Allianz, which already owned 22 percent of Dresdner before the acquisition, saw Dresdner as key to this transformation. 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. In Chicago, it acquired the institutional and funds operations of Virginia Trading Corporation, a futures brokerage. . He has over 35 years of private equity, corporate finance, and industry experience. In 1986 he relocated to New York to manage the Kleinwort Benson Limited portfolio of North American private equity, high-yield and mezzanine investments. 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. 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. 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. When Kleinwort and Robert Benson Lonsdale merged in 1961, The Economist described it as "a marriage of essentially complementary partners." The earliest known Kleinwort to go into banking was 24-year-old Heinrich Kleinwort, a grandfather of Sir Alexander Drake Kleinwort, 1st Baronet. 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. In 1937 Dresdner was able to buy itself back from the government. 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. 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. He advised on strategy and funding, with a view to introducing these companies to international best-practices in management and finance. Robert Benson Lonsdale's strengths lay in corporate finance and underwriting, but it had done little business in more traditional areas of merchant banking. It also disclosed in its 1987 annual report that its treasury division chalked up "record operating income" due to volatility in the dollar and interest rates. This is the branding that Dresdner will use for its private equity business worldwide. 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. [23] In 2004, the Russian government hired Dresdner Kleinwort to value Yukos's Yuganskneftegaz which was later sold to Russian state oil major Rosneft. 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. 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 primarily responsible for handling commercial and residential real estate development, and designing large international EPC projects with many prominent public works. 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. 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. He served as Chairman of various investment funds prior to and following the latter's integration with Allianz SE. 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 Mr. Morriss has been Treasurer and a member of the Board of The Margaret Thatcher Foundation since 1997. He was in charge of oversea business development & strategy, international business management, international M&A and change management post M&A. 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. [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. [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. Previously at Dresdner Kleinwort Wasserstein as head of the NY Leveraged Finance Group and founded the Real Estate and Public Finance Groups. He started his career at Standard Chartered Bank. St. James Press, 2004. Dresdner also planned to add 150 of its own branches in the former East Germany in 1991. German insurance group Allianz has pursued a discriminatory hiring and firing policy at Dresdner Kleinwort, one of London's oldest investment banking businesses, designed to people senior. 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. During those five years, Germany began to rebound economically. Until mid-2003, he served as Head of Global Private Equity for Dresdner Kleinwort Capital and was a Group Board Member of Dresdner . Principal Competitors: Bayerische Hypo-und Vereinsbank Aktiengesellschaft; Citigroup Inc.; Commerzbank AG; Credit Suisse Group; Deutsche Bank AG. n***@orix.com. When the effects of the American stock market crash of 1929 hit Germany in 1931, there was little cash on hand to pay investors. Currently, he is also an Adviser to AfricInvest, a pan-African private equity firm. Dresdner's relationship with the Nazi government led to dire consequences after the conclusion of World War II. SaaS, Android, Cloud Computing, Medical Device), Operating Status of Organization e.g. Hon the Lord Lilley is a British Conservative Party politician who joined the House of Lords in June 2018. That year, Dresdner became the first German company to have its shares listed on the Tokyo stock exchange. Mr. Wright was educated at Oxford University (M.A.) Managing Director at Millburn Capital Group and Amper Investment Banking. Rehabilitation and Recovery After World War II. In her earlier career, Judy worked as M&A project manager at PepsiCo, New York. Copyright (c) 2022 Company-Histories.com. We are an advisory firm specialised in in mergers and acquisitions and corporate finance with more than 25 years of experience. 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. Prior to joining YiMei Capital, Judy served as Director of Strategic Investments at HewlettPackard Company. Soon thereafter, Dresdner began merger talks with Commerzbank AG, the second largest bank in Germany, though these negotiations were also scuttled. In addition, Kleinwort Benson's Australian banking and securities operations were sold to Security Pacific in October 1989. 57. In 2001, Dresdner Bank acquired Wasserstein Perella & Co. and folded it into Dresdner Kleinwort's operations. As a result, merchant banks had to diversify and shuck their traditional specialist status. The reunification of East and West Germany offered Dresdner a host of new opportunities as well. 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 . Dresdner opened new branches in Hamburg in 1892 and in Bremen and London in 1895. [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. Dresdner Kleinwort Capital is a London-based investment banking firm providing brokerage services for financial and investment products. 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. Dresdner followed suit, engineering an enormous $30 billion deal with Deutsche Bank. Both Dresdner and Allianz have suffered since this merger because of problems with Dresdner's investment bank business, Dresdner Kleinwort Wasserstein. Traditionally, merchant bankers had to live with uncertainty as an inherent fact of business life. The short-lived Weimar Republic (1918-23) was also difficult for Dresdner Bank. The 22 companies are mainly US-based and operate in a range of business sectors. [16] It assisted with the privatization of Enterprise Oil in the same year. In the early years of the 20th century Dresdner's continuous expansion made it a true giant of German industry. Citing the "silent financing" of the German war effort through loans, as well as direct links of the kind previously noted, the Liquidation Commission decided to restructure Dresdner Bank into 11 small banks, each of which could operate only within its own zone of occupation. In response, foreign bankers with loans outstanding in Germany declared that they would grant no more credit to German interests. Allianz AG, a large German insurance group, made a $22 billion play for Dresdner, adding it to its arsenal in late 2001. [20], In 1995, Kleinwort Benson was acquired by Dresdner Bank and, as Dresdner Kleinwort, became its investment banking arm. 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. 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). The venture was found in Europe in United Kingdom. Rller's background in securities made him an especially appropriate choice as the banking industry in general, and Germany's in particular, entered an era of decreasing regulation and intensified international competition. He quickly became the dominant partner, and by 1883 he and his sons were in sole control of the company and had given it their family name. But Dresdner did not prosper under Friderichs for long; his six years in charge were marked by mounting losses and turmoil among executives. 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. 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. [27] Then in March 2009 it became clear that the office in Japan would close. In 1952 the 11 regional banks were turned into three successor institutions of Dresdner Bank. The bank struggled to regain some of its prominence during the early postwar years but then faced another reformation from the Liquidation Commission. The trouble lies in Dresdner's 'corporates and markets' division, which includes Dresdner Kleinwort Wasserstein." Anne began her financial services career at Dresdner Kleinwort Wasserstein. Source: International Directory of Company Histories, Vol.60. 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. Kleinwort Benson's 1984 annual report spoke of the firm forming a "global chain." 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. We also work selectively with early stage companies to raise venture funding. The company was already anchored by a strong domestic presence and its American subsidiary, ABD Securities. Source: International Directory of Company Histories, Vol. Structuring: Within the commercial framework of a transaction, a wide range of financing and structuring options are possible. It tried to recover its money through foreign courts but without success. 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. Between 1924 and 1929, Dresdner Bank was involved in a lending policy that brought economic chaos to Germany again in 1931. Dresdner Kleinwort Capital is the sole private equity business of Dresdner Kleinwort Wasserstein, the investment banking division of Dresdner Bank. Before joining YiMei as an Advisor, Barry was the Managing Partner at GroveStreet, where he still serves as Senior Advisor. 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. Henry has also founded a start-up technology company which was funded by a famous VC in Shanghai. 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. Dresdner Bank, as the fattest financial goose among the banks, was the chief target for total and irrevocable nationalization. In 2002 almost all of Germany's major banks reported their worst losses in the postwar era. 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. [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. [19] In the United Kingdom it advised on Carlton Communications' 723million takeover of Central Television in the same year. A representative of Dresdner, Karl Rasche, sat on the management board of a subsidiary of Goering Werke. Researched capital market developments in frontier market economies and analyzed vulnerabilities related to financing needs, reserve adequacy, asset valuation, and institutional quality . Shanghai Jinjia Network Technology Co., Ltd. In 1995, Dresdner spent about $1.58 billion to acquire the British investment bank Kleinwort Benson Group PLC. Anne has worked in private equity since 2004 most recently as CFO at Cap10 Partners. 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 . [15] It went on to advise the British Government on the sale of 50.2% of British Telecom, the largest ever share issue at the time, in 1984. Also, Dresdner and the other big banks carried too much foreign credit. Company profile page for Dresdner Kleinwort Capital Inc including stock price, company news, press releases, executives, board members, and contact information The firm provides mergers and acquisitions, strategic alliances, equity and debt underwriting, sales and trading, derivatives, equity research, and valuation services. 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. OCCUPATIONAL DEVELOPMENT 1990 - 1992 Dresdner Bank AG, Frankfurt a.M., Germany, Apprenticeship 1993 - 1995 Dresdner Bank AG, Offenbach a.M., Germany, Customer Consultant 1995 - 1996 Dresdner Bank AG, Frankfurt a.M., Germany, Client Service Officer - Securities Department 1996 - 1998 Dresdner Bank AG, Frankfurt a.M., Germany, Senior CSO<br>1998 - 1999 Dresdner Kleinwort Benson . The Great Aluminum War altered merchant banking by turning mergers and acquisitions into a high-profile, high-profit business. Descriptive keyword for an Organization (e.g. Judy has more than 20 years of global investment experiences in venture capital and private equity investments ranging from primary fund commitments, direct investments to M&A activities that span across US, Europe, and Asia, particularly in China. 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. 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. 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. Its ability to overcome hardships and the market downturn had secured it a short-term future with Allianz. Dresdner also expanded through technical innovation, using data processing systems to manage accounts in 1958, becoming the first West German firm to do so. Earlier, Barry worked at the Federal Reserve Bank of New York. 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. Previously, Neil was a Chief Executive Officer at Sevara Partners and also held positions at Dresdner Kleinwort, Dresdner Kleinwort. [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. This stifled the basic expansionist impulse of the bank and cut off investment revenue. 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). It was one of the few British securities firms that made a profit on equities dealing in late 1987 and early 1988. As it turned out, however, the year of the Big Bang was not entirely kind to Kleinwort Benson. The Company advises on mergers and acquisitions, underwrites equity and debt securities, and offers other . [25], In December 2008 Commerzbank, which was in the process of acquiring Dresdner Bank,[26] decided to close Dresdner Kleinwort's Mergers & Acquisitions Unit. He was a director at CirclePlusInvest, in charge of investment and post-investment management. Among the most popular fund investment industries, there are Business Intelligence, Information Technology. He was Acting Global Head of Private Equity and Infrastructure Investments at Standard Bank Ltd of South Africa from 2005-6. [38] In December 2012 London-based independent advice firm SK Financial bought about 1,000 clients from Kleinwort Benson that Kleinwort Benson felt it could no longer support profitably after the implementation of the Retail Distribution Review. Under Rller, Dresdner began to prosper again. He is Honorary Fellow, Corpus Christi College, Oxford and serves as a member of its Endowment Investment Committee. 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. The union created the world's fourth-largest financial group, leaving Dresdner in an enviable position. Valuation: Valuations constitute a significant part of any transaction process, be it in the nature of an acquisition, divestiture, joint venture, merger, de-merger or the setting up of a new operation. Head of Renewable Energy, Head of Utilities Debt Origination, and Senior Project and Acquisition Finance Director at Dresdner Kleinwort. Langham Capital provides expert corporate finance advisory services to companies seeking to build their global businesses. 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. 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. 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 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. Kleinwort Benson Cross Financing proved to be a consistent moneymaker, while KBGS disappointed its parent's expectations.
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