FleetBoston Plans to Keep Hands-Off Approach to Robertson Stephens Unit

Mandaro, Laura, American Banker

Less than two months after the merger of Fleet Financial Group and BankBoston Corp., the northeastern giant created by the deal is unleashing one of its acquisition prizes: the West Coast equities specialist Robertson Stephens.

Not that FleetBoston Financial Corp. is planning to sell the investment bank. Rather, the $185 billion-asset banking company has decided to take an even more hands-off approach to Robertson Stephens than the firm's previous string of parent companies, to avoid stifling the unit.

Though FleetBoston is looking for ways to cross-sell its equity and debt expertise, it has drawn clear lines between the investment bank, which competes with the bulge-bracket Wall Street firms for deals in the booming high-tech market, and the rest of its corporate banking practice.

"We're still quite independent," said Robert L. Emery, president and co-head of Robertson …

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Publication information: Article title: FleetBoston Plans to Keep Hands-Off Approach to Robertson Stephens Unit. Contributors: Mandaro, Laura - Author. Magazine title: American Banker. Volume: 164. Issue: 235 Publication date: December 9, 1999. Page number: 1. © 2009 SourceMedia, Inc. COPYRIGHT 1999 Gale Group.

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