Cassatt & Company
 | |
| Acquired | |
| Industry | Financial services |
| Fate | Acquired in 1940 by E.A. Pierce Merrill Lynch |
| Predecessor | Lloyd, Cassatt & Company |
| Successor |
Merrill Lynch, E. A. Pierce and Cassatt Merill Lynch, Pierce, Fenner & Beane (later Smith) |
| Founded | 1872 |
| Founder | Robert K. Cassatt |
| Defunct | 1940 |
| Headquarters | Philadelphia, Pennsylvania, United States |
| Products | Brokerage, Investment banking |
Cassatt & Company was a Philadelphia based investment banking and brokerage firm founded in 1872. The firm was acquired by Merrill Lynch & Co. in 1940, shortly after Merrill's merger with E.A. Pierce & Co. that created Merril Lynch, E.A. Pierce & Cassatt.
The Cassatt name was dropped in 1940 when the newly combined firm acquired New Orleans-based Fenner & Beane.
History
Founding and early history
The firm, which was originally known as Lloyd, Cassatt & Company was founded by Robert S. Cassatt, father of railroad executive Alexander Cassatt.[1]
By 1919, the firm had offices in Philadelphia, New York, Pittsburgh and Baltimore.[2]
Acquisition by Merrill Lynch and E.A. Pierce
In 1931, the firm split its investment banking business from its traditional brokerage business.[3]
In 1934, Cassatt began discussions with E.A. Pierce & Co., the largest brokerage firm in the U.S. at the time about a potential merger.[4] In 1935, these discussions resulted in a partnership between the two firms. As part of the deal, Cassatt transferred its brokerage business to E.A. Pierce and focused exclusively on investment banking and merchant banking.[5]
In the late 1930s, E.A. Pierce began discussions with Merrill Lynch about a potential merger. E.A. Pierce was struggling financially in the 1930s and was thinly capitalized.[6] Following the death of Edmund C. Lynch in 1938, Winthrop Smith began discussions with Charles E. Merrill, who owned a minority interest in E.A. Pierce about a possible merger of the two firms. On April 1, 1940, Merrill Lynch, E.A. Pierce & Cassatt was formed when the two firms merged and also acquired Cassatt & Co.[6]
References
- ↑ Alexander J. Cassatt. New York Times, June 18, 1899
- ↑ Cassatt & Co. to Open Branch. New York Times, July 1919.
- ↑ CASSATT & CO. FORM UNDERWRITING UNIT; Stock Exchange Firm Divides Investing Business From Brokerage Activities. New York Times, August 1931
- ↑ Merger of Cassatt & Co. And Pierce & Co. on Way. New York Times, December 1934
- ↑ Business & Finance: Personnel. TIME Magazine, January 14, 1935
- 1 2 Co-leaders: the power of great partnerships John Wiley and Sons, 1999
- Cassatt & Company. Moody's magazine, Volume 17. 1914
- Cassatt & Company, Bankers and Brokers. Bankers magazine, Volume 73. 1906
- Alexander J. Cassatt. The Railway age, Volume 43, 1907
