The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Boutiques for sale

Within the past year two of the most respected investment banking boutiques have been sold ­ Gleacher to NatWest and Wolfensohn to Bankers Trust. Do those deals mark the beginning of a trend and, if so, which targets are left? Stephen Neish talks to the main players

"Sorry, we're not selling it this month, maybe next," quips John Herrmann, head of investment banking boutique The Bridgeford Group, as he comes to the telephone, aware only that Euromoney is calling to discuss boutiques.

His reaction typifies the current excitement surrounding investment banking boutiques in New York. What used to be dismissed as vanity shops for dealmakers who disliked being accountable to management committees have acquired respect. Two of the better-known firms, Gleacher & Co and Wolfensohn Inc, sold themselves within the last year for sums which woke the investment banking world with a jolt. NatWest Markets North America, part of the UK-based National Westminster Bank, paid $135 million to have Eric Gleacher and a dozen of his associates join the company in October 1995, while Bankers Trust announced in May that it was paying $210 million for the 55 professionals at Wolfensohn.

The excitement is over who will be next. Foreign banks are circling. Boutique owners are acting coy. The dining room of the Four Seasons hotel on New York's 57th Street is a prandial casting couch.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.

By continuing to use & browse the site you agree to our Privacy Policy.
I agree