White Weld & Co.
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 19th century in Boston, Massachusetts, United States |
| Defunct | 1978 (original firm acquired by Merrill Lynch) |
| Fate | Acquired by Merrill Lynch in 1978; reestablished in 2012 |
| Headquarters | Chicago , United States |
Key people | Robert L. Genillard (Managing Partner, 1970), Paul Hallingby (CEO at acquisition), Nigel S. MacEwan (President at acquisition) |
| Products | Asset management, investment advisory, investment banking, capital markets |
| Website | www |
White, Weld & Co. operates as a privately owned international financial services company with expertise in asset management, investment advisory, investment banking, and capital markets. The firm was reestablished in 2012 and is currently based in Chicago. Originally headquartered in Boston, White, Weld & Co. was a distinguished investment bank overseen by the Boston Brahmin elite until its 1978 acquisition by Merrill Lynch. Its foundation is linked to the Weld family, who were early settlers of Massachusetts during the 1630s.
History
White, Weld & Co. originated in nineteenth-century Boston, created to support international trade financing. In 1929, it was involved in managing Airstocks, an early financial initiative focused on the aviation sector. By the twentieth century, the company had transformed into a well-established New York investment bank with strong ties to the WASP community. A significant figure was George Herbert Walker Jr., uncle of President George H.W. Bush, who joined White, Weld following the acquisition of his own firm, G. H. Walker & Co., in 1974. At the time when Merrill Lynch purchased White, Weld, the leadership team included CEO Paul Hallingby and President Nigel S. MacEwan.
Confronted with growing retail stock market competition and capital-heavy investment banking demands, White, Weld chose to sell its operations. One of its notable achievements was co-underwriting Walmart's initial public offering in 1970 alongside Stephens Inc.
Relationship with Credit Suisse
In 1970, White, Weld & Co., under Managing Partner Robert L. Genillard, formed an international investment banking alliance with Credit Suisse called Société Anonyme du Credit Suisse et de White Weld (Credit Suisse White Weld). From 1975 until 1978, Sir John Craven, who later led Morgan Grenfell, directed Credit Suisse White Weld. Oswald Gruebel, who served as Credit Suisse’s CEO from 2004 to 2007, began his career at this joint venture in 1970. Following White Weld’s acquisition by Merrill Lynch, it withdrew from the partnership and was succeeded by First Boston, resulting in the creation of Credit Suisse First Boston based in London. The Swiss private banking arm of White Weld, founded in 1954 as White Weld & Co. AG, eventually became Clariden Leu. In 1962, SKA purchased White Weld & Co AG Zurich from the American parent company and renamed it Clariden Finanz AG.