Paine Webber moved its headquarters from 140 Broadway to 1285 Avenue of the Americas in midtown in 1985. After this point, the company would operate under the Paine Webber brand. The company would consolidate its two divisions, Paine Webber Jackson & Curtis and Blyth Eastman Paine Webber Inc., to form Paine Webber Inc. in 1983 Paine Webber had developed a national distribution network and with its active advertising campaign "Thank You Paine Webber" developed its brand throughout the 1980s. With the acquisition of Rotan Mosle Financial Corp. 1980sīy 1980 Paine Webber had 161 branch offices in 42 states and six offices in Asia and Europe. The acquisition added more than 70 branch offices and more than 700 professionals in addition to a strong investment banking business. in 1972, itself the product of the 1956 merger of Union Securities (formerly the investment banking division of J. which had merged with Eastman Dillon Union Securities & Co. Among its predecessor firms were Blyth & Co. Two years later, in 1979, the company acquired Blyth, Eastman Dillon & Co., which itself was the product of a number of mergers. Mitchell Hutchins, which traced its roots to 1919 had evolved to become one of America's leading equity research boutiques. In 1977, the firm acquired investment research and advisory firm Mitchell Hutchins. Paine Webber also acquired Abbott, Proctor & Paine in 1970, the Abacus Fund, a closed-end investment company in 1972, Mitchum, Jones & Templeton Inc. Smithers & Co., providing its first a presence in fixed income. As was the case for many firms, Paine Webber engaged in a number of acquisitions in the 1970s, as a wave of consolidation spread through the industry. In 1974, the firm completed an initial public offering of the stock of its holding company, PaineWebber Inc., and listed the company on the New York Stock Exchange. The firm's holding company was incorporated on June 30th, 1969 as PaineWebber Inc., of which Paine Webber Jackson & Curtis was its main subsidiary. The firm moved its headquarters from Boston to New York in 1963. With its greater combined asset base Paine Webber Jackson & Curtis had become a significant participant in the New England financial market. The combined firm, Paine, Webber, Jackson & Curtis, operated a combined total of 22 branch offices. In July 1879, Charles Cabot Jackson and Laurence Curtis had founded their brokerage firm Jackson & Curtis on Congress Street in Boston, Massachusetts not far from the original Paine Webber offices. Ward Paine became head of the firm, a position he held until 1940.įollowing the difficult years of the Great Depression, Paine Webber merged with Jackson & Curtis, another Boston-based brokerage firm in June 1942. Paine died just weeks before the Wall Street Crash of 1929. After nearly fifty years at the head of the company, W.A. entered the investment banking business in the 1920s. Webber retired after the business weathered a major financial crisis that hit the market in 1893.Ĭontrolled by the Paine family, Paine, Webber & Co. Members of the Boston Stock Exchange, in 1890 the company acquired a seat on the New York Stock Exchange. when Charles Hamilton Paine became a partner. The company was renamed Paine, Webber & Co. Operating with two employees, they leased premises at 48 Congress Street in May 1881. The company was founded in 1880 in Boston, Massachusetts, by William Alfred Paine and Wallace G. Paine Webber and Company was an American stock brokerage and asset management firm that was acquired by the Swiss bank UBS AG in 2000. UBS Paine Webber, later UBS Wealth Managementīrokerage, Investment management, Investment banking
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