Fox-Pitt Kelton Cochran Caronia Waller
Encyclopedia
Fox-Pitt Kelton Cochran Caronia Waller (formerly Fox-Pitt, Kelton or FPK) is an investment bank focused on mergers and acquisitions
advisory services, private placements of debt and equity as well as equity research. FPK specializes in transactions involving financial institution
s and financial services companies.
The firm, which has eight offices globally in London
, New York
, Chicago
, Hartford
, San Francisco, Boston
, Hong Kong
and Tokyo
has approximately 285 employees, including 60 research analysts and 60 employees in sales and trading.
in 2003).
Swiss Reinsurance Co. acquired FPK in 1998 for $200 million. Under Swiss Re's ownership, the firm expanded further gloablly, entering Asia.
A consortium led by private equity
firm J.C. Flowers & Co. and the bank’s management bought Fox-Pitt from Swiss Reinsurance Co. in February 2006. Lazard investment banker Gary Parr is also an investor in Fox-Pitt.
Under management and private equity ownership, the firm merged with 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, specialized in financial services, focusing on the property-casualty, life and health sectors. Among the notable transactions in which the fim was involved, FPK, and its co-owner J. Christopher Flowers, advised Bank of America
on its acquisition of Merrill Lynch
in 2008.
In 2009, Macquarie Group
, 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 $146.7M. Macquarie's acquisition of Fox-Pitt Kelton was completed in November 2009.
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
advisory services, private placements of debt and equity as well as equity research. FPK specializes in transactions involving financial institution
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
s and financial services companies.
The firm, which has eight offices globally in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, New York
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
, Hartford
Hartford, Connecticut
Hartford is the capital of the U.S. state of Connecticut. The seat of Hartford County until Connecticut disbanded county government in 1960, it is the second most populous city on New England's largest river, the Connecticut River. As of the 2010 Census, Hartford's population was 124,775, making...
, San Francisco, Boston
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
, Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
and Tokyo
Tokyo
, ; officially , is one of the 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the largest metropolitan area of Japan. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family...
has approximately 285 employees, including 60 research analysts and 60 employees in sales and trading.
History
The firm was founded in 1971 by Oliver Fox-Pitt and Robin Kelton. After expanding to the U.S. in the 1980s, FPK launched Eldon, a financial services focused investment manager, in 1994 (Eldon was sold to HiscoxHiscox
Hiscox Ltd. is a Bermuda-incorporated 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 companies and high net worth individuals, as well as...
in 2003).
Swiss Reinsurance Co. acquired FPK in 1998 for $200 million. Under Swiss Re's ownership, the firm expanded further gloablly, entering Asia.
A consortium led by private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
firm J.C. Flowers & Co. and the bank’s management bought Fox-Pitt from Swiss Reinsurance Co. in February 2006. Lazard investment banker Gary Parr is also an investor in Fox-Pitt.
Under management and private equity ownership, the firm merged with 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, specialized in financial services, focusing on the property-casualty, life and health sectors. Among the notable transactions in which the fim was involved, FPK, and its co-owner J. Christopher Flowers, advised Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
on its acquisition of Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
in 2008.
In 2009, Macquarie Group
Macquarie Group
Macquarie Group Limited is a global investment banking and diversified financial services group, providing banking, financial, advisory, investment and funds management services to institutional, corporate and retail clients and counterparties around the world...
, 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 $146.7M. Macquarie's acquisition of Fox-Pitt Kelton was completed in November 2009.