In 1995, Dresdner spent about $1.58 billion to acquire the British investment bank Kleinwort Benson Group PLC. Its amalgamation into Dresdner proved to be the first of many changes for the firm in the upcoming years. But Kleinwort still had sound core businesses and the attractions to Dresdner . In fact, its international expansion had actually been underway for over a decade. 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. In the mid-1970s, Dresdner opened representative offices in London, Tokyo, and even Moscow. Dresdner was not exempt. The 22 companies are mainly US-based and operate in a range of business sectors. In addition, Kleinwort Benson's Australian banking and securities operations were sold to Security Pacific in October 1989. 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. 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. The firm provides mergers and acquisitions, strategic alliances, equity and debt underwriting, sales and trading, derivatives, equity research, and valuation services. [27] Then in March 2009 it became clear that the office in Japan would close. In 1968 Dresdner established German-American Securities--now called ABD Securities Corporation--in New York. The firm provides mergers and acquisitions, strategic alliances, equity and debt underwriting, sales and trading, derivatives, equity research, and valuation services. [23] In 2004, the Russian government hired Dresdner Kleinwort to value Yukos's Yuganskneftegaz which was later sold to Russian state oil major Rosneft. Contact. Dresdner continued to expand, opening branches in Singapore and New York in 1972. 2022 Langham Capital. Nonetheless, the firm suffered no permanent damage from the war, and even had slightly more capital in 1918 than it did in 1913. 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. This is the branding that Dresdner will use for its private equity business worldwide. Dresdner and its rival Deutsche Bank both rushed to capture this new market, forming joint ventures with Deutsche Kreditbank outlets. learn how over 7,000 companies got started! Dresdner Kleinwort Wasserstein Capital Markets Follow About us Created in 2000 through the merger of Dresdner Kleinwort and Wasserstein Perella. The foundation of the Central Bank for Railway Securities by Dresdner in 1898 further cemented the relationship between the bank and the railroad industry. The war dried up all opportunities for continued expansion and placed a tremendous burden on German industry, forcing it to produce the materials necessary for war on an unprecedented scale. After the merger's failure, Dresdner's chairman, Bernhard Walter, resigned and was replaced by Bernd Fahrholz. Dresdner renamed its investment banking operations Dresdner Kleinwort Wasserstein. As a universal bank, Dresdner Bank was formulated to serve all of the economic needs of its community. Both parties eyed the $1.6 billion purchase as being highly beneficial. 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. . SaaS, Android, Cloud Computing, Medical Device), Operating Status of Organization e.g. 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. [20], In 1995, Kleinwort Benson was acquired by Dresdner Bank and, as Dresdner Kleinwort, became its investment banking arm. 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. Angel, Fund of Funds, Venture Capital), This describes the stage of investments made by this organization (e.g. Dresdner Kleinwort Capital is the sole private equity business of Dresdner Kleinwort Wasserstein, the investment banking division of Dresdner Bank. By the 1780s, they had gone into business in Liverpool as cotton merchants. VP to Director and Managing Director at Dresdner Kleinwort, MetLife, GE Capital-Genworth Financial 1998 - 2007 9 years. [2] For example it became part of a syndicate that marketed shares in the Illinois Central Railroad in 1852. Since 2016, Andreas is the Chairman and the Chief Investment Officer, Private Markets in Gestron Asset Management investing in private equity and private credit primaries funds, secondaries funds and direct co investments in USA and Europe.<br><br>Before that . Allianz announced it would lay off 8,000 Dresdner employees that year, with another 3,000 cuts slated. He was the top ranked sell-side analyst for several years before leaving for Switzerland.He is a graduate of Strathclyde University and the London School of Economics. This was due largely to the capital loans that Dresdner and the other leading banks made to new and developing German industries. [30] Jens-Peter Neumann, former head of Capital Markets sued in Germany in April 2009 for 1.5million in severance pay. The reunification of East and West Germany offered Dresdner a host of new opportunities as well. Dresdner also expanded through technical innovation, using data processing systems to manage accounts in 1958, becoming the first West German firm to do so. In response, foreign bankers with loans outstanding in Germany declared that they would grant no more credit to German interests. Jonathan Agnew, who succeeded Michael Hawkes as chief executive of the Kleinwort Benson Group in 1989, staked the firm to the prospect of becoming an integrated investment bank based on the conviction that a strong securities business would help market the products generated by the bank's other activities. Allianz, which already owned 22 percent of Dresdner before the acquisition, saw Dresdner as key to this transformation. Win whats next. 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. 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. 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. With its place in the securities industry somewhat uncertain, the future of Agnew's vision of Kleinwort Benson as a fully integrated investment bank appeared equally up in the air. Dresdner and Deutsche Bank almost joined this merger frenzy. The Great Aluminum War altered merchant banking by turning mergers and acquisitions into a high-profile, high-profit business. Dresdner Bank, as the fattest financial goose among the banks, was the chief target for total and irrevocable nationalization. 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. Contact Details: Riverbank House 2 Swan Lane London, EC4R 3UX UK. 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. In his first year in charge, earnings rose 18 percent and assets 8 percent, to DM 189 billion. [21] It added global reach through the acquisition of the US investment bank Wasserstein Perella in 2001 (from Bruce Wasserstein). Dresdner Kleinwort Investment Banking Follow About us Created in 2000 through the merger of Dresdner Kleinwort and Wasserstein Perella. Isaac began his career at Intel, managing microprocessor based systems, micro-controller based ASICs, and computer-aided design systems. Immediately prior to founding Langham Capital, Shiv managed two technology ventures in Europe. The two German banks were in the final stages of negotiating a merger in 2000, when the deal fell apart. [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. Prior to GroveStreet, Barry was the Senior Investment Officer of CalPERS Alternative Investment Management Program, where he oversaw the development of the program from $1.4 billion to $9 billion invested and led investments in the holding companies of global private equity groups such as The Carlyle Group. Kleinwort Benson was a leading investment bank that offered a wide range of financial services from offices throughout the United Kingdom and Channel Islands. Unlike Robert Fleming and Schroders, the two last main UK banking survivors, Kleinwort Benson had failed, to Robertson's personal regret, to build up a major asset management operation. 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 When Kleinwort and Robert Benson Lonsdale merged in 1961, The Economist described it as "a marriage of essentially complementary partners." 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 Kleinwort Benson's 1984 annual report spoke of the firm forming a "global chain." He was Acting Global Head of Private Equity and Infrastructure Investments at Standard Bank Ltd of South Africa from 2005-6. 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. Also, Dresdner and the other big banks carried too much foreign credit. With the Soviet occupation of East Germany, all of Dresdner's offices east of the Oder-Neisse line were closed permanently. 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. St. James Press, 2004. Both Dresdner and Allianz have suffered since this merger because of problems with Dresdner's investment bank business, Dresdner Kleinwort Wasserstein. The Wasserstein name was dropped in July 2006 when the. Finally, we can read about how these great companies came about with Company Histories.. Researched capital market developments in frontier market economies and analyzed vulnerabilities related to financing needs, reserve adequacy, asset valuation, and institutional quality . 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 . He helped these clients with strategic transformation and operation optimization services to improve their competitive advantages. Of Dresdner's total of 327 offices, only about half remained open, and most of those were badly damaged. [2] Kleinworts established a successful trading business in Cuba, profiting from the expansion of the H. Upmann and Sons cigar business. The Wasserstein name was dropped in July. 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. Read More . New York City Metropolitan Area Education . 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). [18], The firm also worked on overseas privatisations advising the Italian government on the IPO of Enel in 1993. 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 . 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.". The domination of the big banks had long fostered a populist resentment, which the Nazis carefully exploited. But Alan Yarrow, who in January became a vice chairman of Dresdner Kleinwort Benson, is an example of the advantages of staying put. 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). 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 Capital is a London-based investment banking firm providing brokerage services for financial and investment products. 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). Mr. Wright has been a director of Merifin Capital NV, a private European family owned investment firm since 1987. But Karl Rasche's presence on the board of a Goering Werke subsidiary during this time was later considered positive evidence by the Allies that Dresdner had not only escaped being socialized by the Nazis, but that it had maintained a close relationship with the Nazi government. 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. [34], In September 2009 Commerzbank decided to abandon use of the Dresdner Kleinwort name[35] and, in October 2009, sold the firm, by then renamed Kleinwort Benson, to RHJ International. He is Honorary Fellow, Corpus Christi College, Oxford and serves as a member of its Endowment Investment Committee. Contact: Beverley Hunt, Partner Email this Investor. In the end, the banks were not nationalized, and Dresdner Bank prospered under state-regulated capitalism. He has acted as Chairman of various investment funds prior to and following the latters integration with Allianz Private Equity. While remaining a partner with EMA, he became a Senior Investment Partner with Global Environment Fund in Washington DC. Previously, Shiv worked in the Mergers & Acquisitions divisions of JP Morgan and Dresdner Kleinwort in London and New York. Mr. Wright has been a director of Merifin Capital NV, a private European family owned investment firm since 1987. The global economic decline and the stock market drops of the early 21st century eroded Dresdner's loan business, as it was forced to write off loans to failing and insolvent companies. 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. This, together with issues regarding severance payments and guaranteed bonus payments, led to a number of lawsuits. Previous roles included CFO at Vision Capital, GP at EQT, and Finance and Investor Relations Director at Terra Firma. The main department of described VC is located in the London. Managing Director at Millburn Capital Group and Amper Investment Banking. We also work selectively with early stage companies to raise venture funding. Mr. Wright was educated at Oxford University (M.A.) Kleinwort Benson was formed in 1961 when the firm of Kleinwort, Sons & Company merged with Robert Benson, Lonsdale & Company Limited. Kleinwort Benson was a leading investment bank that offered a wide range of financial services from offices throughout the United Kingdom and Channel Islands. [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 September 2012, it announced that it had reached agreement with Deutsche Bank for Kleinwort Benson to acquire BHF Bank for 384 million. Two families, the Kleinworts and the Bensons, founded two different merchant banks in London. 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. Henry Hu is the Partner of YiMei Capital and responsible for all aspects of fund investment and business development. Its size increased in 1939, when Lnderbank, the second largest bank in Austria, merged with Dresdner after the Anschluss in Austria. Its internal restructuring efforts appeared to pay off, and by September 2003 DrKW had reported three consecutive quarters of growth. Kleinwort Benson did not fare as well in the second half of 1988. Dresdner Kleinwort Benson Private Equity has changed its brand name to Dresdner Kleinwort Capital. A month later Kleinworts agreed another loan of 1,500,000 pounds sterling at 3%. 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. It was Rller who been behind the founding of ABD Securities in 1968, and who had arranged the Kuwaiti sale of Daimler-Benz. 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. 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 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. 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. Friderichs's replacement was Wolfgang Rller, a member of Dresdner's board whose specialty was the securities business. Structuring: Within the commercial framework of a transaction, a wide range of financing and structuring options are possible. He was primarily responsible for handling commercial and residential real estate development, and designing large international EPC projects with many prominent public works. 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. 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,". [22] The Frankfurt branch of the bank was instrumental in initiating trading in emissions credits in 2003. In 1965, Kleinwort Benson entered the oil and gas business when its subsidiary Kleinwort Benson Energy began drilling on the continental shelf. n***@orix.com. Lambert founded the Leveraged Finance Group at Dresdner Kleinwort where he led the effort to integrate the institution's private equity sponsor driven M&A practice with its leveraged finance capabilities. The Ikarus Capital team has collectively more than 25 years of experience in financial advisory services in the renewables, clean tech, and utilities sector. Undeterred, Dresdner continued to look for opportunities to bolster its holdings, especially for its investment banking arm. In Los Angeles, it purchased the services of a group of brokers specializing in interest-rate swaps and renamed it Kleinwort Benson Cross Financing. Kleinwort had strong overseas connections thanks to its history of involvement in foreign trade but was weak in corporate finance and investment banking. World War I and its aftermath were a disaster for almost every company in Germany. 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. [12], In the 1980s, Kleinwort Benson was a pioneer in privatisation. This stifled the basic expansionist impulse of the bank and cut off investment revenue. 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. 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. On top of this was the Allies' insistence that all Allied countries be given the right to confiscate any German private property abroad. 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. Dresdner also bolstered its U.S. position by purchasing several seats on the New York Stock Exchange, and in 1993 made its first public offering there. Back then, the influence of the merchant bankers extended to the far corners of the world as they provided the money that built the empire. Under Rller, Dresdner began to prosper again. 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. The third largest bank in Germany and one of the leading international banks in Europe, Dresdner Bank A.G. operates over 1,100 branch offices in 60 nations. Anne began her financial services career at Dresdner Kleinwort Wasserstein. 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. He is Chairman of the Fine Art Group Ltd in London, a specialist art investment, advisory and credit products platform. 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. Ostensibly socialists, the Nazis were inclined to completely nationalize all the German banks under the absolute power of the Third Reich. [13] It also managed the flotation of Cable & Wireless in the same year. 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. 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 . In Chicago, it acquired the institutional and funds operations of Virginia Trading Corporation, a futures brokerage. Angel, Fund of Funds, Venture Capital). Get the full list, Youre viewing 10 of 69 services on a deal buy side. 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. Mr. Wright was educated at Oxford University and holds a Certified Diploma in Accounting and Finance from ACCA. In response, Kleinwort joined the industry-wide trend toward raising money for domestic industry in the 1920s. He started his career at Standard Chartered Bank. 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. 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. Phone: 442 - 74- 755493 Fax: 442 - 74- 756809 . In 1986 he relocated to New York to manage the Kleinwort Benson Limited portfolio of North American private equity, high-yield and mezzanine investments. He earned a BA from the University of York (England) and became a Fellow of The Institute of Chartered Accountants in England & Wales. By 1989, it boasted of offices and subsidiaries in ten countries and four continents--a small empire of its own. Prior to this, he was the EVP and head of the Product Engineering Services division managing worldwide sales and delivery and was also the CEO of GDA Technologies which was acquired by L&T. 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. They needed foreign capital coming in to pay the interest. Previously, Barry managed private equity investments at the Travelers Group and at Connecticut Mutual (Mass Mutual).
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