Get the full list, Morningstar Institutional Equity Research. The European banking sector as a whole began to experience a wave of merger activity in the late 1990s and into the 2000s. 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. 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. 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. [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. Judy serves as a board member of Shanghai Charity Foundation and United Way China, and also president of the Wharton Club of Shanghai Board. 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 . But Kleinwort still had sound core businesses and the attractions to Dresdner . 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. 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. 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 . This, together with issues regarding severance payments and guaranteed bonus payments, led to a number of lawsuits. [29], In February 2009 the Commerzbank management announced that no bonuses would be paid across the Commerzbank group including Dresdner Kleinwort. Judy and her team are keen to assist public welfare programs and make positive contribution to the society. At the time, it had 4.4 million in German, Austrian, and Hungarian bills outstanding. With the Soviet occupation of East Germany, all of Dresdner's offices east of the Oder-Neisse line were closed permanently. Because of its traditional reliance on trade with Germany, Kleinwort was hit harder than most of its competitors by the crisis. He has over 35 years of private equity, corporate finance, and industry experience. 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. He helped these clients with strategic transformation and operation optimization services to improve their competitive advantages. [17] Important private sector transactions at that time included the takeover of Harrods by the Fayed brothers in 1984. Currently, he is also an Adviser to AfricInvest, a pan-African private equity firm. However, the merchant banks' traditional business of raising money for foreign ventures never fully recovered after the armistice, due to informal restrictions on foreign trade and increased competition from banks in New York and other up-and-coming financial centers. Before FTI Consulting, Vikram founded a boutique advisory and investment firm to focus on investing personal and co-investor capital in early-stage and mid-market companies. Dresdner Kleinwort Wasserstein Capital Markets Follow About us Created in 2000 through the merger of Dresdner Kleinwort and Wasserstein Perella. In 1948, Robert Benson & Company Limited merged with Lonsdale Investment Trust, whom it had served as bankers, to form Robert Benson Lonsdale. 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. He is also a Visiting Senior Fellow at the LSE IDEAS diplomacy and strategy think-tank at the London School of Economics. 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. Among the most popular fund investment industries, there are Business Intelligence, Information Technology. This investment-banking subsidiary was an extremely important part of Dresdner's worldwide securities expertise. The two companies ironed out the terms of the agreement, completing the $1.4 billion transaction in January 2001. Phone: 442 - 74- 755493 Fax: 442 - 74- 756809 . The dissolution of economic barriers between European states required German banks to extend beyond their national boundaries. Mr. Wright was educated at Oxford University (M.A.) Get the full list, Youre viewing 10 of 24 services on a deal sell side. Hon the Lord Lilley is a British Conservative Party politician who joined the House of Lords in June 2018. Kleinwort Benson was a leading investment bank that offered a wide range of financial services from offices throughout the United Kingdom and Channel Islands. ", "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. The reunification of East and West Germany offered Dresdner a host of new opportunities as well. SaaS, Android, Cloud Computing, Medical Device), Operating Status of Organization e.g. However, KBGS seldom participated in auctions, nor was its familiarity with the demand for treasury securities as strong as had been hoped. Dresdner Kleinwort is a boutique investment banking firm that offers financial advisory services. Four years entrepreneurship experience gave Henry very solid training in starting up company, including team building, fund raising, operation & governance, product development, sales & marketing. He also served as corporate manager & board director at PTW Architects firm. In 1988, Kleinwort Benson sold a 25 percent interest in KBGS to Fuji Bank. 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) Copyright (c) 2022 Company-Histories.com. Nevertheless, Kleinwort survived the Depression, while other merchant banks either folded or needed a handout from the Bank of England. 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. The domination of the big banks had long fostered a populist resentment, which the Nazis carefully exploited. 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. Under Rller, Dresdner began to prosper again. CO-FOUNDER Dylan was formerly Head of Liquid Investments at Calibrium AG, Zurich, where he helped build and establish one of the largest Family Office's in Europe. 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 All rights reserved. Kleinwort Benson recognized early on that the future of merchant banking also lay over the seas. In September 2000, Dresdner opted to beef up its investment banking operations again, when it acquired Wasserstein Perella, a New York investment bank that had played an advisory role in the merger of Time Warner, Inc. and America Online, Inc. Wasserstein gave Dresdner a stronger presence in the United States, as well as a boost in its American mergers and acquisitions business. The strategy proved to be both costly and damaging to its reputation in the industry. 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. 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. In 1968 Dresdner established German-American Securities--now called ABD Securities Corporation--in New York. Additionally, it offers financing and securities management, private placements . Two families, the Kleinworts and the Bensons, founded two different merchant banks in London. The 1960s and 1970s were years of fierce activity for merchant banks, marked by increased competition both from foreign firms and from domestic rivals spurred on by a 1971 Bank of England policy statement encouraging looser regulation of British financial institutions. On top of this was the Allies' insistence that all Allied countries be given the right to confiscate any German private property abroad. Langham Capital provides expert corporate finance advisory services to companies seeking to build their global businesses. The Wasserstein name was dropped in July 2006 when the. [14] It next advised on the privatisation of Associated British Ports in 1983. Mr. Lambert serves as a member of Vine's investment committee and is a Board member of Village Roadshow, a Vine portfolio company. 4/30/2023 2:00 AM. By the 1780s, they had gone into business in Liverpool as cotton merchants. 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. He has acted as Chairman of various investment funds prior to and following the latters integration with Allianz Private Equity. As a universal bank, Dresdner Bank was formulated to serve all of the economic needs of its community. This bank crisis necessitated federal involvement: in 1931 the German government took over 90 percent of Dresdner. 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. A month later Kleinworts agreed another loan of 1,500,000 pounds sterling at 3%. He also focused on restructuring investments in small-to-medium sized German telecommunications companies for Dresdner Kleinwort Capital, the private equity arm of Dresdner . Dresdner set out to bolster its international presence by concentrating on developing a global asset-management network. Dylan started his career at Dresdner Kleinwort Benson in 1997 in the Quant, Strategy and Economics group before moving to Socit Gnrale's highly regarded global strategy team. Nonetheless, Kleinwort Benson's share of the British equities market remained at 5 percent in 1989, not enough to put it in the front ranks of Britain's securities firms. Our familiarity with cross border deal structures helps focus on the most effective options to maximise value creation for our clients. Engage via Email. Dresdner also planned to add 150 of its own branches in the former East Germany in 1991. Prior to joining us, Janusz was head of Central and Eastern European private equity at Allianz Specialized Investments (formerly Dresdner Kleinwort Capital), having previously been deputy chairman and managing director of PTP-Kleinwort Benson. 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. In September 2012, it announced that it had reached agreement with Deutsche Bank for Kleinwort Benson to acquire BHF Bank for 384 million. Mr. Wright was educated at Oxford University and holds a Certified Diploma in Accounting and Finance from ACCA. 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. All rights reserved. Also in 1984, Kleinwort Benson Australia acquired a 50 percent interest in Australia Gilt Company Group, a dealer in Australian government securities. Allianz made it clear that it would either split off or scale back Kleinwort Wasserstein. The opportunity for economic growth was enormous, and the management team of Dresdner Bank seized it with a vengeance. Even worse for Kleinwort, the German government declared a moratorium on the repayment of foreign loans in the wake of that nation's bank crisis of 1931. After leaving in 1997, he co-founded an international advisory firm focusing on the emerging markets and in 2007, he co-founded EMAlternatives, a fund-of-funds manager focusing on emerging markets, including investments in China. 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.". Before joining YiMei as an Advisor, Barry was the Managing Partner at GroveStreet, where he still serves as Senior Advisor. The foundation of the Central Bank for Railway Securities by Dresdner in 1898 further cemented the relationship between the bank and the railroad industry. 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 Its recent financial performance had been faltering and, to top it off, Dresdner did not appear as adamant as it had in the past for keeping its investment unit intact now that it had a rich parent. Dresdner Kleinwort Benson Private Equity has changed its brand name to Dresdner Kleinwort Capital. Isaac runs the Information Technology practice at Langham Capital. 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. Both houses were British merchant banks of long standing. 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. Until mid-2003, he also served as Head of Global Private Equity of Dresdner Kleinwort Capital and was a Group Board Member of Dresdner Kleinwort based in NYC, London and Frankfurt having joined Kleinwort Benson in 1978. 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. During those five years, Germany began to rebound economically. Some of these moves worked well; others did not. At the same time, Kleinwort Benson expected to expand under the leadership of a strong bank, giving it solid footing for a secure future. Through Kleinwort Benson, Dresdner would gain a foothold in international investment banking. Dresdner also expanded through technical innovation, using data processing systems to manage accounts in 1958, becoming the first West German firm to do so. It was one of the few British securities firms that made a profit on equities dealing in late 1987 and early 1988. 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. 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. In 1965, Kleinwort Benson entered the oil and gas business when its subsidiary Kleinwort Benson Energy began drilling on the continental shelf. In 1988, American International Group acquired a 5.3 percent interest in Kleinwort Benson. Before its victory over France in 1871 organized Germany as a modern nation-state, there had not even been standardized units of currency, weight, or measurement. Immediately prior to founding Langham Capital, Shiv managed two technology ventures in Europe. He was in charge of oversea business development & strategy, international business management, international M&A and change management post M&A. His clients includes: Citibank, P&G, Unilever, Lucent, China Mobile, China Telecom, China Unicom, PetroChina, Sinopec and CNOOC. In the mid-1970s, Dresdner opened representative offices in London, Tokyo, and even Moscow. Dresdner Kleinwort Wasserstein has moved its Tokyo-based Asia ex-Japan credit derivatives trading operation to Singapore as part of an on-going effort to build its capital markets presence in. When the Nazis assumed power in 1933, the banking crisis was far from over. Dresdner Kleinwort Capital appeared to be the VC, which was created in 2001. The Depression proved disastrous for many British merchant banks, slowing foreign trade to a virtual standstill. In 1986 he relocated to New York to manage the Kleinwort Benson Limited portfolio of North American private equity, high-yield and mezzanine investments. When the effects of the American stock market crash of 1929 hit Germany in 1931, there was little cash on hand to pay investors. World War I and its aftermath were a disaster for almost every company in Germany. Steve has more than 25 years of rich experience in real estate & sport, especially in areas of real estate development, investment, M&A, change management. 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. 57. He received his Master of Architecture degree from University of Minnesota, and his bachelor of Architecture degree from Tsinghua University. [37], In November 2011 Saffron Tax Partners announced the acquisition of the private client tax compliance business from Kleinwort Benson. During this time he executed a variety of transactions in equity capital markets, mergers and acquisitions, privatization, and debt restructuring. Kleinwort took on more domestic underwriting business than it had in the past, but it also embarked on unsuccessful forays into shipbuilding, cotton manufacturing, and fire insurance. After World War II, Dresdner and the other large German banks were split up. 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. Dresdner was delighted that its investment banking arm was included as part of the package. 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. Email. Admittedly, "whenever I've felt like moving, something's happened to the firm where I've been working," he says. 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. He is a Non-Executive Director of JPMorgan Indian Investment Trust PLC, and has held Non-Executive Director roles at three other companies in the UK and India. Prior to L&T, he served as the CEO of Codenomicon, a Finnish security software company (acquired by Synopsys). The Kleinwort Benson Group, the largest of a fast-dwindling corps of independently owned British investment banks, said today that it was negotiating to be acquired by Dresdner Bank A.G. of . Dresdner Kleinwort Investment Banking Follow About us Created in 2000 through the merger of Dresdner Kleinwort and Wasserstein Perella. Formerly the Global Head of Fixed Income, Currencies and Commodities at both ANZ Bank and Dresdner Kleinwort, the investment banking division of Allianz, and responsible for managing teams comprised of over 2000 staff, he has an exemplary track record in risk management, identifying value opportunities & building high-performance teams. Dresdner followed suit, engineering an enormous $30 billion deal with Deutsche Bank. In 1958, Robert Benson Lonsdale became embroiled in what became known as Britain's Great Aluminum War. Rehabilitation and Recovery After World War II. Shanghai Jinjia Network Technology Co., Ltd. The earliest known Kleinwort to go into banking was 24-year-old Heinrich Kleinwort, a grandfather of Sir Alexander Drake Kleinwort, 1st Baronet. 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. The merger fell through, however, after it became apparent that DKB would be carved up as a result of the deal. In the early years of the 20th century Dresdner's continuous expansion made it a true giant of German industry. 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). Thanks to this poor performance, its stock price neared a four-year low in the spring of 1989. 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. Ostensibly socialists, the Nazis were inclined to completely nationalize all the German banks under the absolute power of the Third Reich. Dresdner offers an array of products and services for private and corporate customers, including lending and deposit activities, corporate financing, equity sales, and asset management. In 1995, Dresdner spent about $1.58 billion to acquire the British investment bank Kleinwort Benson Group PLC. Henry has many years of management consulting and entrepreneurship experience, with deep knowledge in enterprise management, operation and governance. Previously, he was a Member of Parliament from 1983 to 2017. Mr. Wright has been a director of Merifin Capital NV, a private European family owned investment firm since 1987. Prior to Dresdner, served in various capacities at Fortis Capital, Citibank and PNC. They needed foreign capital coming in to pay the interest. 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. In addition, Kleinwort Benson's Australian banking and securities operations were sold to Security Pacific in October 1989. [36], In July 2011, RHJ International announced that its subsidiary, Kleinwort Benson, was in exclusive negotiations with Deutsche Bank regarding a potential acquisition of BHF Bank, one of Germany's strongest banking brands, with operations in private banking, asset management, financial markets and corporate banking. The Vienna branch of a Czech bank, Zivnostenska, was also annexed. 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. Mr. Morriss has been Treasurer and a member of the Board of The Margaret Thatcher Foundation since 1997. Vikram has over 20 years of experience as a strategic and financial adviser to clients worldwide. 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. He has advised on major privatizations, investor relations, mergers & acquisitions, debt restructuring and public offerings for clients such as the Government of India, the Government of the state of Orissa (India), Indian Oil Corporation, the Tata Group, Wipro, rediff.com, Sterlite, EXL Service, Religare and Genpact, while based in Delhi, Mumbai, Hong Kong and Singapore. He was a director at CirclePlusInvest, in charge of investment and post-investment management. The firm moved to London in 1852 and gradually began to specialize in investment banking. 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 is a director of Asset Metrix GmbH and insticube GmbH, both B2B software companies in Munich. www.dresdnerkc.com. 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. The assassination cut short the life of the man who had headed Dresdner since 1969 and had been instrumental in turning the firm into an international business powerhouse. By 1989, it boasted of offices and subsidiaries in ten countries and four continents--a small empire of its own. Source: International Directory of Company Histories, Vol. 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. Ms. Judy Ye is the Managing Partner of YiMei Capital. [5], In 1786, Robert Benson, a Quaker, joined with William Rathbone IV of the existing house of William Rathbone & Co. to form Rathbone & Benson, a Liverpool business trading mainly with America. [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. 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 . Previously, he was the head of sales, marketing and product development in CoWare, a silicon virtual prototyping start-up (acquired by Synopsys). Having spent five years as an investment banker in the UK, he became a partner with Coopers & Lybrand (now PwC) heading up the privatization and M&A groups. [6], In 1947 Robert Benson and Co. merged with Lonsdale Investment Trust (founded by Leo Lonsdale) to form Robert Benson, Lonsdale and Co.[7] The Benson family interest in the group was watered down but operational control of bank remained with its Chairman, Rex Benson. eTel raised $50m and the investment, made for 45pc of the company equity, was led by Dresdner Kleinwort Benson Private equity, Argus Capital partners, Greenhill Capital partners and Intel Capital. Henry developed domain knowledge and personal network in TMT, Energy, Consumer and Financial Industries. Dresdner's goal of merging with an equal was achieved at last in 2001, when it was acquired by Allianz AG, the largest insurance company in Germany, for about $20 billion.
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