Siegmund George Warburg
Encyclopedia
Siegmund George Warburg (30 September 1902 – 22 October 1982) was a member of the prominent Jewish-German-American-British Warburg family
. He played a prominent role in the development of merchant banking.
, Germany, the only child of Georges Siegmund Warburg and Lucie.
Georges Siegmund Warburg and Lucie raised a young Siegmund Warburg on an estate in Swabia in South West Germany far away from the main branch of the family, which operated the second largest bank in Hamburg, up north. Siegmund had a sincere and deep affection for his mother who taught him to have a critical and inquisitive mind.
Because of Siegmund's Jewish ancestry, he was forced to flee the National Socialist regime of Adolf Hitler and moved to the United Kingdom in 1934 where he co-founded S. G. Warburg & Co.
in 1946 with Henry Grunfeld
.
In the United Kingdom, Siegmund was considered an 'upstart' to the establishment in the City of London. His most famous achievement was the establishment of the EuroBond market. He firmly believed that financial integration of Europe was an essential and natural step in the development of the European economy.
The firm that he created, S.G. Warburg & Co. was a major British
investment bank (merchant bank at the time), and Siegmund was the bank's managing director until the 1970s - when although he officially had retired and was living in Switzerland, still retained a personal secretary to draft correspondence and assist with the operations of the firm. Control of the firm S.G. Warburg and Co. was retained through a family controlled holding company called 'Mercury Securities', where stock was allocated to S.G. Warburg & Co. partners as well as his Swedish wife and children.
The firm S.G. Warburg & Co. was acquired by UBS AG
creating UBS Warburg, which then after a rebranding exercise was dropped, leaving only UBS AG.
He was also simultaneously a partner in the U.S. investment bank Kuhn, Loeb
from 1953 until 1964 through a holding company to avoid the restrictions of the Glass–Steagall Act.
He died in London
.
Warburg family
The Warburg family is a financial dynasty of German Jewish origin, noted for their accomplishments in physics, classical music, art history, pharmacology, physiology, finance, private equity and philanthropy. They are believed to be descended from the Venetian Jewish del Banco family, in the early...
. He played a prominent role in the development of merchant banking.
Career
He was born in Bad UrachBad Urach
Bad Urach is a town in the district of Reutlingen, Baden-Württemberg, Germany. It is situated 14 km east of Reutlingen, at the foot of the Swabian Alb, and is known for its spa and therapeutic bath.-History:...
, Germany, the only child of Georges Siegmund Warburg and Lucie.
Georges Siegmund Warburg and Lucie raised a young Siegmund Warburg on an estate in Swabia in South West Germany far away from the main branch of the family, which operated the second largest bank in Hamburg, up north. Siegmund had a sincere and deep affection for his mother who taught him to have a critical and inquisitive mind.
Because of Siegmund's Jewish ancestry, he was forced to flee the National Socialist regime of Adolf Hitler and moved to the United Kingdom in 1934 where he co-founded S. G. Warburg & Co.
S. G. Warburg & Co.
S. G. Warburg & Co. was a London-based investment bank. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index but it was acquired by Swiss Bank Corporation in 1995.-Founding and early history:...
in 1946 with Henry Grunfeld
Henry Grunfeld
Henry Grunfeld was a prominent individual in the development of investment banking and the growth of London as a financial centre following the Second World War.Grunfeld was co-founder of S.G...
.
In the United Kingdom, Siegmund was considered an 'upstart' to the establishment in the City of London. His most famous achievement was the establishment of the EuroBond market. He firmly believed that financial integration of Europe was an essential and natural step in the development of the European economy.
The firm that he created, S.G. Warburg & Co. was a major British
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
investment bank (merchant bank at the time), and Siegmund was the bank's managing director until the 1970s - when although he officially had retired and was living in Switzerland, still retained a personal secretary to draft correspondence and assist with the operations of the firm. Control of the firm S.G. Warburg and Co. was retained through a family controlled holding company called 'Mercury Securities', where stock was allocated to S.G. Warburg & Co. partners as well as his Swedish wife and children.
The firm S.G. Warburg & Co. was acquired by UBS AG
UBS AG
UBS AG is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland, which provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland...
creating UBS Warburg, which then after a rebranding exercise was dropped, leaving only UBS AG.
He was also simultaneously a partner in the U.S. investment bank Kuhn, Loeb
Kuhn, Loeb & Co.
Kuhn, Loeb & Co. was a bulge bracket, investment bank founded in 1867 by Abraham Kuhn and Solomon Loeb. Under the leadership of Jacob H. Schiff, it grew to be one of the most influential investment banks in the late 19th and early 20th centuries, financing America's expanding railways and growth...
from 1953 until 1964 through a holding company to avoid the restrictions of the Glass–Steagall Act.
He died in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
.
External links
- The mysteries of Siegmund Warburg by David Marsh, MarketWatchMarketWatchMarketWatch operates a financial information website that provides business news, analysis and stock market data to some 6 million people. MarketWatch offers personal finance news and advice, tools for investors and access to industry research. Along with its flagship website, the company operates...
- Profile at Management Today