Robertson Stephens has been up for sale for several months now and no serious buyer has come forward. Fleet was, however, approached by a good of Robertson Stephens senior managers who are interested in taking over the firm. It is believed that they will acquire the firm for no payment as the transaction would permit Fleet to avoid paying out guaranteed pay and bonuses worth more than $100m. The investment bank was acquired by Fleet in 1998 for $800m.
Around 100 senior Robertson Stephens staff are thought likely to receive equity in the business once the deal goes through. It should be finalized in the next two weeks.
Investment Bank To Be Given To Staff
The Financial Times reports that FleetBoston Financial is considering giving its investment banking subsidiary, Robertson Stephens, to a management team as it would be cheaper then closing it down in the absence of a buyer.
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