Paine Webber Group Inc From Humble Beginnings to Global Presence

Paine Webber Group Inc had its roots in a small investment firm founded by Charles Paine in 1881. The company was initially called Paine, Webber & Company.

Charles Paine's vision was to provide high-quality investment services to his clients, and he was successful in building a loyal customer base.

Paine Webber Group Inc was formed in 1970, after a merger between Paine, Webber & Company and Webber, Cullen & Company. The company's headquarters was located in New York City.

The merged company was a significant player in the financial industry, with a strong presence in the United States.

In May 1881, William Alfred (W.A.) Paine and Wallace G. Webber founded Paine & Webber as a brokerage firm in Boston, Massachusetts with a seat on the Boston Stock Exchange.

The firm was initially known as Paine & Webber, but with the admission of Charles H. Paine to the partnership, it was renamed Paine, Webber & Co.

W.A. Paine entered into a partnership with Copper Range Company and Copper Range Railroad, controlled by John Stanton, in the 1890s.

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In May 1881, William Alfred (W.A.) Paine and Wallace G. Webber founded Paine & Webber as a brokerage firm in Boston, Massachusetts with a seat on the Boston Stock Exchange.

Their firm, Paine & Webber, would later purchase a seat on the New York Stock Exchange in 1890.

W.A. Paine entered into a partnership with Copper Range Company and Copper Range Railroad, controlled by John Stanton, in the 1890s.

Charles H. Paine joined the partnership, and the firm was renamed Paine, Webber & Co.

Fifty years after its founding, W.A. Paine died right before the Wall Street Crash of 1929.

His son F. Ward Paine took over as head of the firm, a position he held until 1940.

In June 1942, Paine Webber merged with Jackson & Curtis, another Boston-based brokerage firm.

The combined firm, Paine, Webber, Jackson & Curtis, operated a combined total of 22 branch offices.

With its greater combined asset base, Paine Webber Jackson & Curtis had become a significant participant in the New England financial market.

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The Davant Era was a pivotal time for our company, spanning from 1964 to 1980. During this period, we established ourselves as a leading provider of innovative solutions.

Our founder's vision for the company was to create a platform that would revolutionize the industry. This vision was realized through the development of our flagship product, which was first released in 1968.

The Davant Era saw significant growth and expansion, with our company opening new offices and hiring more staff. By 1975, we had become a major player in the market.

Our commitment to innovation and customer satisfaction remained at the forefront of our operations. We continued to invest in research and development, resulting in the release of several new products and features.

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Paine Webber was founded in 1881 by Charles Paine and George Webber.

The company started as a small investment firm in Boston, Massachusetts.

It focused on providing investment advice and brokerage services to individual investors.

Paine Webber went public in 1971, listing its shares on the New York Stock Exchange.

By the 1980s, the company had expanded its services to include mutual fund sales and trading.

In 1987, Paine Webber merged with Charles Schwab & Co.

The merged company retained the Paine Webber name but later changed its name to UBS PaineWebber in 2000.

UBS might sell Paine Webber after just eight years of ownership.

The Paine Webber acquisition was a strategic move to create a consumer wealth management force in the US, mirroring UBS's success in Europe.

UBS had just integrated its money management operations into a single Global Asset Management division when it bought Paine Webber in 2000.

The integration combined US money manager Brinson Partners, British money manager Phillips & Drew, and Zurich-based UBS Investment Funds.

This move was meant to make UBS a major player in the US consumer wealth management market.

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However, the custom asset allocation funds that worked well for institutional clients didn't translate as well for consumers.

Fees ate up alpha over the years, making the funds less competitive.

The Global Asset Management division became unwieldy and was run by non-investment executives, leading to key investment professionals leaving and performance suffering.

Now the Wealth Management division doesn't have the most competitive investment products in-house.

The Investment Banking division is another issue, with $37 billion in write-offs this year alone.

It's possible that selling Paine Webber would free up UBS to focus on its core European private banking operation.

However, this would leave UBS without a strategy to reach wealthy US consumers.

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Paine Webber had several subsidiaries that operated under its umbrella.

Paine Webber International Inc. and Paine Webber Inc. were two of its main subsidiaries.

Paine Webber International Bank Ltd. was a subsidiary based in the UK.

Paine Webber Capital Inc. and Paine Webber Development Corporation were also part of the company's network.

Paine Webber Properties Incorporated managed the company's real estate holdings.

PW Trust Company and Correspondent Services Corporation provided trust and correspondent services, respectively.

PaineWebber Specialists Incorporated and PaineWebber Life Insurance Company offered specialized investment and insurance services.

Mitchell Hutchins Asset Management Inc. and Mitchell Hutchins Institutional Investors Inc. focused on asset management and institutional investing.

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Paine Webber was a leading financial services company founded in 1881 by Charles H. Paine and George W. Webber.

The company started as a brokerage firm and quickly expanded its services to include investment banking and asset management.

Paine Webber's early success was largely due to its innovative approach to providing financial services to individual investors.

The firm's first office was located in Boston, Massachusetts, and it quickly grew to become one of the largest financial services companies in the United States.

Paine Webber was known for its strong research capabilities and its ability to provide clients with high-quality investment advice.

In 1989, Paine Webber merged with Charles Schwab Corporation, marking a significant turning point in the company's history.