C.E. Unterberg, Towbin
| Company type | Private |
|---|---|
| Industry | Investment banking |
| Founded | 1932 |
| Founder | Clarence E. Unterberg |
| Fate | Acquired by Collins Stewart in 2007 |
Key people | Thomas I. Unterberg, A. Robert Towbin, John Gutfreund |
| Products | Merchant banking, Initial public offerings (IPOs) |
| Parent | Collins Stewart (from 2007) |
C.E. Unterberg, Towbin was an American investment banking firm originally established as C.E. Unterberg & Co. in 1932 by Clarence E. Unterberg. The company rebranded to C.E. Unterberg, Towbin & Co. in 1953.
History
Beginning as a firm specializing in over-the-counter trading, it rose to prominence after World War II by serving as an investment banker for technology enterprises.
Following its 1977 merger with L.F. Rothschild, the combined entity operated under the name L. F. Rothschild, Unterberg, Towbin, with leadership from Thomas I. Unterberg and A. Robert Towbin. The firm concentrated on merchant banking investments within high-tech industries and dominated the initial public offering market in the early 1980s, outperforming major competitors such as Lehman Brothers, Goldman Sachs, and Morgan Stanley. Among its significant IPOs were companies like Intel, Cray Research, and the biotechnology company Cetus Corporation. After Unterberg and Towbin transitioned to Lehman Brothers in 1986, the firm continued as L.F. Rothschild until it filed for Chapter 11 bankruptcy protection in 1989.
In 1990, Tom Unterberg partnered with Bob Harris—formerly of Alex. Brown & Sons—to create Unterberg Harris, a firm dedicated to raising capital for growth-stage companies in technology, healthcare, and global security sectors. Towbin rejoined the organization in 1995; following Harris's exit to Bear Stearns in 1997, the company reinstated the C.E. Unterberg, Towbin name. In 2002, John Gutfreund, ex-CEO of Salomon Brothers, joined as senior managing director. On July 16, 2007, Collins Stewart, a UK-based investment bank, acquired the firm and adopted its name.
Notable alumni
- James Satloff, former CEO and founder of Liberty Skis