Alex. Brown takes over London firm

March 10, 1993|By David Conn | David Conn,Staff Writer

Alex. Brown Inc. said yesterday that it was expanding its asset management business in Europe by purchasing ......TC London-based investment firm.

The three professionals of Jamestown Securities Ltd. have become the staff of the newly created Alex. Brown & Sons Holdings Ltd., the Baltimore-based company said. William J. Tyne Jr. of Jamestown has been named managing director, while John Loudon, previously a managing director with N.M. Rothschild & Sons Ltd., was appointed chairman of the company.

"Their primary purpose in being with us is to represent our asset management clients" in the United Kingdom and Europe, said Alex. Brown Managing Director Stuart Janney, who heads the company's growing asset management division.

Jamestown administers about $100 million worth of venture capital investments managed by several funds in the United States.

In November, Alex. Brown announced a joint venture with Glenmede Corp. of Philadelphia to create a trust company, since named Chesapeake Advisory & Trust Holdings Inc. The target customers are institutions and wealthy individuals.

Mr. Janney said the roughly $8 billion in Alex. Brown's asset management division generates about 10 percent of the company's revenues. But the goal is to double that percentage within the next three to five years, Mr. Janney said.

He said Alex. Brown "traditionally has had a good [asset management] business in London and the Continent. . . . In order to increase our effectiveness, opening an office [in London] makes sense."

The company already has institutional sales offices in London and Geneva, and plans to open an office in Tokyo.

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