He served until 2005 on the board of Genaissance Pharmaceuticals (NASDAQ). [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. Nonetheless, the firm suffered no permanent damage from the war, and even had slightly more capital in 1918 than it did in 1913. 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. Our team is comprised of experienced professionals with backgrounds in investment banking, consulting, operations, technology, and research. Andreas T. Angelopoulos has more than 30 years of experience in private equity, asset management, investment banking and engineering. Finally, we can read about how these great companies came about with Company Histories.. 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. 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. 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. This, together with issues regarding severance payments and guaranteed bonus payments, led to a number of lawsuits. 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. In 1988, Kleinwort Benson sold a 25 percent interest in KBGS to Fuji Bank. 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. Isaac has held several positions in various companies, most recently as the Chief Strategy Officer of L&T Technology Services. 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. In his first year in charge, earnings rose 18 percent and assets 8 percent, to DM 189 billion. Hugh has worked on transactions in 15 countries. Washington, DC 20549- 1000 Attn: Ms. Nancy M. Morris, Secretary Telephone +1 212 969 2700 w.dresdnerkleinwort.com ViaElectronic Mail [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. 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. Despite its turnaround, Kleinwort Benson continued to face increased competition from its larger U.S. and European counterparts. [13] It also managed the flotation of Cable & Wireless in the same year. 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. He joined Dresdner Kleinwort after working in the mergers and acquisition group at Merrill Lynch in New York and Tokyo. St. James Press, 2004. [30] Jens-Peter Neumann, former head of Capital Markets sued in Germany in April 2009 for 1.5million in severance pay. Prior to that, Steve served as a design architect in a number of well-known architectural design firms, including Ellerbe Becket, KKE, MH. 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. About us Since its foundation in 1993, South Andes Capital provides mergers and acquisitions and corporate finance services to local and foreign clients. The resulting Kleinwort Benson Lonsdale held assets of 60 million. Isaac began his career at Intel, managing microprocessor based systems, micro-controller based ASICs, and computer-aided design systems. In addition, Kleinwort Benson's Australian banking and securities operations were sold to Security Pacific in October 1989. 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. As consumers, we often take for granted all the hard work that goes into building a great company. 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. The Great Aluminum War altered merchant banking by turning mergers and acquisitions into a high-profile, high-profit business. As it turned out, however, the year of the Big Bang was not entirely kind to Kleinwort Benson. The dissolution of economic barriers between European states required German banks to extend beyond their national boundaries. 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. In 2002 almost all of Germany's major banks reported their worst losses in the postwar era. 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. Hans Friderichs, a former economics minister, was Ponto's eventual replacement. 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. Seeing the potential for growth in foreign markets, Dresdner began opening interests in Asia and Italy. Prior to YiMei Capital Management, Henry worked as Director in Accenture China and PwC US, where he developed deep understanding of world leading corporations' business and operating model. 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. They merged in 1961 to create Kleinwort Benson Lonsdale, later Kleinwort Benson. Win whats next. He advised on strategy and funding, with a view to introducing these companies to international best-practices in management and finance. [21] It added global reach through the acquisition of the US investment bank Wasserstein Perella in 2001 (from Bruce 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. As Dresdner had always been a huge success in international business and its partner had long shown a genius for domestic banking, the alliance was a natural one, and the standings of both firms increased greatly as they shared profits and policies. He started his career at Standard Chartered Bank. This stifled the basic expansionist impulse of the bank and cut off investment revenue. Kleinwort could trace its roots to 1838, when a Hamburg shipping clerk named Alexander Kleinwort immigrated to Cuba and joined a Havana trading company run by James Drake. [19] In the United Kingdom it advised on Carlton Communications' 723million takeover of Central Television in the same year. [2] For example it became part of a syndicate that marketed shares in the Illinois Central Railroad in 1852. Because of its traditional reliance on trade with Germany, Kleinwort was hit harder than most of its competitors by the crisis. 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. Phone: 442 - 74- 755493 Fax: 442 - 74- 756809 . After World War II, Dresdner and the other large German banks were split up. 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. Henry developed domain knowledge and personal network in TMT, Energy, Consumer and Financial Industries. Both parties eyed the $1.6 billion purchase as being highly beneficial. 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. Allianz announced it would lay off 8,000 Dresdner employees that year, with another 3,000 cuts slated. 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.". [2] Kleinworts established a successful trading business in Cuba, profiting from the expansion of the H. Upmann and Sons cigar business. Late in 1987, Kleinwort Benson sold a 1.5 percent stake to Sumitomo Life Insurance, and Consolidated Gold Fields bought a 50 percent interest in Kleinwort Benson Energy. Read More . As such, the company agreed to be acquired by Dresdner Bank AG, Germany's second-largest bank at the time. Kleinwort had strong overseas connections thanks to its history of involvement in foreign trade but was weak in corporate finance and investment banking. The burden of Germany's heavy war reparations stultified the entire economy. A month later Kleinworts agreed another loan of 1,500,000 pounds sterling at 3%. In the end, the banks were not nationalized, and Dresdner Bank prospered under state-regulated capitalism. Henry has also founded a start-up technology company which was funded by a famous VC in Shanghai. Currently, he is also an Adviser to AfricInvest, a pan-African private equity firm. Friderichs's replacement was Wolfgang Rller, a member of Dresdner's board whose specialty was the securities business. 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. Robert is the prior CEO of Renaissance Technologies (UK) where he ran and managed the London office responsible for the EMEA regions.He started his career in 1997 as a derivatives risk manager at Dresdner Kleinwort Benson where he first met Dylan Grice - before switching to quantitative strategy/research. Barry brings decades of rich investment experiences to the YiMei team. The Wasserstein name was dropped in July. He is Foundation Fellow, Corpus Christi College, Oxford. Dresdner Kleinwort/New York NY. 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. A representative of Dresdner, Karl Rasche, sat on the management board of a subsidiary of Goering Werke. He earned a BA from the University of York (England) and became a Fellow of The Institute of Chartered Accountants in England & Wales. Dresdner Kleinwort Capital is a London-based investment banking firm providing brokerage services for financial and investment products. On top of this was the Allies' insistence that all Allied countries be given the right to confiscate any German private property abroad. Dresdner Kleinwort offers investment banking services. 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. Researched capital market developments in frontier market economies and analyzed vulnerabilities related to financing needs, reserve adequacy, asset valuation, and institutional quality . [32] Other executives (Areski Iberrakene, Efstratios Hatzistefanis, Kaveh Taleghani and Stefan Guetter) won their bonus suits against the bank in August 2009. 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. The Ikarus Capital team has collectively more than 25 years of experience in financial advisory services in the renewables, clean tech, and utilities sector. [42] Then in June 2016, Socit Gnrale acquired Kleinwort Benson from Oddo et Cie.[43] It merged the bank with its existing private banking subsidiary SG Hambros in November 2016 to form Kleinwort Hambros. The financial giant pledged to hold onto the unit for two years before considering a sale, giving DrKW and its employees some breathing room for the next 24 months. This was due largely to the capital loans that Dresdner and the other leading banks made to new and developing German industries.
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