Business Services Industry
Pru loses high-tech assets;Hope for quick IPO riches fade as new analysts get raided.
Crain's New York Business, January, 2000 by birger, jon
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. Manhattan-based Prudential, a unit of insurance giant Prudential Insurance Co.
of America, desperately needed Volpe's new-economy clients to remain a player in an investment banking business that has become increasingly tech-focused. But marriages aren't made on paper. In the seven weeks since the deal was announced, 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 the Prudential Volpe Technology Group, at least two investment banking...
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