Fox-Pitt Kelton Cochran Caronia Waller
|Founder||Oliver Fox-Pitt, Robin Kelton|
|Headquarters||London, England, United Kingdom
New York, New York, United States
Number of employees
|Parent||Swiss Re (former)
J.C. Flowers & Co. (former)
Macquarie Group (current)
Fox-Pitt Kelton Cochran Caronia Waller (formerly Fox-Pitt, Kelton or FPK) is an investment bank focused on mergers and acquisitions advisory services, private placements of debt and equity as well as equity research. FPK specializes in transactions involving financial institutions and financial services companies.
The firm, which has eight offices globally in London, New York, Chicago, Hartford, San Francisco, Boston, Hong Kong and Tokyo has approximately 285 employees, including 60 research analysts and 60 employees in sales and trading.
The firm was founded in 1971 by Oliver Fox-Pitt and Robin Kelton. After expanding to the U.S. in the 1980s, FPK launched Eldon, a financial services focused investment manager, in 1994 (Eldon was sold to Hiscox in 2003).
A consortium led by private equity firm J.C. Flowers & Co. and the bank’s management led by Giles Fitzpatrick, CEO purchased Fox-Pitt from Swiss Reinsurance Co. in February 2006. Lazard investment banker Gary Parr also investored in Fox-Pitt.
Under management and private equity ownership, the firm acquired another investment boutique, Chicago-based Cochran Caronia Waller (CCW) in 2007. CCW was founded in 1997 as Cochran Caronia & Co by George Cochran, Leonard Caronia and John Waller and was renamed Cochran Caronia Waller in 2006. Like FPK, specialized in financial services, focusing on the property-casualty, life and health sectors. Among the notable transactions in which the firm was involved, FPK, and its co-owner J. Christopher Flowers, advised Bank of America on its acquisition of Merrill Lynch in 2008.
In 2009, Macquarie Group, Australia's largest investment bank, entered into serious discussions about a takeover of Fox-Pitt Kelton from its current ownership, and on September 30, 2009, the two firms announced a purchase agreement valuing Fox-Pitt Kelton at $146.7M. Macquarie's acquisition of Fox-Pitt Kelton was completed in November 2009.
- Fox-Pitt bows to $200m Swiss Re offer. The Independent, December 22, 1998
- Fox-Pitt, Cochran Caronia Join Forces: Deal is first since J.C. Flowers buyout. Investment Dealers' Digest, May 28, 2007
- Fox-Pitt, Kelton to merge with U.S. broker CCW. Reuters, May 24, 2007
- Macquarie In Takeover Talks For Fox-Pitt Kelton, Wall Street Journal, August 20, 2009
- Macquarie to Buy Fox-Pitt Kelton for $146.7 Million, Bloomberg, September 30, 2009
- Fox-Pitt in flower. The Deal, September 19, 2008
- Fox-Pitt, Kelton (company website)