Cassatt & Company
|Fate||Acquired in 1940 by E.A. Pierce Merrill Lynch|
|Predecessor||Lloyd, Cassatt & Company|
Merrill Lynch, E. A. Pierce and Cassatt|
Merill Lynch, Pierce, Fenner & Beane (later Smith)
|Founder||Robert K. Cassatt|
|Headquarters||Philadelphia, Pennsylvania, United States|
|Products||Brokerage, Investment banking|
Cassatt & Company was a Philadelphia based investment banking and brokerage firm founded in 1872. The firm was acquired by Merrill Lynch & Co. in 1940, shortly after Merrill's merger with E.A. Pierce & Co. that created Merril Lynch, E.A. Pierce & Cassatt.
The Cassatt name was dropped in 1940 when the newly combined firm acquired New Orleans-based Fenner & Beane.
Founding and early history
By 1919, the firm had offices in Philadelphia, New York, Pittsburgh and Baltimore.
Acquisition by Merrill Lynch and E.A. Pierce
In 1934, Cassatt began discussions with E.A. Pierce & Co., the largest brokerage firm in the U.S. at the time about a potential merger. In 1935, these discussions resulted in a partnership between the two firms. As part of the deal, Cassatt transferred its brokerage business to E.A. Pierce and focused exclusively on investment banking and merchant banking.
In the late 1930s, E.A. Pierce began discussions with Merrill Lynch about a potential merger. E.A. Pierce was struggling financially in the 1930s and was thinly capitalized. Following the death of Edmund C. Lynch in 1938, Winthrop Smith began discussions with Charles E. Merrill, who owned a minority interest in E.A. Pierce about a possible merger of the two firms. On April 1, 1940, Merrill Lynch, E.A. Pierce & Cassatt was formed when the two firms merged and also acquired Cassatt & Co.
- Alexander J. Cassatt. New York Times, June 18, 1899
- Cassatt & Co. to Open Branch. New York Times, July 1919.
- CASSATT & CO. FORM UNDERWRITING UNIT; Stock Exchange Firm Divides Investing Business From Brokerage Activities. New York Times, August 1931
- Merger of Cassatt & Co. And Pierce & Co. on Way. New York Times, December 1934
- Business & Finance: Personnel. TIME Magazine, January 14, 1935
- Co-leaders: the power of great partnerships John Wiley and Sons, 1999