Dresdner Kleinwort, the corporate and investment banking unit of Germany's Dresdner Bank, could seek to raise capital from external partners, including financial institutions in the Middle East . Copyright (c) 2022 Company-Histories.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. Previously at Dresdner Kleinwort Wasserstein as head of the NY Leveraged Finance Group and founded the Real Estate and Public Finance Groups. Meanwhile, Judy is the co-founder and managing partner of NE Social Impact Fund (NE), a dedicated impact investing fund jointly established by YiMei and NPI, Chinas largest non-profit incubator. Kleinwort Benson Cross Financing proved to be a consistent moneymaker, while KBGS disappointed its parent's expectations. 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. PDF LUCAS C. MARTIN, CFA 732 977 8657 lucascm@gmail The German debt problem continued to dog Kleinwort after the outbreak of war in 1939. Both houses were British merchant banks of long standing. This was due largely to the capital loans that Dresdner and the other leading banks made to new and developing German industries. He has 35 years' experience in investment banking, capital markets, corporate and private banking and asset management with a particular focus on risk management. The union created the world's fourth-largest financial group, leaving Dresdner in an enviable position. The role of the big banks in Germany was closely related to developing industries and expanding commercial opportunities. Kleinwort Benson was formed in 1961 when the firm of Kleinwort, Sons & Company merged with Robert Benson, Lonsdale & Company Limited. In 1967, it opened an investment bank in New York, using its strong reputation in the Eurobond market to get underwriting business. Active, Closed, This describes the type of investor this organization is (e.g. The worldwide slump in bond prices, a decrease in mergers and acquisitions activity in Britain, and problems with Kleinwort Benson's settlement system all hurt its financial performance and left it in need of capital. He was a director at CirclePlusInvest, in charge of investment and post-investment management. Kleinwort Benson had made the acquisition in order to acquaint itself with price trends and auction techniques in the American treasuries market. It was Rller who been behind the founding of ABD Securities in 1968, and who had arranged the Kuwaiti sale of Daimler-Benz. He serves on the board of the UK charity, The Sutton Trust, and is an Advisory Director of the Scientific Exploration Society in the UK. The combination created Dresdner Kleinwort Wasserstein (DrKW), the seventh-largest corporate merger advisor in the world. We pride ourselves on the strength of our relationships, the integrity of our advice and a thorough analytical approach to our work. Descriptive keyword for an Organization (e.g. Its internal restructuring efforts appeared to pay off, and by September 2003 DrKW had reported three consecutive quarters of growth. In response, foreign bankers with loans outstanding in Germany declared that they would grant no more credit to German interests. Documentation: Legal documentation is integral for any business transaction or alliance. Ostensibly socialists, the Nazis were inclined to completely nationalize all the German banks under the absolute power of the Third Reich. 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. Rather than forcing Dresdner to sell the investment bank (an obstacle in prior merger negotiations), Allianz created a new corporate and market division under the leadership of Kleinwort Wasserstein. When the restrictions limiting the three major branches of Dresdner from operating outside of their zones of occupation were lifted in 1963, the domestic business needed to finance foreign expansion was finally available, and the bank started to become the international giant that it is today. [17] Important private sector transactions at that time included the takeover of Harrods by the Fayed brothers in 1984. China Guangdong Nuclear Power Fund Management, Youre viewing 10 of 165 services to companies. Of the four endeavors, the community of interest with Schaffhausenschor increased Dresdner's power the most. New York City Metropolitan Area Education . 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. Get the full list, Morningstar Institutional Equity Research. General corporate finance advisory work undertaken by Langham Capital includes advisory work (valuation, due diligence, structuring and negotiation), private placements, joint ventures, restructurings, spin-outs, and management buy-outs. 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. Isaac has held several positions in various companies, most recently as the Chief Strategy Officer of L&T Technology Services. Yarrow, who has spent his entire career in equities, has effectively been taken over twice, first by . Dresdner also planned to add 150 of its own branches in the former East Germany in 1991. While remaining a partner with EMA, he became a Senior Investment Partner with Global Environment Fund in Washington DC. Kleinwort Benson's 1984 annual report spoke of the firm forming a "global chain." Dresdner Kleinwort Capital | MyCapital SaaS, Android, Cloud Computing, Medical Device), Operating Status of Organization e.g. Judy and her team are keen to assist public welfare programs and make positive contribution to the society. Two families, the Kleinworts and the Bensons, founded two different merchant banks in London. 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. As a measure of the subsidiary's, and Dresdner's, American prominence, ABD's chief, Theodor Schmidt-Scheuber, was the first foreigner to be made head of an American stock exchange, in Boston. In 1968 Dresdner established German-American Securities--now called ABD Securities Corporation--in New York. Dresdner was at first restructured into ten separate institutions. Through Kleinwort Benson, Dresdner would gain a foothold in international investment banking. The strategy proved to be both costly and damaging to its reputation in the industry. Contact. [15] It went on to advise the British Government on the sale of 50.2% of British Telecom, the largest ever share issue at the time, in 1984. He joined Dresdner Kleinwort after working in the mergers and acquisition group at Merrill Lynch in New York and Tokyo. 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. VP to Director and Managing Director at Dresdner Kleinwort, MetLife, GE Capital-Genworth Financial 1998 - 2007 9 years. In 1988, American International Group acquired a 5.3 percent interest in Kleinwort Benson. Rehabilitation and Recovery After World War II. Dresdner renamed its investment banking operations Dresdner Kleinwort Wasserstein. Previously, he was a Member of Parliament from 1983 to 2017. He left the bank to work at various credit-focused hedge funds before leaving to manage his own capital.He is a graduate of the University of Waterloo with a Bachelor of Mathematics (Honours Actuarial Science/Finance Option Co-operative Program). 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. 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. 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. Shiv began his career with the Tata Group of Companies in India. Shiv is responsible for managing all aspects of the firm's activities including origination and executing transactions, client relationship management and financial management. 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. At the same time, Kleinwort Benson expected to expand under the leadership of a strong bank, giving it solid footing for a secure future. The domination of the big banks had long fostered a populist resentment, which the Nazis carefully exploited. [32] Other executives (Areski Iberrakene, Efstratios Hatzistefanis, Kaveh Taleghani and Stefan Guetter) won their bonus suits against the bank in August 2009. Dresdner became involved in yet another deal later that year. Kleinwort Benson nevertheless remained committed to securities. St. James Press, 2004. As a result, merchant banks had to diversify and shuck their traditional specialist status. We see them around but we don't know what goes on behind the scenes. [33] In September 2009, 72 former and current Dresdner Kleinwort front office employees sued for 30million in disputed bonus payments. Jens also has been Project Manager for the . 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. Privacy Policy, Roth, Terence, "Deutsche Bank, Dresdner Push into East Germany,", ------, "1992: West German Banks Rushing to Diversify in Anticipation of Barrier-Free Europe,", Rhoads, Christopher, and Erik Portanger, "Two Big German Banks Scramble in Wake of Aborted Megamerger,". He moves from Dresdner Kleinwort, where he covered Northern European companies and financial institutions, and will lead the firm's debt capital markets for companies in Germany, Austria . Dresdner Kleinwort Benson In September 2004, Coller Capital's fund acquired a $90 million portfolio of companies from Dresdner Kleinwort Benson. He also served as corporate manager & board director at PTW Architects firm. 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. Managing Director at Millburn Capital Group and Amper Investment Banking. 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. Soon after the Allianz merger, though, Dresdner stumbled badly. 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. In the early years of the 20th century Dresdner's continuous expansion made it a true giant of German industry. 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. Dresdner Kleinwort is a boutique investment banking firm that offers financial advisory services. The opportunity for economic growth was enormous, and the management team of Dresdner Bank seized it with a vengeance. 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. He is Honorary Fellow, Corpus Christi College, Oxford and serves as a member of its Endowment Investment Committee. Langham Capital advises companies on sourcing capital from the public markets (NASDAQ, AIM) as well as private equity. Mr. Wright was educated at Oxford University and holds a Certified Diploma in Accounting and Finance from ACCA. All rights reserved. A global cross-border investment bank providing M&A, capital raise and corporate finance advisory services, Direct presence in the US, the UK, and India, and banking partnerships worldwide, Completed transactions in the US, the UK, Continental Europe, the Middle East, Japan, and India, Specializes in the Technology and Consumer Sectors, Senior bankers with global M&A experience over many years. 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. Our activities involve: Negotiation: We understand that effective time and resource management is critical to the successful completion of a transaction. Leadership | Christopher Wright | Fraser Finance Banker 'not German enough' for Dresdner Kleinwort - The Guardian This bank crisis necessitated federal involvement: in 1931 the German government took over 90 percent of Dresdner. European banks were eager to combine so that they could compete more effectively with American mega-financial institutions, like Citigroup Inc., which offered a panoply of services to their corporate clients and were making headway in European markets. Marginal return of capital The LSE share buyback proves that LSE would rather weaken its strategic position through reactive tactics than set out a clear vision for the business. Isaac earned a Bachelors degree in Electrical Engineering from the University of Madras, a MS in Electrical and Computer Engineering from Florida Institute of Technology, and a MBA from Arizona State University. Such an attitude was not surprising, coming from a man who was elevated to chairman of Kleinwort Grieveson Securities in 1987, following the acquisition of Grieveson, Grant and Company, in an effort to give the former Grieveson Grant younger and more aggressive leadership. Henry Hu holds a Master Degree of Computer Science from Columbia University and a BS in Physics from Peking University. By investing into new business models and social enterprises, NE aims to provide capital and know-how to such enterprises while generating long-term investment returns which meet both social impact metrics as well as financial benchmarks. 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. Because of its traditional reliance on trade with Germany, Kleinwort was hit harder than most of its competitors by the crisis. Among the most popular fund investment industries, there are Business Intelligence, Information Technology. German insurance group Allianz has pursued a discriminatory hiring and firing policy at Dresdner Kleinwort, one of London's oldest investment banking businesses, designed to people senior. He is an experienced institutional investor in alternative assets in developed and emerging markets, board member of companies, public and private, in the USA, Europe and Asia, and family office executive. He advised on strategy and funding, with a view to introducing these companies to international best-practices in management and finance. Previous roles included CFO at Vision Capital, GP at EQT, and Finance and Investor Relations Director at Terra Firma. The Rt. Firms with international interests as extensive as Dresdner's experienced crushing setbacks as they lost vast international securities and capital holdings. 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) [8], Kleinworts and Robert Benson, Lonsdale and Co. merged to form Kleinwort Benson Lonsdale in 1961. Angel, Fund of Funds, Venture Capital), This describes the stage of investments made by this organization (e.g. Citing the "silent financing" of the German war effort through loans, as well as direct links of the kind previously noted, the Liquidation Commission decided to restructure Dresdner Bank into 11 small banks, each of which could operate only within its own zone of occupation. 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. Dresdner Bank Bids $1.5 Billion For Kleinwort - New York Times Thomas Wiegand - Cerberus Capital Management This stifled the basic expansionist impulse of the bank and cut off investment revenue. Individual investments | Coller Capital 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. However, KBGS seldom participated in auctions, nor was its familiarity with the demand for treasury securities as strong as had been hoped. In 1929, the economy's volume of business was 50 percent greater than it was before the war. He started his career at Standard Chartered Bank. We manage the negotiation process towards closure by setting and monitoring the timetable, taking each step forward towards completion and liaising closely with the other parties involved in the transaction. Currently, he is also an Adviser to AfricInvest, a pan-African private equity firm. [1] In 1786, Heinrich set up a partnership with Otto Mueller in Holstein to finance trade with England. He served as Chairman of various investment funds prior to and following the latter's integration with Allianz SE. But Dresdner did not prosper under Friderichs for long; his six years in charge were marked by mounting losses and turmoil among executives. Long considered the most conservative of the "Big Three" German banks, Dresdner's Kleinwort acquisition showed that the company was thoroughly committed to expanding into investment banking, rather than remaining primarily focused on its lower-margin core commercial banking operations. Hon the Lord Lilley is a British Conservative Party politician who joined the House of Lords in June 2018. Hans Friderichs, a former economics minister, was Ponto's eventual replacement. Steve brings his expertise in industrial and residential real estate, as well as sports and entertainment segment for potential expansion into industrial-sector strategies and real estate investment Principal Subsidiaries: Dresdner Asset Management GmbH (Germany); Dresdner Assert Management Ltd. (Singapore); Dresdner Bank plc (Ireland); Dresdner International Management Services Ltd. (Ireland); Dresdner RCM Gestion; Dresdner RCM Global Advisors Asia Ltd.; Dresdner RCM Global Investors Holdings Ltd. (U.K.); Dresdner RCM Global Investors LLC; MEIJI Dresdner Asset Management Co. Ltd.; Pension and Compensation Consulting GmbH; ALLAGO AG; Dresdner Bank Lateinamerika AG; Dresdner Bank Luxembourg SA; Dresdner Corporate Finance GmbH; Dresdner Kleinwort Wasserstein Limited (Japan); Dresdner Kleinwort Wasserstein Securities Limited; Dresdner Kleinwort Wasserstein Securities Limited (Asia); Dresdner Kleinwort Wasserstein Securities LLC (U.S.A.). ", "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. All rights reserved. Seeing the potential for growth in foreign markets, Dresdner began opening interests in Asia and Italy. When Kleinwort and Robert Benson Lonsdale merged in 1961, The Economist described it as "a marriage of essentially complementary partners." In his first year in charge, earnings rose 18 percent and assets 8 percent, to DM 189 billion. Steve holds an MBA from Rotman business school, University of Toronto. By 1989, it boasted of offices and subsidiaries in ten countries and four continents--a small empire of its own. A month later Kleinworts agreed another loan of 1,500,000 pounds sterling at 3%. [23] In 2004, the Russian government hired Dresdner Kleinwort to value Yukos's Yuganskneftegaz which was later sold to Russian state oil major Rosneft. Ikarus Capital | Team They merged in 1961 to create Kleinwort Benson Lonsdale, later Kleinwort Benson. Thornton managed about $1.49 billion in mutual funds and pension accounts. In 1986 he relocated to New York to manage the Kleinwort Benson Limited portfolio of North American private equity, high-yield and mezzanine investments. Tim was the founder of On Beyond Investing, an investment research firm that looked for value in off-the-beaten-path securities.Tim started his career on the credit products proprietary trading group at TD Securities. Dresdner set out to bolster its international presence by concentrating on developing a global asset-management network. The firm provides mergers and acquisitions, strategic alliances, equity and debt underwriting, sales and trading, derivatives, equity research, and valuation services. Reunification meant more than gaining domestic strength for the new Dresdner Bank: it meant the bank could expand once again. In 1948, Robert Benson & Company Limited merged with Lonsdale Investment Trust, whom it had served as bankers, to form Robert Benson Lonsdale. . Hugh was a journalist in 1977-1986 for The Economist, as the magazines Tokyo correspondent, World Business Editor in London and finally New York correspondent. Robert Benson Lonsdale's strengths lay in corporate finance and underwriting, but it had done little business in more traditional areas of merchant banking. 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. Team Calderwood Capital | UK No matter what its future held, Kleinwort Benson deserved credit for its ambitious program of expansion and diversification in the 1970s and 1980s, which recalled the golden age of the British merchant banks. 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. [37], In November 2011 Saffron Tax Partners announced the acquisition of the private client tax compliance business from Kleinwort Benson. 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.
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