Alex. Brown selects Breck

Executive to lead West Coast brokers specializing in IPOs

Brokerages

October 23, 1999|By Bill Atkinson | Bill Atkinson,SUN STAFF

Deutsche Banc Alex. Brown yesterday named Peter Breck head of investment banking for its key West Coast operations.

In the newly created position, Breck will oversee about 100 investment bankers, who specialize in taking health care, technology, Internet and consumer and business services companies public. He has been an executive with Alex. Brown Inc. in San Francisco since 1989.

"Our goal out here is to be the leading investment bank on the West Coast," said Breck, 43. "This is arguably the most exciting market in the world for new business formation, particularly for technology, Internet and health care."

Since Germany's largest banking company, Deutsche Bank AG, acquired New York-based Bankers Trust Corp. and Alex. Brown Inc. late last year, the number of technology and Internet investment bankers has grown from 17 to 35, Breck said. And there are plans to expand, he said.

The San Francisco-based West Coast operation has 300 employees, including investment bankers, research analysts, securities traders and institutional sales personnel.

Most recently, Breck was the global co-head of the consumer and business services investment banking group with Mark Goodman, who is in Baltimore. Goodman will head the group, although Breck will continue to work with existing clients.

Before joining Baltimore-based Alex. Brown, Breck was general partner at Montgomery Securities in San Francisco, and he worked for three years in New York as an investment banker at Morgan Stanley.

Deutsche Banc Alex. Brown also said that its technology and Internet group, which is based in San Francisco and Boston, was the lead manager in seven public offerings in September, raising $460 million in equity.

Its biggest deal of the month was Foundry Networks, which makes high-performance networking products for the computer industry, which raised $125 million in its offering. Foundry's shares leaped 525 percent in their first day of trading.

The technology and Internet group advised eight companies in mergers and acquisitions in the month, including Flycast Communications Corp.'s proposed $882 million merger with CMGI Inc.

"The number of transactions that we have completed is really indicative of the continuing and growing strength of our platform," said Michael Halloran, global head of technology investment banking.

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