Alex. Brown & Sons Inc. said yesterday that it has hired a London investment banker to expand the Baltimore-based company's operations in the United Kingdom and Europe.
John Fordham, 44, the head of corporate finance at Lloyds Merchant Bank, has joined Alex. Brown as director of European Investment Banking, the company said. Mr. Fordham joined Lloyds in 1991 after a decade at investment bankers Hill Samuel in London, at which he headed the mergers and acquisition department.
"John Fordham is an important addition to our international investment banking effort," W. Gar Richlin, who heads investment banking at Alex. Brown, said in a statement. "He has an impressive track record of success as an investment banker and a strong network of contacts throughout Europe."
Investment banking accounted for about 20 percent of Alex. Brown's $456 million in 1992 revenues. The company earned $58.6 million last year.
The company, whose parent is Alex. Brown Inc., has institutional equity sales offices in London and Geneva, and acquired Jamestown Securities Ltd., a three-person London investment firm, in March.
"I am delighted to be joining Alex. Brown, which has demonstrated a strong commitment to building its investment banking business in Europe," Mr. Fordham said.
"Alex. Brown's superior industry expertise will enable it to further develop cross-border mergers and acquisitions business, and there should also be opportunities to offer European companies a route to flotation in the United States," he said, referring to the ability of those companies to float equity or debt securities in this country.
Alex. Brown said its European focus has been advising companies on cross-border mergers and acquisitions and acting as underwriter for European companies seeking access to the U.S. equity markets.
Last year, Alex. Brown managed equity offerings or advised in mergers for eight non-U.S. clients. Its investment banking division was involved in 85 initial and secondary public offerings and 40 mergers and acquisitions deals.
The company's stock eased 37.5 cents a share yesterday, to close at $21.50, amid a broader market sell-off.