Fox-Pitt Kelton Cochran Caronia Waller (formerly Fox-Pitt, Kelton or FPK) was an
investment bank
Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort.
In finance, the purpose of investing is ...
focused on
mergers and acquisitions
Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...
advisory services, private placements of debt and equity as well as
equity research
Securities research is a discipline within the financial services industry. Securities research professionals are known most generally as "analysts", "research analysts", or "securities analysts"; all the foregoing terms are synonymous. Researc ...
. FPK specialised in transactions involving
financial institution
Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions. Broadly speaking, there are three major types of financial insti ...
s and
financial service
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, ...
s companies.
The firm, which had eight offices globally in
London
London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...
,
New York
New York most commonly refers to:
* New York City, the most populous city in the United States, located in the state of New York
* New York (state), a state in the northeastern United States
New York may also refer to:
Film and television
* '' ...
,
Chicago
(''City in a Garden''); I Will
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,
Hartford
Hartford is the capital city of the U.S. state of Connecticut. It was the seat of Hartford County until Connecticut disbanded county government in 1960. It is the core city in the Greater Hartford metropolitan area. Census estimates since the ...
,
San Francisco
San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...
,
Boston
Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- mo ...
,
Hong Kong
Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...
and
Tokyo
Tokyo (; ja, 東京, , ), officially the Tokyo Metropolis ( ja, 東京都, label=none, ), is the capital and largest city of Japan. Formerly known as Edo, its metropolitan area () is the most populous in the world, with an estimated 37.468 ...
had approximately 285 employees, including 60 research analysts and 60 employees in
sales and trading Sales and trading is one of the primary front-office divisions of major investment banks. The term is typically reserved for the trading activities done by sell-side investment banks who are primarily engaged in making markets for institutional clie ...
.
It was acquired by
Macquarie Group
Macquarie Group Limited () is an Australian global financial services group. Headquartered and listed in Australia (), Macquarie employs more than 17,000 staff in 33 markets, is the world's largest infrastructure asset manager and Australia' ...
in November 2009.
History
The firm was founded in 1971 by Oliver Fox-Pitt and Robin Kelton, with assistance from Len Caronia. After expanding to the
U.S.
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...
in the 1980s, FPK launched Eldon, a financial services focused investment manager, in 1994 (Eldon was sold to
Hiscox
Hiscox Ltd. is an Anglo-Bermudan insurance provider, listed on the London Stock Exchange. An underwriter at Lloyd's of London, the company largely specialises in niche areas of the market, offering property and casualty insurance aimed at compa ...
in 2003).
Swiss Reinsurance Co.
Swiss Reinsurance Company Ltd,
Swiss Re. Retrieved on 18 January 2011. "Swiss Reinsurance Company Ltd ("Swiss Re") ...
acquired FPK in 1998 for . Under Swiss Re's ownership, the firm expanded further globally, entering
Asia
Asia (, ) is one of the world's most notable geographical regions, which is either considered a continent in its own right or a subcontinent of Eurasia, which shares the continental landmass of Afro-Eurasia with Africa. Asia covers an area ...
.
A consortium led by
private equity
In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a ty ...
firm
J.C. Flowers & Co. and the bank's management led by Giles Fitzpatrick, CEO, purchased Fox-Pitt from Swiss Reinsurance Co. in February 2006. Lazard investment banker
Gary Parr
Gary W. Parr is Senior Managing Director of Apollo Global Management and a member of the Executive Committee. He was a Vice Chairman and member of the Board of Directors of Lazard. He was an investment banker who had focused on the financial servi ...
also invested in Fox-Pitt.
Under management and private equity ownership, the firm acquired another investment boutique, Chicago-based Cochran Caronia Waller (CCW) in 2007. CCW was founded in 1997 as Cochran Caronia & Co by George Cochran, Leonard Caronia and John Waller and was renamed Cochran Caronia Waller in 2006. Like FPK, it specialised in financial services, focusing on the property-casualty, life and health sectors. Among the notable transactions in which the firm was involved, FPK, and its co-owner
J. Christopher Flowers
James Christopher Flowers is an American private equity investor and investment manager focused on the financial services industry. He is a Managing Director and CEO of J.C. Flowers & Co., and a member of the firm's Management Committee.
Early ...
, advised
Bank of America
The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank w ...
on its acquisition of
Merrill Lynch
Merrill (officially Merrill Lynch, Pierce, Fenner & Smith Incorporated), previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment bank ...
in 2008.
In 2009,
Macquarie Group
Macquarie Group Limited () is an Australian global financial services group. Headquartered and listed in Australia (), Macquarie employs more than 17,000 staff in 33 markets, is the world's largest infrastructure asset manager and Australia' ...
, Australia's largest investment bank, entered into serious discussions about a takeover of Fox-Pitt Kelton from its current ownership, and on September 30, 2009, the two firms announced a purchase agreement valuing Fox-Pitt Kelton at .
Macquarie's acquisition of Fox-Pitt Kelton was completed in November 2009.
References
Further reading
Fox-Pitt in flower The Deal, September 19, 2008
{{refend
External links
Fox-Pitt, Kelton(company website)
Former investment banks of the United States
British companies established in 1971
Financial services companies established in 1971
Banks established in 1971
Financial services companies of the United Kingdom
Companies based in London
1971 establishments in England
Investment banks in the United Kingdom
Mergers and acquisitions
Multinational companies based in the City of London
2009 mergers and acquisitions
Privately held companies of the United Kingdom