Brown-Blooded Holdouts; Wall Street Partnerships  

Oleh:

[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 399 no. 8738 (Jun. 2011), page 75-77.
Topik: Investment Bankers; Partnerships
Fulltext: Wall Street partnerships.pdf (46.11KB)

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The eight top partners of Brown Brothers Harriman (BBH) share an office, the Partners' Room, sitting at two rows of antique desks, overlooked by a painting of the firm's stern-faced founders. BBH is clearly not your typical 21st-century Wall Street firm. Private partnerships have been in retreat since 1970 when the New York Stock Exchange allowed its members to go public. The biggest of the remaining investment-banking partnerships, BBH is still quite small, with $600m of capital. Another member of the club is the much younger Sandler O'Neill, founded in 1988, which focuses on advising and raising capital for other financial firms. Partnerships are careful about the risks they take because, as "general partners", they face unlimited personal liability should the firm blow up. Cautious though they are, today's partnerships appear to be competitive. BBH does not disclose profits but says 2008 was its best year ever.

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