Marron painstakingly lays out the firm’s strategy: to build the PaineWebber brand image and offer investment advice to affluent Americans.īy 2000, he wants assets under management to hit $80 billion, vs. He’ll be the last guy standing.”įrom his posh midtown Manhattan offices adorned with works by Roy Lichtenstein, Willem de Kooning and Jasper Johns, Mr. Bruce McEver, now president of New York investment bank Berkshire Capital Corp. “He’s done a brilliant job of merging a company and ending out on top,” says former colleague H. He quickly became chief executive and in 1977 sold Mitchell Hutchins to PaineWebber, becoming chairman there in 1980. in 1959 and ran it until 1965, when he sold it to fund manager Mitchell Hutchins & Co. Meantime, asset management fees grew 31.2% in the quarter to $158.7 million because of increased efforts to sell trust services and investment portfolios called wrap accounts. And first-quarter net income was a record $120.7 million, up 20% from the year-earlier period. Last year’s net income was $415.5 million on revenues of $6.66 billion. Whatever the outcome, Paine-Webber, now the country’s fourth-largest brokerage, certainly is an attractive target for someone. of America, has popped up again recently. And talk of merger discussions with Prudential Securities Inc., the brokerage unit of Prudential Insurance Co. His company’s stock has soared over 130% the past 18 months, to about $42, amid sniffing by the likes of BankAmerica Corp. Marron’s vision for an independent PaineWebber isn’t quite what Wall Street sees. Our strategy is to be a major national brand name dealing with the affluent end of the market.”īut Mr. “All the competition reinforces the fact that consumers will go more and more to a brand name. “While the view is that the industry is consolidating, the fact is there are 300 more firms than there were five years ago,” he says, pointing to online discount operations and bank brokerages. Somebody’s merged - and I can give them all my business’? I haven’t,” says Donald Marron. “Have you met anybody yet who says: ‘This is great.
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