New York – In a merger that has been brewing since May 2007, Fox Pitt Kelton and Cochran Caronia Waller have tied the knot, effective September 4, 2007. The deal increases the analytical depth of the combined company, without diluting the focus of the research on the financial services industry.
Fox Pitt Kelton covers over 400 financial stocks globally with about 60 analysts, while Cochran Caronia Waller covers about 50 names domestically in the insurance industry. Both firms offer investment banking services. In total the new company called “Fox Pitt Kelton Cochran Caronia Waller” will be a leader in the insurance and global finance industries research and investment banking areas.
The merger is beneficial for both firms, with Fox Pitt gaining deeper expertise in the insurance industry and Cochran gaining access to international markets.
We include the press release below:
Fox-Pitt, Kelton and Cochran Caronia Waller Complete Merger
London, New York and Chicago; September 4th, 2007 – Fox-Pitt, Kelton (“FPK”) and
Cochran Caronia Waller (“CCW”) today announced that they have completed their merger
thereby creating a leading global specialist investment bank focused on the Financial
Services industry. The combined firm will be known as Fox-Pitt Kelton Cochran Caronia
Waller. George Cochran and Len Caronia will assume the responsibilities of Co-Chairmen of
the combined firm. Giles Fitzpatrick remains CEO, and John Waller will become President of
the firm. Financial terms of the transaction were not disclosed.
The merger creates one of the strongest Financial Services specialists in investment banking.
As a combined firm, Fox-Pitt Kelton Cochran Caronia Waller significantly enhances its global
presence and its ability to provide clients with equity research and capital markets expertise
as well as industry-focused strategic advice. In addition the firm provides active research
coverage on approximately 450 financial services companies around the world.
About Fox-Pitt, Kelton
Founded in 1971, with offices in New York, Boston, Hartford, London, Hong Kong and Tokyo,
FPK is one of the leading specialist investment banks focused exclusively on the financial
services sector. The firm’s reputation has been built around its equity research team which
has consistently been recognized by institutional investors for its quality and independence.
FPK is also a leading underwriter of equity securities and actively serves as a strategic
advisor providing advice on mergers & acquisitions, corporate restructurings and equity
capital market transactions for banks, insurance companies and other financial services
companies around the world. For further information about FPK, visit its website at
About Cochran Caronia Waller
Cochran Caronia Waller is a full-service, independent investment banking firm specializing in
the property-casualty, life and health industries and related businesses. It offers clients
research, equity sales and trading, alternative capital-raising and mergers and acquisitions
advisory services. Headquartered in Chicago, with offices in New York, Cochran Caronia
Waller is consistently ranked among the leaders in insurance investment banking
transactions. For further information about Cochran Caronia Waller, visit its website at
For further information, please contact:
Fox-Pitt, Kelton: Lexa Hunt
44 (20) 7663 6001
Cochran Caronia Waller: William A. Hickey, Jr.
(312) 425 4725