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. While remaining a partner with EMA, he became a Senior Investment Partner with Global Environment Fund in Washington DC. In 1884 Dresdner Bank moved its headquarters from Dresden to Berlin and then spent the rest of the decade expanding even more vigorously. 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). 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. Engage via Email. Prior to joining Langham Capital, he was managing director, senior coverage officer for India with Jefferies International, and was previously head of business development for India for the London Stock Exchange. [2] The merged firm acquired the bullion dealer Sharps Pixley in 1966 thereby securing a seat on the London gold price fixing committee that met twice daily in the offices of N M Rothschild & Sons. 57. The Benson family came from the Lake District and were of Quaker stock. Kleinwort Benson was a leading investment bank that offered a wide range of financial services from offices throughout the United Kingdom and Channel Islands. [9] Kleinwort Benson worked on several major mergers and acquisitions at this time including the merger of Cadbury with Schweppes in 1969. Allianz announced it would lay off 8,000 Dresdner employees that year, with another 3,000 cuts slated. Seeing the potential for growth in foreign markets, Dresdner began opening interests in Asia and Italy. Dresdner and its rival Deutsche Bank both rushed to capture this new market, forming joint ventures with Deutsche Kreditbank outlets. The firm provides mergers and acquisitions, strategic alliances, equity and debt underwriting, sales and trading, derivatives, equity research, and valuation services. This stifled the basic expansionist impulse of the bank and cut off investment revenue. [2] Kleinworts established a successful trading business in Cuba, profiting from the expansion of the H. Upmann and Sons cigar business. By the 1780s, they had gone into business in Liverpool as cotton merchants. Judy and her team are keen to assist public welfare programs and make positive contribution to the society. But the banks were too loyal to their customers and lent out too much money. In 1978, Dresdner had officially become one of the ten largest banks in the world. In her earlier career, Judy worked as M&A project manager at PepsiCo, New York. "The upshot is that the German and European banking landscape will look substantially different from today," Dresdner Chairman Wolfgang Rller told the Wall Street Journal in 1990. Thanks to this poor performance, its stock price neared a four-year low in the spring of 1989. Copyright 2023 Calderwood Capital Research Ltd is an appointed representative of Messels Ltd which is authorised and regulated by the UK's Financial Conduct Authority (FCA). 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. Anne has worked in private equity since 2004 most recently as CFO at Cap10 Partners. In 1967, it opened an investment bank in New York, using its strong reputation in the Eurobond market to get underwriting business. Dresdner opened new branches in Hamburg in 1892 and in Bremen and London in 1895. 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. The company was already anchored by a strong domestic presence and its American subsidiary, ABD Securities. Its ability to overcome hardships and the market downturn had secured it a short-term future with Allianz. Mr. Wright has been a director of Merifin Capital NV, a private European family owned investment firm since 1987. 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. Dresdner Kleinwort Wasserstein (DrKW) operates as the investment banking arm of Germany's Dresdner Bank AG. 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. [22] The Frankfurt branch of the bank was instrumental in initiating trading in emissions credits in 2003. Kleinwort Benson Cross Financing proved to be a consistent moneymaker, while KBGS disappointed its parent's expectations. Dylan was formerly Head of Liquid Investments at Calibrium AG, Zurich, where he helped build and establish one of the largest Family Offices in Europe.Dylan started his career at Dresdner Kleinwort Benson in 1997 in the Quant, Strategy and Economics group before moving to Socit Gnrales highly regarded global strategy team. He was in charge of oversea business development & strategy, international business management, international M&A and change management post M&A. Before joining YiMei as an Advisor, Barry was the Managing Partner at GroveStreet, where he still serves as Senior Advisor. 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. After World War II, Dresdner and the other large German banks were split up. Dresdner Kleinwort Capital. 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. Dresdner achieved unprecedented success in the deposit business between 1896 and 1908 largely through innovative marketing techniques and the bold move of offering higher interest rates to deposit customers to draw a profitable volume of business. Among the most popular fund investment industries, there are Business Intelligence, Information Technology. [1] In 1786, Heinrich set up a partnership with Otto Mueller in Holstein to finance trade with England. 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. 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. Dresdner Bank, as the fattest financial goose among the banks, was the chief target for total and irrevocable nationalization. Christopher Wright is Chairman and a co-founder of EMAlternatives LLC in Washington DC and of its former affiliate in China, Yimei Capital Ltd, and is also a director of Merifin Capital Group, a private European investment firm. The Wasserstein name was dropped in July. The trouble lies in Dresdner's 'corporates and markets' division, which includes Dresdner Kleinwort Wasserstein." Source: International Directory of Company Histories, Vol. Both parties eyed the $1.6 billion purchase as being highly beneficial. Nonetheless, Kleinwort Benson survived the crisis in better shape than its competitors. 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. Shiv began his career with the Tata Group of Companies in India. Dresdner Kleinwort Capital appeared to be the VC, which was created in 2001. Friderichs's replacement was Wolfgang Rller, a member of Dresdner's board whose specialty was the securities 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. Barry served as Senior Investment Officer responsible for Alternative Investments and Private Equity placements where he undertook direct private equity, mezzanine debt and partnership transactions. Both Dresdner and Allianz have suffered since this merger because of problems with Dresdner's investment bank business, Dresdner Kleinwort Wasserstein. 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. All rights reserved. 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. 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. In 1958, Robert Benson Lonsdale became embroiled in what became known as Britain's Great Aluminum War. 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. 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. In 1986 he relocated to New York to manage the Kleinwort Benson Limited portfolio of North American private equity, high-yield and mezzanine investments. 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. [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. 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 Chicago, it acquired the institutional and funds operations of Virginia Trading Corporation, a futures brokerage. Prior to joining Langham Capital, Vikram was Managing Director & Country Manager-India for FTI Consulting, a multi-segment business advisory firm, headquartered in the US and listed on the NYSE. The earliest known Kleinwort to go into banking was 24-year-old Heinrich Kleinwort, a grandfather of Sir Alexander Drake Kleinwort, 1st Baronet. The Company advises on mergers and acquisitions, underwrites equity and debt securities, and offers other . Dresdner Kleinwort Capital is a London-based investment banking firm providing brokerage services for financial and investment products. 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. Reynolds finally won, acquiring 80 percent of British Aluminum stock by early 1959. 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. After the merger's failure, Dresdner's chairman, Bernhard Walter, resigned and was replaced by Bernd Fahrholz. A representative of Dresdner, Karl Rasche, sat on the management board of a subsidiary of Goering Werke. St. James Press, 2004. Dresdner Bank, which had profited by financing the government's astronomical wartime expenses, found that the German economy's unpreparedness for war, coupled with the Allied blockade and the industrial might of the United States, crippled non-military industries. 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. He joined Kleinwort Benson Limited in London in 1978 and in 1981 co-founded Kleinworts first office in California. Dresdner and Deutsche Bank almost joined this merger frenzy. 2023 PitchBook. Dresdner followed suit, engineering an enormous $30 billion deal with Deutsche Bank. ", "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. 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. 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. Its internal restructuring efforts appeared to pay off, and by September 2003 DrKW had reported three consecutive quarters of growth. Mr. Wright has been a director of Merifin Capital NV, a private European family owned investment firm since 1987. 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. [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. We see them around but we don't know what goes on behind the scenes. He is also a non-executive Director of Baroda Pioneer Asset Management and Chairman of F1F9 (India). Two families, the Kleinworts and the Bensons, founded two different merchant banks in London. 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. It tried to recover its money through foreign courts but without success. scripture for survivor guilt,

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