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. Both houses were British merchant banks of long standing. This investment-banking subsidiary was an extremely important part of Dresdner's worldwide securities expertise. Langham Capital Soon after the Allianz merger, though, Dresdner stumbled badly. 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. Dresdner continued to expand, opening branches in Singapore and New York in 1972. Until mid-2003, he served as Head of Global Private Equity for Dresdner Kleinwort Capital and was a Group Board Member of Dresdner . Dresdner Kleinwort offers investment banking services. Thanks to the integration of the world's financial markets, the American stock market crash of 1987 was felt around the world. . [10], The firm decided to enter the securities market buying Charlesworth and Co., a stock jobber, in October 1984[11] and Grieveson Grant, a leading stockbroker, in April 1986. It was one of the few British securities firms that made a profit on equities dealing in late 1987 and early 1988. Robert Benson Lonsdale's strengths lay in corporate finance and underwriting, but it had done little business in more traditional areas of merchant banking. With the Soviet occupation of East Germany, all of Dresdner's offices east of the Oder-Neisse line were closed permanently. 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. Mr. Wright was educated at Oxford University (M.A.) Mr. Wright has been a director of Merifin Capital NV, a private European family owned investment firm since 1987. The burden of Germany's heavy war reparations stultified the entire economy. Christopher Wright - Colle Capital Friderichs's tenure ended in February 1985, when he resigned in the wake of charges that he had accepted a bribe for a favorable tax ruling given to the Flick Industrial Group while he was economics minister. They merged in 1961 to create Kleinwort Benson Lonsdale, later Kleinwort Benson. Dresdner Kleinwort open to tie-ups | Financial Times Previously, Neil was a Chief Executive Officer at Sevara Partners and also held positions at Dresdner Kleinwort, Dresdner Kleinwort. [12], In the 1980s, Kleinwort Benson was a pioneer in privatisation. Because of its traditional reliance on trade with Germany, Kleinwort was hit harder than most of its competitors by the crisis. Judy holds an MBA degree from the Wharton School, University of Pennsylvania, and a BA in International Economics from Peking University. Company profile page for Dresdner Kleinwort Capital Inc including stock price, company news, press releases, executives, board members, and contact information 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. In 1978, Dresdner had officially become one of the ten largest banks in the world. Prior to YiMei Capital Management, Henry worked as Director in Accenture China and PwC US, where he developed deep understanding of world leading corporations' business and operating model. In Los Angeles, it purchased the services of a group of brokers specializing in interest-rate swaps and renamed it Kleinwort Benson Cross Financing. 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. Ostensibly socialists, the Nazis were inclined to completely nationalize all the German banks under the absolute power of the Third Reich. Hans Friderichs, a former economics minister, was Ponto's eventual replacement. CO-FOUNDER Dylan was formerly Head of Liquid Investments at Calibrium AG, Zurich, where he helped build and establish one of the largest Family Office's in Europe. Dresdner became involved in yet another deal later that year. Who we are - South Andes Reunification meant more than gaining domestic strength for the new Dresdner Bank: it meant the bank could expand once again. Dresdner Kleinwort Capital - Crunchbase Investor Profile & Investments In 1884 Dresdner Bank moved its headquarters from Dresden to Berlin and then spent the rest of the decade expanding even more vigorously. Dresdner Kleinwort Benson In September 2004, Coller Capital's fund acquired a $90 million portfolio of companies from Dresdner Kleinwort Benson. 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. [9] Kleinwort Benson worked on several major mergers and acquisitions at this time including the merger of Cadbury with Schweppes in 1969. Get the full list, Morningstar Institutional Equity Research. Allianz, which already owned 22 percent of Dresdner before the acquisition, saw Dresdner as key to this transformation. Previous roles included CFO at Vision Capital, GP at EQT, and Finance and Investor Relations Director at Terra Firma. B-22, Jungpura Extension, New Delhi - 110014, India, 28 Devonport, 23 Southwick Street, London, England, W2 2QF. Documentation: Legal documentation is integral for any business transaction or alliance. Kleinwort Benson was a leading investment bank that offered a wide range of financial services from offices throughout the United Kingdom and Channel Islands. In 1965, Kleinwort Benson entered the oil and gas business when its subsidiary Kleinwort Benson Energy began drilling on the continental shelf. Mr. Wright has been a director of Merifin Capital NV, a private European family owned investment firm since 1987. 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. 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. [6], In 1947 Robert Benson and Co. merged with Lonsdale Investment Trust (founded by Leo Lonsdale) to form Robert Benson, Lonsdale and Co.[7] The Benson family interest in the group was watered down but operational control of bank remained with its Chairman, Rex Benson. [32] Other executives (Areski Iberrakene, Efstratios Hatzistefanis, Kaveh Taleghani and Stefan Guetter) won their bonus suits against the bank in August 2009. In Chicago, it acquired the institutional and funds operations of Virginia Trading Corporation, a futures brokerage. Previously at Dresdner Kleinwort Wasserstein as head of the NY Leveraged Finance Group and founded the Real Estate and Public Finance Groups. 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. Melly spots prize and moves quickly | Independent.ie Dresdner Kleinwort - Crunchbase Investor Profile & Investments 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. By 1989, it boasted of offices and subsidiaries in ten countries and four continents--a small empire of its own. Hugh has worked on transactions in 15 countries. In the end, the banks were not nationalized, and Dresdner Bank prospered under state-regulated capitalism. 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 . 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. The trend towards consolidation in the European banking industry continued in the late 1990s and early in the new century. Principal Competitors: Bayerische Hypo-und Vereinsbank Aktiengesellschaft; Citigroup Inc.; Commerzbank AG; Credit Suisse Group; Deutsche Bank AG. At this time Dresdner developed close relations with the electro-technical, rail, and oil industries, which allowed it to build, with Deutsche Bank, a railroad line from Constantinople to Ankara, then an important line of transportation. Dresdner Kleinwort Capital's growth plans include the [] Dresdner Kleinwort Capital is the sole private equity business of Dresdner Kleinwort Wasserstein, the investment banking division of Dresdner Bank. A month later Kleinworts agreed another loan of 1,500,000 pounds sterling at 3%. In 1948, Robert Benson & Company Limited merged with Lonsdale Investment Trust, whom it had served as bankers, to form Robert Benson Lonsdale. 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. 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. [2], Last edited on 10 February 2023, at 17:31, Sir Alexander Drake Kleinwort, 1st Baronet, "Kleinwort loses historic Benson name after mega-merger", "Gold, Mexican cotton and enemy debts: archives of Kleinwort Benson Group, merchant investment bankers", "Quin puso el dinero para el golpe del 18 de julio y la Guerra Civil? . DrKW became a member of the world's fourth-largest financial institution later that year when Dresdner Bank merged with the Allianz Group. [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. Dresdner Kleinwort Wasserstein - PitchBook Data 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. All rights reserved. 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. [30] Jens-Peter Neumann, former head of Capital Markets sued in Germany in April 2009 for 1.5million in severance pay. Hon the Lord Lilley is a British Conservative Party politician who joined the House of Lords in June 2018. 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. Dresdner Kleinwort Capital appeared to be the VC, which was created in 2001. Andreas T. Angelopoulos - Chairman Private Markets - LinkedIn Team Calderwood Capital | UK Ikarus Capital | Team [22] The Frankfurt branch of the bank was instrumental in initiating trading in emissions credits in 2003. Anne has worked in private equity since 2004 most recently as CFO at Cap10 Partners. 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. In the early years of the 20th century Dresdner's continuous expansion made it a true giant of German industry. St. James Press, 2004. Barry received his MBA from University of North Carolina and BA, Economics from Vassar College. He is a director of Asset Metrix GmbH and insticube GmbH, both B2B software companies in Munich. Allianz AG, a large German insurance group, made a $22 billion play for Dresdner, adding it to its arsenal in late 2001. All rights reserved. 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. Until mid-2003 he served as Head of Global Private Equity for Dresdner Kleinwort Capital and was a Group Board Member . 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.". [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. 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. In the first decade of this century, Dresdner formed a community of interest with Schaffhausenschor Bankverein in 1903, opened stock companies to start trade with Asia and South America, formed 27 branches through absorption of smaller banks, and formed an alliance with the American bank J.P. Morgan and Company to engage in international finance.
