Business Services Industry
Prudential Securities Buys California Investment Bank.
Knight Ridder/Tribune Business News, December, 1999 by Pham-Duy D. Nguyen
Knight Ridder/Tribune Business News
Dec. 14 -- Volpe Brown Whelan & Co., considered the last of the big independent investment banks on the West Coast, was purchased by Prudential Securities on Monday, as part of its quest to participate in the profitable business of taking Internet start-ups public.
Terms of the cash deal were not disclosed.
Volpe Brown, soon to be renamed the Prudential Volpe Technology Group, chose Prudential because of the company's global reach, said the firm's founder Thomas Volpe.
"We clearly needed to dramatically expand distribution," said Volpe, who left Hambrecht & Quist in 1986 to start the company.
Big East Coast banks like Prudential have gobbled up the independent West Coast investment firms...
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