Wasserstein Perella & Co.
| Wasserstein Perella & Co. | |
| Investment Bank | |
| Industry | Finance |
| Fate | sold to DrKW |
| Successor | DrKW |
| Founded | 1988 |
| Defunct | 2000 |
| Headquarters | New York |
| Products | Financial Services |
Wasserstein Perella & Co.,sometimes referred to as "Wasserella", was a boutique investment bank established by Bruce Wasserstein, Joseph R. Perella, Bill Lambert, and Charles Ward in 1988, former bankers at First Boston Corp., until its eventual sale to Dresdner Bank in 2000 for some $1.4 billion in stock. The private equity business of the investment firm was not included in the sale and was to be sold off to existing Wasserstein shareholders.[1]
History
The firm was described in 2007 as a training ground which helped create "a dynasty of bankers and executives that has spread throughout Wall Street and corporate America".[2] They included Robert S. Wiesenthal who became chairman of Sony; Raymond J. McGuire of Citigroup; Douglas L. Braunstein of JPMorgan Chase; Ronald Kramer, former President of Wynn Resorts and current CEO of Griffon Corporation; Michael B. Kraines of Sandler O'Neill; John H. Simpson, formerly Canyon Partners, now Broadhaven LLC; Robert Pruzan, founder of Centerview Partners, Deborah C. Wright of Carver Federal Savings Bank, Gail Zauder of Credit Suisse; current Mayor of Chicago and former Chief of Staff for President Obama Rahm Emanuel; Howard Kerzner, hotel tycoon and son of Sol Kerzner; Jon B. Kutler, founder of Quarterdeck Investment Partners, Inc., now with Admiralty Partners, Inc.; Michael J. Biondi, investment banking chair and Gary Parr at Lazard, nicknamed Mr. Judgement;[3] Hugh "Skip" McGee III, former head of Lehman's investment banking, now at Barclays; Mark G. Shafir, former global co-head of M&A at Lehman Brothers now with Citigroup, Walid Chammah former CEO of Barclays International and others.[2] One First Boston analyst Paul Mecurio left corporate life to become a comedian.[2]
Perella left the firm for Morgan Stanley in 1993.[4] Wasserstein stayed through the takeover by Dresdner Bank, but left the firm in 2002 to head investment bank Lazard,[5] until his unexpected death in 2009.[6] The investment banking business of Dresdner Bank changed its name to Dresdner Kleinwort Wasserstein as a result of the deal. In 2006, four years after Wasserstein's departure, it dropped Wasserstein's name.[citation needed]
Large mergers
In 2000, Wasserstein Perella ranked fifth in the U.S. as an adviser on mergers and acquisitions.[7]
Wasserstein Perella advised Axa Financial in the $11.5 billion sale of Donaldson Lufkin & Jenrette to Credit Suisse First Boston in 2000, Philip Morris in its $14.9 billion acquisition of Nabisco Holdings Corp. and Time Warner in its $128 billion merger with America Online.[7] Other deals include the $25 billion merger of Swiss Bank Corp and UBS and the $10 billion merger of Morgan Stanley & Co. and Dean Witter Discover & Co.[8]
References
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External links
- Bruce Wasserstein, Chairman and CEO of Wasserstein Perella Euromoney Institutional Investor PLC.(subscription required)
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