Is Robert Fleming worth $7.78 billion? Possibly, but at this price its new owner, Chase Manhattan, is going to have to work hard to extract value from the UK-based asset management and investment banking firm.
Flemings had been floundering for several years, and has the air of an institution with a fine history and a good deal of promise, but lacking the cohesion and scope to make a success long-term. Its investment banking activities in the UK and Europe hardly register on the scale.
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