Financial Services Industry
Industry: Email Alert RSS FeedPru rocked as high-tech acquisition's pros take a hike.
Investment News, February, 2000 by Birger, Jon
* Hoped for entree to the West Coast dot-com IPO culture
Prudential Securities Inc.'s acquisition of a West Coast investment banking boutique had all the makings of a perfect marriage.
Volpe Brown Whelan & Co. needed more capital to compete for high-profile underwriting assignments. New York-based Prudential--a unit of Prudential Insurance Co. of America in Newark, N.J., -- desperately needed Volpe's new-economy clients to remain a force in an investment banking business that has become increasingly tech-focused.
But marriages aren't made on paper. Since the deal was announced in early December, six of Volpe's top equity analysts and two star investment bankers have left. The defections have cost San Francisco-based Volpe, now known as...
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