The firm was founded in 1971 by Oliver Fox-Pitt and Robin Kelton, with assistance from Len Caronia.[3] After expanding to the U.S. in the 1980s, FPK launched Eldon, a financial services focused investment manager, in 1994 (Eldon was sold to Hiscox in 2003).
Swiss Reinsurance Co. acquired FPK in 1998 for US$200 million.[4] Under Swiss Re's ownership, the firm expanded further globally, entering Asia.
A consortium led by private equity firm J.C. Flowers & Co. and the bank's management led by Giles Fitzpatrick, CEO, purchased Fox-Pitt from Swiss Reinsurance Co. in February 2006. Lazard investment banker Gary Parr also invested in Fox-Pitt.
Cochran Caronia Waller logo, prior to its acquisition by Fox-Pitt, Kelton
Under management and private equity ownership, the firm acquired another investment boutique, Chicago-based Cochran Caronia Waller (CCW) in 2007. CCW was founded in 1997 as Cochran Caronia & Co by George Cochran, Leonard Caronia and John Waller and was renamed Cochran Caronia Waller in 2006.[5][6] Like FPK, it specialised in financial services, focusing on the property-casualty, life and health sectors. Among the notable transactions in which the firm was involved, FPK, and its co-owner J. Christopher Flowers, advised Bank of America on its acquisition of Merrill Lynch in 2008.
In 2009, Macquarie Group, Australia's largest investment bank, entered into serious discussions about a takeover of Fox-Pitt Kelton from its current ownership,[7] and on September 30, 2009, the two firms announced a purchase agreement valuing Fox-Pitt Kelton at US$146.7 million.[8] Macquarie's acquisition of Fox-Pitt Kelton was completed in November 2009.[9]
^Yerak, Becky (October 14, 2009). "Raising capital a Signature event". Chicago Tribune. p. 23. Retrieved July 5, 2018 – via Newspapers.com (Publisher Extra).
