Paying the price for city slickers

Article Abstract:

UK investment banks have been acquired by foreign concerns such as Swiss Bank corp which has acquired SG Warburg. Some banks' employees generate more profit than others, whith Smith New Court and example. The profits of banks are shared between shareholders and employees in varying proportions. Employees account for 62% of net profit prior to pay at Smith New Court, and 82% at Warburg, but only just over 50% at Schroders. ING may have paid too much for Barings in view of the prices of subsequent acquisitions.

Banking industry

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Europe banks on the City

Article Abstract:

Dresdner Bank has made a bid for Kleinwort Benson in a move which follows other acquisitions by European banks for UK banks. Dresdner plans an offer of some 724 pence per share, giving a value of 966 million pounds sterling for Kleinwort, which is seeking an offer of 750 pence, giving a value of the bank at 1 billion pounds. Kleinwort suffered a drop in profit in 1994. Other possible targets in the UK include Schroders which is 43% controlled by the Schroder family.

Dresdner Bank AG (Frankfurt, Germany), Kleinwort Benson Group PLC

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Schroder: leader of the pack, Barings has ben swallowed up, SG Warburg has had to call in Swiss Bank Corporation, and Hambros continues to concoct new ways of losing money. But, in this sea of troubles, Schroder stands out like a rock

Article Abstract:

Schroder, a merchant bank, has outperformed the All-Share Index by over 580% during the past 10 years. Its policy is for fee based income growth focusing on improving earnings quality. It advises clients such as Rank and Pilkington and has seen spectacular growth in fund management. Three quarters of its oeprating income was fee based in 1994.

Merchant banks, Schroder Investment Management Ltd.

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