pay or accept for the business, determining the capital structure of a transaction, determining the earn out element of the valuation, Assessing the capital structures of our clients, and advising them on appropriate funding choices, Advising our clients on the suitability of particular investors, Building a funding strategy with our clients which is tailored to their particular needs, whilst paying attention to the clients positioning within a broader market context, Assisting in the valuation of our clients and creating marketing documents, including teasers, Information Memoranda, and Management Presentations, Managing discussions between our clients and investors, Assisting negotiation sessions, and guiding clients step-by-step towards successful transaction closure. Our colleagues at Financial News scoured the U.K.'s regulatory register for details of the 72 former Dresdner Kleinwort fixed income traders who Tuesday filed for a total of 34 million ($49 . [9] Kleinwort Benson worked on several major mergers and acquisitions at this time including the merger of Cadbury with Schweppes in 1969. He subsequently moved to Citigroup as a quant researcher in the number one ranked team before joining Aspect Capital as Head of Product Management.He holds a BSc in Economics & Statistics from UCL and a PhD in Econometrics following postgrad work at the Universities of Bristol and Cambridge. He has chaired the investment committees of and/or serves on several advisory boards of third party managed LBO and venture capital funds in North America and Europe and has advised several other financial institutions, including Hansa Capital, CdB Webtech, Standard Bank, Artio Global Investors, Surya Capital, GP Investimentos, ILFS India and De Agostini Alternative Investments on their investments in private equity and other alternative assets around the world, including real assets. Langham Capital Prior to L&T, he served as the CEO of Codenomicon, a Finnish security software company (acquired by Synopsys). The opportunity for economic growth was enormous, and the management team of Dresdner Bank seized it with a vengeance. Ms. Judy Ye is the Managing Partner of YiMei Capital. ", "The Oxford Dictionary of National Biography", "Brief History of Sharps Pixley as London Bullion Market Member", "The Privatization of UK Oil Assets 1977-87: Rational Policy-Making, International Changes and Domestic Constraints", "Harrod's new owner: Mohamed Al-Fayed; a quiet acquisitor is caught in the crossfire", "Kleinwort lifts payout after turnaround: 'Good feeling of confidence' running through bank, reports chairman", "Dresdner Bank Bids $1.5 Billion For Kleinwort", Yuganskneftegaz appraisal close to completion, $1.4bn sex discrimination law suit targets Dresdner Kleinwort Waserstein, Commerzbank to Close Dresdner Kleinwort U.K. M&A Unit, Dresdner Kleinwort to cut most Japan staff, Dresdner is sued by three more bankers over bonuses, Commerzbank sued for $49m over banker bonuses, Dresdner sued for millions in with held bonuses by 72 former traders, Commerzbank drops Dresdner Kleinwort Benson, "RHJ International to Acquire Kleinwort Benson From Commerzbank", "RHJ wins Chinese backing to buy Deutsche's BHF unit", "Kleinwort Benson tax compliance business bought by Saffron Tax Partners", "IFA buys book of 1,000 Kleinwort clients in RDR clear-out", "RHJ International: Extraordinary Shareholder's Meeting Update", "Oddo completes capital raising ahead of BHF Kleinwort Benson buy", "City of London Member details Sir Alan Colin Drake Yarrow (Alderman)", "A High-Powered Deal Maker Is Named to Lead Lazard", "The chief executive of the London Stock Exchange is stepping down next year", "Luke Johnson: from Pizza Express to Patisserie Valerie", https://en.wikipedia.org/w/index.php?title=Kleinwort_Benson&oldid=1138621296, This page was last edited on 10 February 2023, at 17:31. He is a co-founding director of ROPER Technologies Inc. (NYSE); and was a director of IDOX PLC (AIM) until 2013 and non-executive Chairman of Maxcess International Corporation until 2014. Get the full list, Youre viewing 10 of 24 services on a deal sell side. Kleinwort Benson was formed in 1961 when the firm of Kleinwort, Sons & Company merged with Robert Benson, Lonsdale & Company Limited. [24] In January 2006, the bank became the target of a US$1.4billion class action suit by six employees alleging bias and systematic discrimination against female workers. learn how over 7,000 companies got started! Traditionally, merchant bankers had to live with uncertainty as an inherent fact of business life. It was one of the few British securities firms that made a profit on equities dealing in late 1987 and early 1988. The resulting Kleinwort Benson Lonsdale held assets of 60 million. Dresdner Bank, which had profited by financing the government's astronomical wartime expenses, found that the German economy's unpreparedness for war, coupled with the Allied blockade and the industrial might of the United States, crippled non-military industries. Eddie Listorti - Viridios Capital Dresdner Kleinwort is a boutique investment banking firm that offers financial advisory services. Most recently at Dresdner Bank, he was a Director in the Institutional Restructuring division, where he was responsible for the sale of NPL portfolios and non-core holdings. Dresdner again pioneered overseas business dealings by becoming the first firm to set up a German bank outside of its own borders, opening the Company Luxemburgeoise de Banque S.A. in Luxembourg in 1967.
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