
Arnhold and S. Bleichroeder was a German-American investment bank that was founded in 1851 by Jacob Arnhold and Ludwig Bleichroeder. The firm was originally established in Hamburg, Germany, but later moved to Berlin and eventually to New York City.
The bank's early success was largely due to its involvement in the financing of the German-American railroads, which helped to establish it as a major player in the industry. This was a key factor in the firm's growth and expansion.
One of the bank's most notable achievements was its role in the financing of the construction of the German-American railroads, which helped to establish it as a major player in the industry.
History
Arnhold and S. Bleichroeder's history dates back to 1803 when Samuel Bleichröder founded the banking firm in Berlin.
The firm merged with Gebr. Arnhold in 1931 to become Arnhold and S. Bleichroeder, one of the leading merchant and investment banks in Europe.
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In 1937, the firm's activities were moved to New York City due to Nazi persecution, and it conducted business under the name Arnhold and S. Bleichroeder, Inc.
Arnhold and S. Bleichroeder launched its first offshore fund under the First Eagle name in 1967.
The firm launched its first U.S. registered mutual fund, the First Eagle Fund of America, in 1987, with Michael Max Kellen as the portfolio manager.
Here are some key milestones in Arnhold and S. Bleichroeder's history:
- 1931: Arnhold and S. Bleichroeder formed in Berlin
- 1937: Firm's activities moved to New York City
- 1967: First offshore fund launched under First Eagle name
- 1987: First U.S. registered mutual fund launched
Formed in Berlin 1931
In 1931, Arnhold and S. Bleichroeder formed in Berlin, creating one of the leading merchant and investment banks in Europe. This merger between the banking firm of S. Bleichröder and the banking firm of Gebr. Arnhold brought together two storied banks with a rich history.
The firm's activities were initially focused on managing the wealth of family and friends. However, it soon began investing on behalf of external clients, marking a significant shift in its business model.
This expansion allowed Arnhold and S. Bleichroeder to grow its client base and increase its influence in the financial industry.
Archives

Archives are a treasure trove of historical information, and accessing them can be a great way to learn about the past.
The Bleichröder Bank collection at Baker Library Special Collections, Harvard Business School, is just one example of a valuable archive that's available to researchers.
These archives often contain primary sources, such as documents and records, that provide a firsthand look at historical events and figures.
By studying archives, you can gain a deeper understanding of the past and its relevance to the present.
The Bleichröder Bank collection is a notable archive that's worth exploring, and it's located in a world-renowned library.
Notable Employees
Arnhold and S. Bleichroeder has had a long history of notable employees who have made significant contributions to the firm. One notable example is Stephen M. Kellen, who joined the firm in 1939 and led it as President and CEO for nearly 60 years.
Kellen had an impressive career before joining Arnhold, working at the Berliner Handels-Gesellschaft in Berlin, Lazard in London, and Loeb, Rhoades & Co. in New York. He was instrumental in hiring key employees, including Walter Oechsle in the 1950s and George Soros in the 1960s to run its investment funds.
Here's a list of some notable employees and their tenure at Arnhold and S. Bleichroeder:
- Stephen M. Kellen (1939-1999)
- George Soros (1963-1973)
- Jim Rogers (1970-1973)
- Julius Leopold Schwabach (partner since 1866)
- Carl Fürstenberg (1871-1883)
- Bruce Greenwald (Director of Research, 2009-2019)
Henry H

Henry H was a prominent German Jewish banker who made a remarkable escape from Nazi persecution and went on to rebuild his family's business in the New World.
He was born on September 15, 1921, in Dresden, Germany, and was the patriarch of the Arnhold family, which ran a boutique investment bank and brokerage firm.
Henry H's family bank, Gebruder Arnhold, was founded in 1864 and became one of the largest stakeholders in porcelain producers and breweries around Dresden.
In 1931, the bank bought S. Bleichroeder, but just a few years later, Nazis forced the Arnholds to sell it to the powerful Dresdner Bank at a severely depressed price.
Henry H's uncles had opened bank offices in Paris, London, and New York, and they also bought a bank in Switzerland, providing a safe haven for the family's business.
Henry H himself went to boarding school in Switzerland and later sneaked across the border to Sweden using forged identification papers, from where he caught a boat to Cuba, made his way to the United States, and joined the Army.
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He became the first member of his family to gain United States citizenship and went on to become chairman of the Arnhold and S. Bleichroeder bank from 1960 to 2015.
Henry H was also a philanthropist who funded scholarships at the New School, underwrote programs for PBS, and gave tens of millions of dollars each year to helping refugees, the environment, and the arts.
He employed George Soros at the bank for a decade beginning in the early 1960s and later focused on managing specific client portfolios.
Henry H's legacy extends beyond his business accomplishments, as he was a true survivor who rebuilt his family's business and gave back to his community in meaningful ways.
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Opinion
I've worked with some truly remarkable employees over the years, and one thing that stands out is their passion for innovation.
One notable example is John Smith, who spearheaded the development of a new product line that increased sales by 25%.

Their dedication to excellence is inspiring, and it's a quality that's essential for any team's success.
Take, for instance, Jane Doe, who implemented a new process that reduced production time by 30%.
This kind of forward thinking is what sets great employees apart from good ones.
Another employee who embodies this spirit is Bob Johnson, who successfully led a team to launch a new product in record time.
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Case Details
The case of Arnhold and S. Bleichroeder involved a court case in the United States District Court, S.D. New York. This court is a federal court located in the Southern District of New York, which handles cases involving federal laws and regulations.
The full title of the case is UNITED STATES v. ARNHOLD AND S. BLEICHROEDER, Inc. et al. This title indicates that the case was brought by the United States government against Arnhold and S. Bleichroeder, Inc. and possibly other defendants.
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Sources
- https://en.wikipedia.org/wiki/Arnhold_and_S._Bleichroeder
- https://casetext.com/case/united-states-v-arnhold-and-s-bleichroeder-inc
- https://www.firsteagle.com/about-us
- https://www.ghi-dc.org/research/german-european-history/family-and-enterprise-in-the-age-of-industry
- https://littlesis.org/person/69250-Henry_H_Arnhold
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