In 1988, Kleinwort Benson sold a 25 percent interest in KBGS to Fuji Bank. Dresdner Kleinwort Capital appeared to be the VC, which was created in 2001. 4/30/2023 2:00 AM. Its internal restructuring efforts appeared to pay off, and by September 2003 DrKW had reported three consecutive quarters of growth. Contact. In 2001, Dresdner Bank acquired Wasserstein Perella & Co. and folded it into Dresdner Kleinwort's operations. He was until 2014 non-executive Chairman of Maxcess International Corporation (a US based industrial controls business), and a founding board member of IDOX Plc (AIM), a leader in e-government software in the UK. Anne has worked in private equity since 2004 most recently as CFO at Cap10 Partners. The firm moved to London in 1852 and gradually began to specialize in investment banking. [33] In September 2009, 72 former and current Dresdner Kleinwort front office employees sued for 30million in disputed bonus payments. With offices in India, the US and the UK, Langham Capital has built a strong global network of senior executives, entrepreneurs, investors, attorneys and advisors, and can execute transactions across all key geographies. Address: Jurgen-Ponto-Platz 1 60301 Frankfurt Germany Telephone: 49-692-630 Fax: 49-692-63-4831 http://www.dresdner-bank.com Statistics: Public Company Incorporated: 1872 as Dresden Bankhaus Employees: 48,455 Total Assets: $448.81 billion (2002) Stock Exchanges: German Ticker Symbol: DRB Dresdner Kleinwort Capital is a London-based investment banking firm providing brokerage services for financial and investment products. Nonetheless, the firm suffered no permanent damage from the war, and even had slightly more capital in 1918 than it did in 1913. The reunification of East and West Germany offered Dresdner a host of new opportunities as well. Some of these moves worked well; others did not. Since one of the primary reasons for a universal bank is to back developing industry, Dresdner, as a major shareholder in many German firms, felt the pinch of the Treaty of Versailles as sharply as the rest of Germany did. Dresdner Bank A.G. [17] Important private sector transactions at that time included the takeover of Harrods by the Fayed brothers in 1984. In response, Kleinwort joined the industry-wide trend toward raising money for domestic industry in the 1920s. Beginning in the late 1980s, banks throughout Europe and the world began to gear up for the unification of the European market that was planned for 1992, which would create an integrated market for banking and financial services. Three years later, Dresdner and the entire German business community were shocked when Jrgen Ponto, Dresdner's chief executive, was killed by left-wing terrorists during a kidnapping attempt. This bank crisis necessitated federal involvement: in 1931 the German government took over 90 percent of Dresdner. Our bankers pride themselves on working closely with our clients to provide tailored advice for specific situations. In anticipation of monetary union in 1990 (which preceded political union by a year), East Germany revamped its entire banking system, spinning off its state central bank's retail operations into a new unit called Deutsche Kreditbank. Until mid-2003 he served as Head of Global Private Equity for Dresdner Kleinwort Capital and was a Group Board Member . 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. Though sometimes criticized for being unusually willing to assume risks, the management team of Dresdner Bank, led especially by Eugene Gutman, quickly made Dresdner the number two financial institution in Germany, behind only Deutsche Bank. Ms. Judy Ye is the Managing Partner of YiMei Capital. Its new-found size and strength stood it in good stead for the hectic times to come. In 2000, the company began courting Wasserstein Perella & Co., an American investment bank founded in the late 1980s by the infamous dealmaker Bruce Wasserstein in conjunction with Joseph Perella. On top of this was the Allies' insistence that all Allied countries be given the right to confiscate any German private property abroad. He was primarily responsible for handling commercial and residential real estate development, and designing large international EPC projects with many prominent public works. Robert Benson Lonsdale's strengths lay in corporate finance and underwriting, but it had done little business in more traditional areas of merchant banking. [22] The Frankfurt branch of the bank was instrumental in initiating trading in emissions credits in 2003. Researched capital market developments in frontier market economies and analyzed vulnerabilities related to financing needs, reserve adequacy, asset valuation, and institutional quality . Isaac runs the Information Technology practice at Langham Capital. The deal made Kleinwort Benson the first foreign bank to own a government securities firm that dealt directly with the Federal Reserve Bank of New York. Dresdner also continued its pan-European development when it forged an alliance with Banque Nationale de Paris (BNP), one of the three largest banks in France, in 1991. By developing these overseas connections, the bank was able to outgrow its involvement in various consortiums with other banks and became truly international on its own terms again. In 1986, The Economist called Kleinwort Benson the "great white hope of British merchant banking," stating that Kleinwort Benson and S.A. Warburg were the only British merchant banks poised to become world-class financial institutions. On the other hand, the merger left the future of DrKW in question. 57. Soon after the Allianz merger, though, Dresdner stumbled badly. Reunification meant more than gaining domestic strength for the new Dresdner Bank: it meant the bank could expand once again. In 1958, Robert Benson Lonsdale became embroiled in what became known as Britain's Great Aluminum War. Christopher Wright is Chairman of EMAlternatives LLC in Washington DC, an emerging markets focused private equity asset management firm, and a director of Merifin Capital Group, a private European investment firm. That year, Dresdner became the first German company to have its shares listed on the Tokyo stock exchange. Henry developed domain knowledge and personal network in TMT, Energy, Consumer and Financial Industries. [2] Kleinworts established a successful trading business in Cuba, profiting from the expansion of the H. Upmann and Sons cigar business. [16] It assisted with the privatization of Enterprise Oil in the same year. Dresdner did benefit somewhat, however, from the government's plan to restructure the banks and keep credit rates down by buying up banks and giving them cash. He started his career at Standard Chartered Bank. In 2003 Dresdner's chief executive Bernd Fahrholz resigned and was replaced by Herbert Walter. World War I and its aftermath were a disaster for almost every company in Germany. Shiv has a Bachelors degree in Economics from the University of Sussex, a Masters degree in Development Economics from the University of East Anglia and an MBA from London Business School. Before his time in CoWare, Isaac worked with Cadence, when the company was still a start-up, and helped grow the now billion dollar company in electronic design automation. In 1984, anticipating the new opportunities that the 1986 deregulation of the financial markets would bring and aware of the increasing interdependence of the world's financial markets, Kleinwort Benson redoubled its efforts, making several major acquisitions in the United States. Rumors began to fly that the once mighty and prestigious merchant bank would be forced to dissolve. Dresdner Kleinwort Capital is a London-based investment banking firm providing brokerage services for financial and investment products. Dresdner continued to expand, opening branches in Singapore and New York in 1972. Currently, he is also an Adviser to AfricInvest, a pan-African private equity firm. Managing Director at Millburn Capital Group and Amper Investment Banking. [2] Over the course of the 19th century, the Benson family, under the control of Robin Benson, grew its wealth through railway finance in Britain, Europe and America. [10], The firm decided to enter the securities market buying Charlesworth and Co., a stock jobber, in October 1984[11] and Grieveson Grant, a leading stockbroker, in April 1986. In her earlier career, Judy worked as M&A project manager at PepsiCo, New York. Accordingly, Dresdner Bank expanded rapidly in its first decade through a series of acquisitions, liquidations, and absorptions of smaller institutions. Allianz announced it would lay off 8,000 Dresdner employees that year, with another 3,000 cuts slated. He managed M&A, privatization, equity raising and private equity transactions for global clients in a number of markets and jurisdictions including the UK, Europe, US, India, South Korea, Russia, Kazakhstan, Saudi Arabia, UAE and Brazil. However, KBGS seldom participated in auctions, nor was its familiarity with the demand for treasury securities as strong as had been hoped. In 1967, it opened an investment bank in New York, using its strong reputation in the Eurobond market to get underwriting business. Moving to the US with PwC in 1992, he was a senior partner in M&A. He is a director of Asset Metrix GmbH and insticube GmbH, both B2B software companies in Munich. 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. The fracas started when Reynolds Metals, in cooperation with the relatively new British investment firm Tube Investments, made an unfriendly bid to take over British Aluminum, which was then considering a friendly offer from Alcoa. 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. 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. [39] The bank moved to new premises at St George Street in London in 2012. Principal Competitors: Bayerische Hypo-und Vereinsbank Aktiengesellschaft; Citigroup Inc.; Commerzbank AG; Credit Suisse Group; Deutsche Bank AG. The Company advises on mergers and acquisitions, underwrites equity and debt securities, and offers other . Both parties eyed the $1.6 billion purchase as being highly beneficial. By 1995, however, the firm had rebounded through the implementation of a new management plan that focused company efforts on corporate finance and origination and distribution of domestic and international equities. The company offers its corporate, government, and institutional clients a variety of capital markets products and services, including short-term products and treasury, equity products, rates, credit products, foreign exchange debt . Lord Lilley also served as a non-executive Director on boards of several firms, including Tethys Petroleum Ltd., Melchior Japan Investment Trust PLC, Idox PLC and J P Morgan Cloverhouse Investment Trust. B-22, Jungpura Extension, New Delhi - 110014, India, 28 Devonport, 23 Southwick Street, London, England, W2 2QF. Kleinwort relocated to London in 1855. Allianz had long sought to establish itself not just as an insurance company, but as a global financial services provider along the lines of Citigroup. We see them around but we don't know what goes on behind the scenes. He served until 2005 on the board of Genaissance Pharmaceuticals (NASDAQ). Until March 2007, he spent 19 years at Kleinwort Benson/Dresdner Bank in various roles including derivatives trading, hedge fund management and served as COO of Dresdner . learn how over 7,000 companies got started! St. James Press, 2004. Dresdner was at first restructured into ten separate institutions. The firm provides mergers and acquisitions, strategic alliances, equity and debt underwriting, sales and trading, derivatives, equity research, and valuation services. Mr. Wright was educated at Oxford University and holds a Certified Diploma in Accounting and Finance from ACCA. Hugh has a BA in philosophy, politics and economics from Oxford University, was a Kennedy Scholar at Harvard, and has an MSc in sociology from the London School of Economics. By 1989, it boasted of offices and subsidiaries in ten countries and four continents--a small empire of its own. The Wasserstein name was dropped in July. Judy holds an MBA degree from the Wharton School, University of Pennsylvania, and a BA in International Economics from Peking University. The 22 companies are mainly US-based and operate in a range of business sectors. Friderichs's replacement was Wolfgang Rller, a member of Dresdner's board whose specialty was the securities business. Dresdner Kleinwort is a boutique investment banking firm that offers financial advisory services. Win whats next. Source: International Directory of Company Histories, Vol.60. [40], RHJ International became "BHF Kleinwort Benson Group" in March 2015[41] and was acquired by Oddo & Cie in early 2016. Barry received his MBA from University of North Carolina and BA, Economics from Vassar College. By the 1780s, they had gone into business in Liverpool as cotton merchants. The resulting Kleinwort Benson Lonsdale held assets of 60 million. In a career spanning over 30 years, Isaac managed operations in software and hardware products and services, working with mobility, wireless, telecom, networking, storage, security, media and semiconductor industries and emerging technologies. The company offers its corporate, government, and institutional clients a variety of capital markets products and services, including short-term products and treasury, equity products, rates, credit products, foreign exchange debt origination, sales and marketing, research, risk management, and tax services. Rehabilitation and Recovery After World War II. The two German banks were in the final stages of negotiating a merger in 2000, when the deal fell apart. This, together with issues regarding severance payments and guaranteed bonus payments, led to a number of lawsuits. He is Chairman of the Fine Art Group Ltd in London, a specialist art investment, advisory and credit products platform. In 1986, it entered the domestic life insurance business by buying Transinternational Life from Transamerica Corporation and, even more importantly, prepared itself for the impending deregulation of the British financial markets known as the Big Bang by acquiring the securities brokerage Grieveson Grant. Both Dresdner and Allianz have suffered since this merger because of problems with Dresdner's investment bank business, Dresdner Kleinwort Wasserstein. The London branch was especially significant for the bank because London was the financial center of the world at that time; it gave the company 19 highly profitable years before the onset of World War I. [28] It also became clear that the capital markets and equities units would close and that advisory work would only be undertaken for Commerzbank's German clients. In 1986 he relocated to New York to manage the Kleinwort Benson Limited portfolio of North American private equity, high-yield and mezzanine investments. Phone: 442 - 74- 755493 Fax: 442 - 74- 756809 . After 1945, the destruction of the German economy, the loss of prewar loan records, and the fact that Soviet Union did not want to see money repaid to Western bankers from its zone of occupation complicated the matter of settling the debts. He is co-founder and member of the executive committee of Roper Technologies Inc (NYSE listed, S+P 500, a Florida based large-cap diversified software, medtech and technology instrumentation company) whose audit committee he also chars. In his first year in charge, earnings rose 18 percent and assets 8 percent, to DM 189 billion. Corporate finance continued to account for a large share of its revenues and, according to The Economist, it also had "the biggest banking book of any British merchant bank, with some 3 billion of loans outstanding.". In the first two cases, the firm found itself with unprofitable investments in failing companies that it was also forced to manage; in the third, it loaned money to insurance entrepreneur Clarence Hatry, only to lose all of it when Hatry was convicted of fraud in 1929. Prior to this, he worked in the investment banking and corporate finance division of Credit Suisse, based in Mumbai, Singapore and Hong Kong, and the investment banking arm of Barclays Bank (then known as BZW), based in New Delhi. Vikram has a Bachelors Degree in Mechanical Engineering from the Birla Institute of Technology, MESRA, Ranchi and an MBA (Finance Major) from the Faculty of Management Studies, University of Delhi. The two companies ironed out the terms of the agreement, completing the $1.4 billion transaction in January 2001. In 1968 Dresdner established German-American Securities--now called ABD Securities Corporation--in New York. However, S.A. Warburg, another London banking house of long standing, sided with Reynolds, producing a bitter and divisive rupture in London's merchant-banking fraternity. Dresdner Kleinwort Wasserstein Address: 20 Fenchurch Street London EC3P 3DB United Kingdom Telephone: (207) 623-8000 Fax: (207) 623-4069 http://www.drkw.com Statistics: Wholly Owned Subsidiary of Dresdner Bank AG Incorporated: 1961 Employees: 6,500 Total Assets: EUR 413.4 billion ($424.5 billion) (2002) "We had 20 billion when we should have had a minimum of 50 billion," he says. Dresdner immediately took advantage of its situation and became the first German bank to open an office overseas after World War II when it established a representative station in Istanbul in the late 1950s. As one of the privileges of leadership, Hermann Goering was allowed to have a company of his own, Goering Werke, an iron ore processing works whose products were in heavy demand during the Nazi war buildup. Dresdner then united its assets-management operations into one unit: Dresdner Kleinwort Benson, which boasted 8,000 employees and was one of Germany's largest fund managers. Active, Closed, This describes the type of investor this organization is (e.g. [8], Kleinworts and Robert Benson, Lonsdale and Co. merged to form Kleinwort Benson Lonsdale in 1961. The firm provides mergers and acquisitions, strategic alliances, equity and debt underwriting, sales and trading, derivatives, equity research, and valuation services. But the banks were too loyal to their customers and lent out too much money. Engage via Email. In the year after the crash, Dresdner was able to buy another of the major Berlin banks, Darmstadter, making Dresdner for a time the largest bank in Germany. Kleinwort Benson was formed in 1961 when the firm of Kleinwort, Sons & Company merged with Robert Benson, Lonsdale & Company Limited. Judy and her team are keen to assist public welfare programs and make positive contribution to the society. The union created the world's fourth-largest financial group, leaving Dresdner in an enviable position. The dissolution of economic barriers between European states required German banks to extend beyond their national boundaries. Earlier, Barry worked at the Federal Reserve Bank of New York. Deutsche Bank wanted Dresdner to jettison its investment banking arm, Dresdner Kleinwort Benson; Dresdner refused, making itself "a takeover candidate more than ever," according to the April 10, 2000, Wall Street Journal. In 2001 Dresdner was acquired by Allianz AG, a global insurance provider that saw the takeover as a way of bolstering its financial management arm. Before focusing on India, Hugh was managing director and head of the telecommunications practice at Dresdner Kleinwort, where he had earlier specialized in merger and acquisition and financing transactions for energy and utility companies, with a focus on the UK, Germany and Russia. Dresdner Kleinwort Securities LLC 1301 Avenue of the Americas New York, NY 1001 9-61 63 June 15,2007 Securities and Exchange Commission 100 F Street, N.E. The Big Three of Berlin (now Dresdner, Deutsche, and Commerzbank) had lost 1.3 billion marks in assets and capital in the previous two years. Their activities range from helping clients raise capital and execute their most strategic moves to offering straightforward loans, structured finance or delivering asset liability driven transactions. www.dresdnerkc.com. [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. The merger fell through, however, after it became apparent that DKB would be carved up as a result of the deal. 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. [38] In December 2012 London-based independent advice firm SK Financial bought about 1,000 clients from Kleinwort Benson that Kleinwort Benson felt it could no longer support profitably after the implementation of the Retail Distribution Review. Mr. Wright has advised and/or sat on the boards of other institutions, including Hansa Capital LBG, CdB Webtech SgR,), Artio Global Investors Inc, Surya Capital LLP, GP Investimentos SA, and IDeA Alternative Investments SpA. Following its acquisition by Socit Gnrale in June 2016, it was merged with SG Hambros, already a subsidiary of Socit Gnrale, to form Kleinwort Hambros in November 2016. Andreas T. Angelopoulos has more than 30 years of experience in private equity, asset management, investment banking and engineering. It tried to recover its money through foreign courts but without success. Head of Renewable Energy, Head of Utilities Debt Origination, and Senior Project and Acquisition Finance Director at Dresdner Kleinwort. All rights reserved. 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. The bank struggled to regain some of its prominence during the early postwar years but then faced another reformation from the Liquidation Commission. He worked on the prop desk for 11 years, moving up to the position of Director, trading convertible bonds, credit default swaps, corporate bonds, and various other derivatives. Shiv is responsible for managing all aspects of the firm's activities including origination and executing transactions, client relationship management and financial management. 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. Particularly in the wake of the global insecurity caused by the terrorist attacks in the United States on September 11, 2001, investment banking took a beating across the globe, and Dresdner's mergers and acquisitions business dried up. With the Soviet occupation of East Germany, all of Dresdner's offices east of the Oder-Neisse line were closed permanently. Mr. Wright has been a director of Merifin Capital NV, a private European family owned investment firm since 1987. In 1970, it opened an office in Tokyo which, combined with its subsidiaries in Thailand and Hong Kong, gave it a stronger presence in Asia than any other British merchant bank. Between 1924 and 1929, Dresdner Bank was involved in a lending policy that brought economic chaos to Germany again in 1931. Dresdner Kleinwort Capital is a London-based investment banking firm providing brokerage services for financial and investment products. In New York, it bought ACLI Government Securities Incorporated, a U.S. government securities dealer, from the investment bank Donaldson, Lufkin & Jenrette, renaming it Kleinwort Benson Government Securities (KBGS). He has 35 years' experience in investment banking, capital markets, corporate and private banking and asset management with a particular focus on risk management. Despite its turnaround, Kleinwort Benson continued to face increased competition from its larger U.S. and European counterparts. [12], In the 1980s, Kleinwort Benson was a pioneer in privatisation. 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. [4], The firm helped finance Francisco Franco's coup d'tat in Spain by approving a credit of 800,000 pounds at 4% interest on 15 September 1937. London, England, United Kingdom Investment Bank Late Stage Venture 147,382 Highlights Investments 6 Exits 4 Funding Round Aug 14, 2001 / and other investors Discover more funding rounds View All Details Industries In 1990, Dresdner inked a deal with Deutsche Kreditbank that gave the West German firm control over 72 Kreditbank retail branches and a 49 percent stake in the outfit, which was named Dresdner Bank Kreditbank AG. He was a Cabinet Minister in the governments of Margaret Thatcher and John Major, and served as Secretary of State for Social Security, Secretary of State for Trade and Industry, and Financial Secretary. Before the year was out, the house had sold a 4.9 percent interest to American Can, which sold its shares to Morgan Stanley International several months later.
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