Wertheim & Co.

rdf:langString Wertheim & Co.

rdf:langString Wertheim & Co.

rdf:langString Wertheim & Co.

rdf:langString Acquired by Schroders

rdf:langString Maurice Wertheim and Joseph Klingenstein

rdf:langString None

rdf:langString Salomon Smith Barney

rdf:langString Schroder Wertheim

rdf:langString Wertheim Schroder

rdf:langString Acquired

rdf:langString Wertheim & Co. was an investment firm founded in 1927 by Maurice Wertheim and , who met when they worked together at Hallgarten & Company. The firm engaged primarily in the merchant-banking business; it invested (in companies and real estate primarily for the benefit of its own partners and a small number of investment-advisory clients) from its formation until the deaths of Wertheim and one of his senior partners (Edwin Hilson) in 1950 and 1952 respectively. After 1950, control of the firm passed to co-founder Joseph Klingenstein. He was a brilliant investor in stocks, and under his leadership the firm created one of the first professional research departments on Wall Street. In the mid-1950s, the firm became more active in underwriting, and subsequently attained major-bracket status in both equity and debt securities. Although its size and visibility did not keep pace with those of fellow major-bracket firms such as Goldman Sachs, Morgan Stanley and Lehman Brothers, the firm expanded significantly in the early 1970s. Under the leadership of Klingenstein's son Fred, Wertheim & Co. expanded its services (research, sales, and trading) to institutional investors and increased its asset management business. As of 1970, the 20 partners and approximately 200 employees generated annual revenues of around $40 million (not including gains recorded in the personal accounts of partners and clients). By 1986, when the Klingenstein family sold its 50% interest in the firm to Schroders, a British merchant bank, Wertheim had 38 managing directors, 51 associate managing directors, a total staff of almost 1,000, annual revenues over $200 million, five offices in the U.S. and three in Europe. The name of the firm was changed to Wertheim Schroder in 1986 after Schroder's initial investment, and to Schroder Wertheim in 1994 after Schroder acquired the remaining 50% interest in the firm. In 2000, Schroders sold its global investment-banking operations (including Schroder Wertheim) to Salomon Smith Barney, a subsidiary of Citigroup.

rdf:langString Acquired bySchroders(50% in 1986 and the remaining 50% in 1994)