In 1884 Dresdner Bank moved its headquarters from Dresden to Berlin and then spent the rest of the decade expanding even more vigorously. 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 . 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. He is Foundation Fellow, Corpus Christi College, Oxford. Vikram has over 20 years of experience as a strategic and financial adviser to clients worldwide. Kleinwort's profitable activities in precious metals and foreign currency trading during this decade helped offset these fiascos. 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. Langham will evaluate the deal and provide a valuation range using variables from both macro and micro levels. 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. learn how over 7,000 companies got started! We see them around but we don't know what goes on behind the scenes. 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. 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. Once again it lost branches and assets to the war's victors. The role of the big banks in Germany was closely related to developing industries and expanding commercial opportunities. In his first year in charge, earnings rose 18 percent and assets 8 percent, to DM 189 billion. With the Soviet occupation of East Germany, all of Dresdner's offices east of the Oder-Neisse line were closed permanently. Active, Closed, This describes the type of investor this organization is (e.g. The short-lived Weimar Republic (1918-23) was also difficult for Dresdner Bank. Thanks to this poor performance, its stock price neared a four-year low in the spring of 1989. Kleinwort relocated to London in 1855. 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. Re/Unification in the Late 1980s and 1990s. Kleinwort Benson was a leading investment bank that offered a wide range of financial services from offices throughout the United Kingdom and Channel Islands. This is the branding that Dresdner will use for its private equity business worldwide. Shiv began his career with the Tata Group of Companies in India. He joined Dresdner Kleinwort after working in the mergers and acquisition group at Merrill Lynch in New York and Tokyo. Thanks to the integration of the world's financial markets, the American stock market crash of 1987 was felt around the world. n***@orix.com. 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. He served until 2005 on the board of Genaissance Pharmaceuticals (NASDAQ). The firm moved to London in 1852 and gradually began to specialize in investment banking. [20], In 1995, Kleinwort Benson was acquired by Dresdner Bank and, as Dresdner Kleinwort, became its investment banking arm. The burden of Germany's heavy war reparations stultified the entire economy. 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. By 1959, Kleinwort had recovered 2 million. 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 . In Los Angeles, it purchased the services of a group of brokers specializing in interest-rate swaps and renamed it Kleinwort Benson Cross Financing. Neil Winward's Phone Number and Email Last Update. The fracas started when Reynolds Metals, in cooperation with the relatively new British investment firm Tube Investments, made an unfriendly bid to take over British Aluminum, which was then considering a friendly offer from Alcoa. [3] Edward Cohen and James Drake joined the firm in the 1830s and for a while it was known as Drake, Kleinwort and Cohen; it was then renamed Kleinwort, Sons and Company in the 1880s. In 1929, the economy's volume of business was 50 percent greater than it was before the war. B-22, Jungpura Extension, New Delhi - 110014, India, 28 Devonport, 23 Southwick Street, London, England, W2 2QF. The domination of the big banks had long fostered a populist resentment, which the Nazis carefully exploited. Both Dresdner and Allianz have suffered since this merger because of problems with Dresdner's investment bank business, Dresdner Kleinwort Wasserstein. The Rt. Both houses were British merchant banks of long standing. 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. Dresdner Kleinwort Wasserstein Capital Markets Follow About us Created in 2000 through the merger of Dresdner Kleinwort and Wasserstein Perella. 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. Dresdner also planned to add 150 of its own branches in the former East Germany in 1991. We see them around but we don't know what goes on behind the scenes. 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. 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. Dresdner Kleinwort Capital appeared to be the VC, which was created in 2001. 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. Undeterred, Dresdner continued to look for opportunities to bolster its holdings, especially for its investment banking arm. Admittedly, "whenever I've felt like moving, something's happened to the firm where I've been working," he says. Dresdner Kleinwort is a boutique investment banking firm that offers financial advisory services. The Economist summed up the company's problems in an August 2002 article, stating, "In the past year almost one-fifth of Dresdner's revenues have crumbled away. Dresdner Bank A.G. He started his career at Standard Chartered Bank. Christopher Wright is Chairman of EMAlternatives LLC in Washington DC, an emerging markets focused private equity asset management firm, and a director of Merifin Capital Group, a private European investment firm. Dresdner Kleinwort Wasserstein | LinkedIn In 1965, Kleinwort Benson entered the oil and gas business when its subsidiary Kleinwort Benson Energy began drilling on the continental shelf. ", "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. Under Rller, Dresdner began to prosper again. Andreas T. Angelopoulos has more than 30 years of experience in private equity, asset management, investment banking and engineering. We help clients in preparing documents at all stages including non-disclosure agreements, letters of intent and definitive transaction documents. The article went on to report, "As equity markets have weakened and mergers-and-acquisitions business has dried up, trading revenues have fallen by more than half, and fees and commissions have dropped by more than one-eighth.". By the end of the century, the Bensons had scored a major prestige coup by providing capital for the railroad construction boom in the American West. Kleinwort Benson had made the acquisition in order to acquaint itself with price trends and auction techniques in the American treasuries market. Despite its turnaround, Kleinwort Benson continued to face increased competition from its larger U.S. and European counterparts. Our team is comprised of experienced professionals with backgrounds in investment banking, consulting, operations, technology, and research. 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. He also served as corporate manager & board director at PTW Architects firm. learn how over 7,000 companies got started! Structuring: Within the commercial framework of a transaction, a wide range of financing and structuring options are possible. Who we are - South Andes This stifled the basic expansionist impulse of the bank and cut off investment revenue. Thornton managed about $1.49 billion in mutual funds and pension accounts. Two families, the Kleinworts and the Bensons, founded two different merchant banks in London. 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. Dresdner Kleinwort Capital Inc - Company Profile and News Dresdner Kleinwort offers investment banking services. The company was already anchored by a strong domestic presence and its American subsidiary, ABD Securities. 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. Until mid-2003, he served as Head of Global Private Equity for Dresdner Kleinwort Capital and was a Group Board Member of Dresdner . Thomas Wiegand - Cerberus Capital Management 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 foundation of the Central Bank for Railway Securities by Dresdner in 1898 further cemented the relationship between the bank and the railroad industry. Dresdner Kleinwort Benson Private Equity has changed its brand name to Dresdner Kleinwort Capital. 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. Dresdner Kleinwort Capital's growth plans include the [] 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. Subscribe to our newsletter Receive daily news updates directly in your inbox. 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 was a director at CirclePlusInvest, in charge of investment and post-investment management. Each of the three derivative banks prospered so much as a part of the "economic miracle" of the 1950s that Dresdner was allowed to recombine itself again in 1957 as Dresdner Bank A.G., with its new headquarters in Frankfurt am Main. He is co-founder and member of the executive committee of Roper Technologies Inc (NYSE listed, S+P 500, a Florida based large-cap diversified software, medtech and technology instrumentation company) whose audit committee he also chars. After World War II, Dresdner and the other large German banks were split up. In 1937 Dresdner was able to buy itself back from the government. 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. Dresdner Kleinwort | LinkedIn The Company advises on mergers and acquisitions, underwrites equity and debt securities, and offers other . Dresdner Kleinwort Capital | MyCapital 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. In response, Kleinwort joined the industry-wide trend toward raising money for domestic industry in the 1920s. Dresdner Kleinwort Investment Banking Follow About us Created in 2000 through the merger of Dresdner Kleinwort and Wasserstein Perella. 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. He was Acting Global Head of Private Equity and Infrastructure Investments at Standard Bank Ltd of South Africa from 2005-6. He has 35 years' experience in investment banking, capital markets, corporate and private banking and asset management with a particular focus on risk management. 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. 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. Until mid-2003 he served as Head of Global Private Equity for Dresdner Kleinwort Capital and was a Group Board Member . Privacy Policy, Astbury, Kate, "Allianz Still Half in Love,", "Finance and Economics: Death of a Deal,", "For Better, For Worse; Allianz and Dresdner Bank,", Hobday, Nicola, "Whither Dresdner Kleinwort Wasserstein,", Jenkins, Patrick, "DrKW Aims to Recapture Past Glory,", Kerr, Ian, "Can Kleinwort Elude the Vultures,", Merrell, Caroline, "Allianz Signals Disposal of DKW,", Stevenson, Richard W., "Dresdner Will Pay $1.6 Billion for Kleinwort Benson,", "Wasserstein's Acquisition Completed by Dresdner,". Hugh has worked on transactions in 15 countries. 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. In 1951, the West German government and the banks reached an accord whereby the banks would end the credit freeze, and German companies would repay their debts, figured at a 4 percent annual rate from 1939 to 1953. 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. He advised on strategy and funding, with a view to introducing these companies to international best-practices in management and finance. Documentation: Legal documentation is integral for any business transaction or alliance. At the same time, Kleinwort Benson expected to expand under the leadership of a strong bank, giving it solid footing for a secure future. Dresdner Kleinwort Capital is the sole private equity business of Dresdner Kleinwort Wasserstein, the investment banking division of Dresdner Bank. Allianz made it clear that it would either split off or scale back Kleinwort Wasserstein. Earlier, Barry worked at the Federal Reserve Bank of New York. Dresdner opened new branches in Hamburg in 1892 and in Bremen and London in 1895. This eye for expansion would continue to make Dresdner grow until its foreign interests were lost after World War I. Dresdner's huge credit reserve, like that of the other large German banks, also helped Germany transform itself from a capital importing to a capital exporting economy during the 1880s. 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. Nonetheless, Kleinwort Benson survived the crisis in better shape than its competitors. 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. Hugh has 30 years of experience in finance and investment banking, based in New York, Tokyo, London and Frankfurt, and for the past 10 years focusing on transactions in India. Eddie Listorti - Viridios Capital The two companies ironed out the terms of the agreement, completing the $1.4 billion transaction in January 2001. The venture was found in Europe in United Kingdom. Christopher Wright - Colle Capital Dresdner was at first restructured into ten separate institutions. Mr. Lambert serves as a member of Vine's investment committee and is a Board member of Village Roadshow, a Vine portfolio company. Researched capital market developments in frontier market economies and analyzed vulnerabilities related to financing needs, reserve adequacy, asset valuation, and institutional quality . Yarrow, who has spent his entire career in equities, has effectively been taken over twice, first by . Additionally, it offers financing and securities management, private placements and IPO (Initial Public Offering) advisory, capital sourcing, and loan syndication services. 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. and holds a Certified Diploma in Accounting and Finance (from ACCA). 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. Angel, Fund of Funds, Venture Capital), This describes the stage of investments made by this organization (e.g. The company's fortunes took a tumble once again in the early 1990s due in part to its attempts to diversify its holdings. Contact: Beverley Hunt, Partner Email this Investor. 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. Moving to the US with PwC in 1992, he was a senior partner in M&A.
[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. Contact Number (***) ***-**** 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 Kleinwort Capital - Crunchbase Investor Profile & Investments 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. 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. World War I and its aftermath were a disaster for almost every company in Germany. Ostensibly socialists, the Nazis were inclined to completely nationalize all the German banks under the absolute power of the Third Reich. [23] In 2004, the Russian government hired Dresdner Kleinwort to value Yukos's Yuganskneftegaz which was later sold to Russian state oil major Rosneft. 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. This, together with issues regarding severance payments and guaranteed bonus payments, led to a number of lawsuits. Clients include large multinationals, financial sponsors and private companies. Two families, the Kleinworts and the Bensons, founded two different merchant banks in London. The Liquidation Commission was formed by the occupation forces to study the roles that various companies and industries had played in the war economy of Nazi Germany. Between 1924 and 1929, Dresdner Bank was involved in a lending policy that brought economic chaos to Germany again in 1931. 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. But the banks were too loyal to their customers and lent out too much money. As it turned out, however, the year of the Big Bang was not entirely kind to Kleinwort Benson. Reynolds finally won, acquiring 80 percent of British Aluminum stock by early 1959. Dresdner Kleinwort open to tie-ups | Financial Times Dresdner and Deutsche Bank almost joined this merger frenzy. Anne began her financial services career at Dresdner Kleinwort Wasserstein. At FTI Consulting, he was responsible for establishing the firms India operations across the key practices of corporate finance/restructuring, forensic accounting and investigations, litigation consulting, strategic communications and investor relations. Because of its traditional reliance on trade with Germany, Kleinwort was hit harder than most of its competitors by the crisis. 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. [14] It next advised on the privatisation of Associated British Ports in 1983. 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 . Two years later, Kleinwort Benson entered a consortium with 17 other partners, including Barclays and the Bank of Scotland, to form Airlease International, a company specializing in aircraft leasing. Source: International Directory of Company Histories, Vol.60. Dresdner Bank A.G. -- Company History Additionally, it offers financing and securities management, private placements . 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. Read More . 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. It was Rller who been behind the founding of ABD Securities in 1968, and who had arranged the Kuwaiti sale of Daimler-Benz. 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. 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. He was primarily responsible for handling commercial and residential real estate development, and designing large international EPC projects with many prominent public works. [33] In September 2009, 72 former and current Dresdner Kleinwort front office employees sued for 30million in disputed bonus payments. Before focusing on India, Hugh was managing director and head of the telecommunications practice at Dresdner Kleinwort, where he had earlier specialized in merger and acquisition and financing transactions for energy and utility companies, with a focus on the UK, Germany and Russia. 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. In response to the challenging business environment, DrKW implemented a series of cost-cutting strategies in order to shore up its bottom line.
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