Kaupthing Singer & Friedlander
Encyclopedia
Kaupthing Singer & Friedlander is a financial services provider offering corporate and investment banking services to small and medium-sized companies, as well as wealth management services for high net worth clients. Primary areas of activity are treasury, investment management, capital markets services, asset finance, and private banking. The company was created in August 2006 by the merger of Singer & Friedlander Plc and Kaupthing Limited.
based merchant bank. It was founded in 1907 by Julius Singer and Ernst Friedlander. Legendary currency speculator George Soros
is perhaps Singer and Friedlander’s most successful ex-employee. In August 2005 it was acquired by Kaupthing Holdings UK Limited, a subsidiary of Kaupthing Bank
, the largest bank in Iceland
.
In August 2006 Singer & Friedlander moved its headquarters from the City of London to the Mayfair
area in the City of Westminster
in London. At the same time Kaupthing Bank's subsidiary in the UK, Kaupthing Limited, relocated to the same building and the entities merged to form Kaupthing Singer & Friedlander.
to transfer Kaupthing Singer and Friedlander’s Kaupthing Edge deposit business to ING Direct, a wholly owned subsidiary of ING Group
, the remainder of Kaupthing Singer and Friedlander's business was put into administration.. There is an ongoing dispute regarding ING's refusal to accept the terms of fixed rate deposits advertised on the Kaupthing Edge website after its acquisition of the company.
Singer & Friedlander
Singer & Friedlander Plc was originally a City of LondonCity of London
The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...
based merchant bank. It was founded in 1907 by Julius Singer and Ernst Friedlander. Legendary currency speculator George Soros
George Soros
George Soros is a Hungarian-American business magnate, investor, philosopher, and philanthropist. He is the chairman of Soros Fund Management. Soros supports progressive-liberal causes...
is perhaps Singer and Friedlander’s most successful ex-employee. In August 2005 it was acquired by Kaupthing Holdings UK Limited, a subsidiary of Kaupthing Bank
Kaupthing Bank
Kaupthing Bank was an international Icelandic bank, headquartered in Reykjavík, Iceland. It was formed by the merger of Kaupthing and Búnaðarbanki Íslands in 2003 and was the largest bank in Iceland....
, the largest bank in Iceland
Iceland
Iceland , described as the Republic of Iceland, is a Nordic and European island country in the North Atlantic Ocean, on the Mid-Atlantic Ridge. Iceland also refers to the main island of the country, which contains almost all the population and almost all the land area. The country has a population...
.
In August 2006 Singer & Friedlander moved its headquarters from the City of London to the Mayfair
Mayfair
Mayfair is an area of central London, within the City of Westminster.-History:Mayfair is named after the annual fortnight-long May Fair that took place on the site that is Shepherd Market today...
area in the City of Westminster
City of Westminster
The City of Westminster is a London borough occupying much of the central area of London, England, including most of the West End. It is located to the west of and adjoining the ancient City of London, directly to the east of the Royal Borough of Kensington and Chelsea, and its southern boundary...
in London. At the same time Kaupthing Bank's subsidiary in the UK, Kaupthing Limited, relocated to the same building and the entities merged to form Kaupthing Singer & Friedlander.
Financial crisis of 2007–2008
On 8 October 2008 the UK Treasury used the Banking (Special Provisions) Act 2008Banking (Special Provisions) Act 2008
The Banking Act 2008 is an Act of the Parliament of the United Kingdom that entered into force on the 21 February 2008 in order to enable the UK government to nationalise high-street banks under emergency circumstances by secondary legislation...
to transfer Kaupthing Singer and Friedlander’s Kaupthing Edge deposit business to ING Direct, a wholly owned subsidiary of ING Group
ING Group
The ING Group is a global financial institution offering retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services. ING is the Dutch member of the Inter-Alpha Group of Banks, a cooperative consortium of 11 prominent European banks...
, the remainder of Kaupthing Singer and Friedlander's business was put into administration.. There is an ongoing dispute regarding ING's refusal to accept the terms of fixed rate deposits advertised on the Kaupthing Edge website after its acquisition of the company.
External links
- Kaupthing Singer & Friedlander's website
- Kaupthing Bank
- http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2002/09/13/cnwed113.xml
- http://www.ingsavers.co.uk/
- http://www.independent.co.uk/news/business/sharewatch/market-report-kaupthings-positions-keep-traders-busy-955513.html