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 , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = Country , subdivision_name ...

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,

, 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

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

History

References

Further reading

External links