C.E. Unterberg, Towbin
Encyclopedia
C.E. Unterberg, Towbin, was a United States
investment bank. Founded as C.E. Unterberg & Co. in 1932 by Clarence E. Unterberg, the firm changed its name to C.E Unterberg, Towbin & Co., in 1953.
The firm began as a niche over-the-counter
trading firm. Following World War II, the firm made a name for itself as an investment banker for the technology oriented companies of the period.
Following its merger with L.F. Rothschild
in 1977, the firm was known as L. F. Rothschild, Unterberg, Towbin and was led primarily by Thomas I. Unterberg and A. Robert Towbin. The firm was known for its merchant banking investments, particularly in high-technology companies. In the early 1980s, the firm emerged as the leading underwriter of initial public offerings, surpassing the elite investment banks (at the time, including Lehman Brothers
, Goldman Sachs
and Morgan Stanley
). Among the companies they took public were Intel, Cray Research and biotechnology company Cetus Corporation
. Following the 1986 departure of Tom Unterberg and Bob Towbin for Lehman Brothers
, the firm became known as L.F. Rothschild until it filed Chapter 11 in 1989.
Subsequently, in 1990 Tom Unterberg started a new firm with investment banker Bob Harris, formerly of Alex. Brown & Sons
, called Unterberg Harris. The firm focused on raising capital for growth companies, with a focus in the technology, healthcare and global security, sectors. In 1995, Towbin rejoined the firm and in 1997, Bob Harris left for Bear Stearns
, so the company took on the C.E. Unterberg, Towbin name once again. Since January 2002, John Gutfreund
, a former CEO of Salomon Brothers
has been senior managing director of the bank. On July 16, 2007, the firm was acquired by UK
based investment bank, Collins Stewart, and assumed that firm's name.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
investment bank. Founded as C.E. Unterberg & Co. in 1932 by Clarence E. Unterberg, the firm changed its name to C.E Unterberg, Towbin & Co., in 1953.
The firm began as a niche over-the-counter
Over-the-counter (finance)
Within the derivatives markets, many products are traded through exchanges. An exchange has the benefit of facilitating liquidity and also mitigates all credit risk concerning the default of a member of the exchange. Products traded on the exchange must be well standardised to transparent trading....
trading firm. Following World War II, the firm made a name for itself as an investment banker for the technology oriented companies of the period.
Following its merger with L.F. Rothschild
L.F. Rothschild
L.F. Rothschild was a merchant and investment banking firm based in the United States and founded in 1899. The firm collapsed following the 1987 stock market crash.-History:...
in 1977, the firm was known as L. F. Rothschild, Unterberg, Towbin and was led primarily by Thomas I. Unterberg and A. Robert Towbin. The firm was known for its merchant banking investments, particularly in high-technology companies. In the early 1980s, the firm emerged as the leading underwriter of initial public offerings, surpassing the elite investment banks (at the time, including Lehman Brothers
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
, Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
and Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
). Among the companies they took public were Intel, Cray Research and biotechnology company Cetus Corporation
Cetus Corporation
Cetus Corporation was one of the first biotechnology companies. It was established in Berkeley, California in 1971, but conducted most of its operations in nearby Emeryville. Before merging with another company in 1991, it developed several significant pharmaceutical drugs as well as a...
. Following the 1986 departure of Tom Unterberg and Bob Towbin for Lehman Brothers
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
, the firm became known as L.F. Rothschild until it filed Chapter 11 in 1989.
Subsequently, in 1990 Tom Unterberg started a new firm with investment banker Bob Harris, formerly of Alex. Brown & Sons
Alex. Brown & Sons
Alex. Brown & Sons was the first investment bank in the United States, founded by Alexander Brown in 1800 and based in Baltimore, Maryland. The firm was acquired by Bankers Trust in 1997 to form BT Alex...
, called Unterberg Harris. The firm focused on raising capital for growth companies, with a focus in the technology, healthcare and global security, sectors. In 1995, Towbin rejoined the firm and in 1997, Bob Harris left for Bear Stearns
Bear Stearns
The Bear Stearns Companies, Inc. based in New York City, was a global investment bank and securities trading and brokerage, until its sale to JPMorgan Chase in 2008 during the global financial crisis and recession...
, so the company took on the C.E. Unterberg, Towbin name once again. Since January 2002, John Gutfreund
John Gutfreund
John H. Gutfreund is the former CEO of Salomon Brothers Inc, an investment bank that gained notoriety in the 1980s. Gutfreund turned Salomon Brothers from a private partnership into a publicly traded corporation which started a trend in Wall Street for investment companies to go public. He became...
, a former CEO of Salomon Brothers
Salomon Brothers
Salomon Brothers was a bulge bracket, Wall Street investment bank. Founded in 1910 by three brothers along with a clerk named Ben Levy, it remained a partnership until the early 1980s, when it was acquired by the commodity trading firm Phibro Corporation and then became Salomon Inc. Eventually...
has been senior managing director of the bank. On July 16, 2007, the firm was acquired by UK
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
based investment bank, Collins Stewart, and assumed that firm's name.