company Franklin Templeton, two major shareholders, rejected the proposal. The Chinese attempt to take over BHF was a non-starter, because Quandt and U.S. The Chinese investors felt bolstered by their acquisition agreement for Hauck & Aufhaeuser private bank, based in Frankfurt – a deal that today is still waiting for the regulatory approval by Bafin.įischer's project was doomed. But at the end of July last year, events took place which proved decisive for the future of Fischer: to his surprise, Fosun offered shareholders of BHF Kleinwort Benson Group to buy the company, with the explanation that Guo Guangchang wasn't happy with the development of the share price. The investment group worked together with Stefan Quandt, the strongman at the BMW car manufacturer, and Fosun, a Chinese conglomerate under the guidance of Guo Guangchang, China's answer to Warren Buffett.įollowing the conclusion of the deal, RHJI was renamed into BHF Kleinwort Benson Group in March 2015 – the company mentioned in the lead of this story. RHJI wasn't alone in carrying out the transaction though. In March 2014, the Belgians added BHF Bank to the portfolio, buying the business from Deutsche Bank following a protracted regulatory process involving Germany's financial-market authority Bafin. Prompted by Fischer, RHJI bought the British asset manager in the autumn of 2009.
#LEONHARD FISCHER SERIES#
Gruebel was able to sell it to France's Axa.Īt his next employer, RHJ International (RHJI), a Belgian investment company, Fischer worked on a series of stakes, the best known of which being Kleinwort Benson. Once he was done with the company, Oswald J. That company is BHF Kleinwort Benson Group, a banking group Fischer intended to dedicate to marrying German money with Anglo-saxon asset-management competence.įischer, once an investment banker at Dresdner Bank, became known in Switzerland during his tenure as chief executive of Winterthur Insurance, which at the time belonged to Credit Suisse (CS). «Lenny», short for Leonhard Fischer, 53, had his last day at the office on Friday – at the company he helped coming into existence. After a Chinese investor threw a spanner in the works, Fischer is now open for new adventures. Glencore plc was founded in 1974 and is headquartered in Baar, Switzerland.Leonhard Fischer, a German bank manager and former Credit Suisse executive, set himself the goal of constructing an Anglo-German banking group. The company was formerly known as Glencore Xstrata plc and changed its name to Glencore plc in May 2014. It also provides financing, logistics, and other services to producers and consumers of commodities. The company markets and distributes physical commodities sourced from third party producers and its production to industrial consumers in the battery, electronic, construction, automotive, steel, energy, and oil industries. It also engages in the oil exploration/production, distribution, storage, and bunkering activities and offers coal, crude oil and oil products, refined products, and natural gas. The company produces and markets copper, cobalt, nickel, zinc, lead, chrome ore, ferrochrome, vanadium, alumina, aluminum, tin, and iron ore. It operates through two segments, Marketing Activities and Industrial Activities. Glencore plc produces, refines, processes, stores, transports, and markets metals and minerals, and energy products in the Americas, Europe, Asia, Africa, and Oceania.
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