BHF Kleinwort Benson Group

BHF Kleinwort Benson Group was a French financial services holding group that developed from RHJ International, an investment vehicle associated with Ripplewood Holdings. The group was listed on Euronext Brussels and, during the 2010s, shifted away from a diversified legacy portfolio toward a concentrated financial-services strategy. Its principal activities ultimately included private banking, wealth management, investment management, asset management and merchant banking. The transformation was driven by the acquisition and integration of established banking and investment brands. In October 2009, RHJ International announced an agreement to acquire Kleinwort Benson from Commerzbank for £225 million; the transaction completed in July 2010. Kleinwort Benson provided the group with a recognized private-banking and investment-management platform and became the principal identity around which the financial-services businesses were organized. Leonhard Fischer, who had previously held senior roles at Dresdner Bank, became a central figure in the group's strategic redirection. RHJ International also expanded into adjacent investment-management activities. In October 2010 it acquired KBC Asset Management Ltd for €24 million and renamed the business Kleinwort Benson Investors. In June 2011 it acquired Close Offshore Group for £29 million. These businesses were brought together under the Kleinwort Benson brand, broadening the group's offering beyond private banking into asset management and offshore wealth services. A further step came through the proposed acquisition of BHF-Bank from Deutsche Bank. Kleinwort Benson Group entered exclusive negotiations in 2011, obtained co-investor support in 2012 and agreed to acquire the German bank for €384 million in September 2012. BHF-Bank was a significant German banking franchise with activities spanning private banking, asset management, financial markets and corporate banking. The transaction reflected the group's ambition to build a cross-border European financial-services platform, although the group continued to operate in a changing regulatory and competitive environment. The financial-services strategy was accompanied by disposals of industrial assets inherited from RHJ International's earlier portfolio. The group sold Niles Co. Ltd for $188 million in June 2011 and later sold Asahi Tec for €142 million and Phoenix Seagaia for €3.7 million in early 2012. These divestments were intended to release capital and management attention for the banking and investment businesses. Shareholders approved the adoption of the name BHF Kleinwort Benson Group in March 2015, formalizing the group's identity around its banking brands. The company was acquired by Oddo & Cie in early 2016. Later in 2016, the acquired businesses were sold onward to Amundi and Société Générale. As a result, BHF Kleinwort Benson Group no longer operated as an independent listed group, and its former activities became part of successor financial-services organizations.

BHF Kleinwort Benson Group originated as RHJ International, a company associated with Ripplewood Holdings and its founder Timothy C. Collins. Before its public-market phase, the enterprise was operated as a private-equity fund. It subsequently became listed on Euronext Brussels, while retaining a portfolio that included industrial businesses as well as financial interests. During the late 2000s and early 2010s, management pursued a deliberate transformation into a focused financial-services group. The most important transaction was the purchase of Kleinwort Benson from Commerzbank. Announced in October 2009 for £225 million and completed in July 2010, the deal supplied RHJ International with a well-established private-banking and investment-management business. Leonhard Fischer, the group's chief executive, had earlier held senior positions at Dresdner Bank, a previous owner of Kleinwort Benson, and helped shape the new strategy around the acquired brand. The group expanded the platform through further acquisitions. In October 2010, it bought KBC Asset Management Ltd for €24 million and renamed it Kleinwort Benson Investors. In June 2011, it acquired Close Offshore Group for £29 million. The acquired operations were assembled under the Kleinwort Benson identity, giving the group capabilities in asset management and offshore wealth management in addition to its established private-banking activities. The proposed purchase of BHF-Bank represented the largest strategic extension of the banking platform. In July 2011, Kleinwort Benson Group announced exclusive negotiations with Deutsche Bank. In June 2012, RHJ International stated that it had secured support from co-investors, and in September 2012 it announced an agreement to acquire BHF-Bank for €384 million. BHF-Bank was a major German banking brand with private banking, asset management, financial-markets and corporate-banking operations. The deal was intended to create a broader European financial-services group with complementary German and British capabilities. RHJ International financed this strategic redirection in part by selling industrial holdings inherited from its earlier portfolio. Niles Co. Ltd was sold for $188 million in June 2011. In early 2012, the group also sold Asahi Tec for €142 million and Phoenix Seagaia for €3.7 million. These disposals reduced the importance of the legacy industrial businesses and supported the stated objective of concentrating on financial services. In March 2015, shareholders approved the change of name to BHF Kleinwort Benson Group. The new name emphasized the group's principal banking brands and marked the culmination of its repositioning. The group was acquired by Oddo & Cie in early 2016. Later that year, the businesses were sold to Amundi and Société Générale. Following these transactions, BHF Kleinwort Benson Group ceased to exist as an independent corporate group.

1. 2016Acquired by Oddo & Cie

   Oddo & Cie acquired the group, ending its status as an independent listed company.

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2. 2016Businesses sold to Amundi and Société Générale

   The acquired businesses were subsequently sold to Amundi and Société Générale later in the year.

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3. 2015Corporate name changed to BHF Kleinwort Benson Group

   Shareholders approved the name change from RHJ International.

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4. 2012Agreement to acquire BHF-Bank

   RHJ International agreed to buy BHF-Bank from Deutsche Bank for €384 million after arranging co-investor support.

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5. 2011Close Offshore Group acquired

   The group acquired Close Offshore Group and integrated it into the Kleinwort Benson platform.

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6. 2010Kleinwort Benson acquisition completed

   The acquisition closed in July, providing RHJ International with a central private-banking and investment-management franchise.

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7. 2010KBC Asset Management acquired

   RHJ International acquired KBC Asset Management Ltd and renamed it Kleinwort Benson Investors.

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8. 2009Agreement to acquire Kleinwort Benson

   RHJ International announced the planned purchase of Kleinwort Benson from Commerzbank for £225 million.

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A European financial-services group built around established private-banking and investment-management franchises, with a strategy of replacing a legacy industrial portfolio with wealth management, asset management, merchant banking and related banking businesses.

• Kleinwort Benson Private BankingPrivate banking and wealth management

  The group's core private-banking franchise, inherited through the acquisition of Kleinwort Benson, served as the principal platform for wealth-management services. It formed the center of the group's strategy to build a focused financial-services business around an established banking brand.

• Kleinwort Benson InvestorsAsset management and investment management2010

  Kleinwort Benson Investors was the renamed KBC Asset Management Ltd business acquired by RHJ International in 2010. It extended the group's capabilities into investment management and was integrated with the wider Kleinwort Benson platform.

• Close Offshore GroupOffshore wealth management2011

  Close Offshore Group became part of the group through a 2011 acquisition. Its addition broadened the wealth-management platform and supported the strategy of combining private banking, investment management and offshore services under the Kleinwort Benson brand.

• BHF-BankPrivate banking, corporate banking and financial markets

  BHF-Bank was the German banking business that RHJ International agreed to acquire from Deutsche Bank. Its activities included private banking, asset management, financial markets and corporate banking, making it a major addition to the group's cross-border financial-services platform.

• 2016Sell the group to Oddo & CieM&A

  The group had become a focused financial-services business assembled around the Kleinwort Benson and BHF banking franchises.

  What changed. Oddo & Cie acquired BHF Kleinwort Benson Group.

  Aftermath. The company ceased to operate as an independent listed group; its businesses were subsequently sold to Amundi and Société Générale later in 2016.

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• 2015Adopt the BHF Kleinwort Benson Group nameStrategy

  The group had reorganized its identity around its banking and investment-management businesses.

  What changed. Shareholders approved changing the name from RHJ International to BHF Kleinwort Benson Group.

  Aftermath. The corporate name more directly reflected the group's principal financial-services brands.

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• 2012Acquire BHF-Bank from Deutsche BankM&A

  RHJ International aimed to create a larger European financial-services group with private banking, asset management, corporate banking and financial-markets capabilities.

  What changed. After securing co-investor support, the group agreed to acquire BHF-Bank for €384 million.

  Aftermath. BHF-Bank became the intended German pillar of the group's cross-border banking strategy.

  Acquisition price. €384 million (Agreement announced September 2012)

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• 2011Acquire Close Offshore GroupM&A

  The acquisition supported the group's expansion in wealth management and offshore financial services.

  What changed. RHJ International acquired Close Offshore Group and brought it under the Kleinwort Benson brand.

  Aftermath. The group broadened its wealth-management capabilities.

  Acquisition price. £29 million (June 2011)

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• 2010Acquire KBC Asset Management LtdM&A

  The group wanted to expand beyond private banking into investment and asset management.

  What changed. RHJ International acquired KBC Asset Management Ltd and renamed it Kleinwort Benson Investors.

  Aftermath. The transaction added an investment-management business to the Kleinwort Benson platform.

  Acquisition price. €24 million (October 2010)

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• 2009Acquire Kleinwort Benson from CommerzbankM&A

  RHJ International sought to replace its legacy industrial orientation with a focused financial-services platform.

  What changed. The company announced an agreement to purchase Kleinwort Benson for £225 million; the transaction completed in July 2010.

  Aftermath. Kleinwort Benson became the principal brand and operating foundation for the group's private-banking and investment-management strategy.

  Acquisition price. £225 million (Announced October 2009; completed July 2010)

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• 2016Oddo & Cie acquires BHF Kleinwort Benson Group

  Oddo & Cie acquired the group, ending its independent existence as a listed financial-services company.

  M&ALeadership change
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• 2016BHF Kleinwort Benson businesses are sold to Amundi and Société Générale

  Later in 2016, the acquired businesses were sold onward to Amundi and Société Générale.

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• 2015Shareholders approve the BHF Kleinwort Benson Group name

  Shareholders approved changing the company's name from RHJ International to BHF Kleinwort Benson Group.

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• 2012RHJ International agrees to acquire BHF-Bank

  After securing support from co-investors, RHJ International reached an agreement with Deutsche Bank to acquire BHF-Bank for €384 million.

  M&A
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• 2011Kleinwort Benson acquires Close Offshore Group

  The group acquired Close Offshore Group and brought the business into its expanding Kleinwort Benson financial-services platform.

  M&A
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• 2011RHJ International enters exclusive negotiations for BHF-Bank

  Kleinwort Benson Group entered exclusive negotiations with Deutsche Bank concerning the potential acquisition of BHF-Bank.

  M&A
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• 2010Kleinwort Benson acquisition completes

  The acquisition of Kleinwort Benson from Commerzbank was completed in July, giving RHJ International a core private-banking and investment-management platform.

  M&A
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• 2010RHJ International acquires KBC Asset Management Ltd

  RHJ International acquired KBC Asset Management Ltd and renamed it Kleinwort Benson Investors.

  M&A
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• 2009RHJ International agrees to acquire Kleinwort Benson

  RHJ International announced an agreement to buy Kleinwort Benson from Commerzbank for £225 million, beginning the group's shift toward financial services.

  M&A
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1. BHF Kleinwort Benson Group