The company went public in 1976, with 52 of the nation's 100 largest industrial corporations as clients. Data Resources is credited with "breaking new ground for the practical use of economics" among business executives and others. DRI became the largest non-governmental source of economic data and, working with Eckstein's theory of core inflation, developed the largest macroeconomic model of its era. with Harvard University notable economist Otto Eckstein. In 1969 Marron co-founded Data Resources Inc. In 2001, the Mitchell Hutchins name was discontinued when it was merged as a subsidiary with UBS's Brinson Partners division. PaineWebber continued to use the Mitchell Hutchins brand until the company's sale to UBS in 2000. In 1977, Mitchell Hutchins was acquired by Paine Webber. In 1975, a national poll of portfolio managers chose the institutional brokerage firm as the “best research house on Wall Street.” Under Marron's leadership, the firm grew to be known as "one of Wall Street's premier stock research firms." was a leading equity research boutique in the U.S., ranked the number 3 firm by Institutional Investor in 1974. In 1965, Marron sold his company to Mitchell Hutchins and in 1967 was named president of the company. He was the father of the economist Donald B. Beneficiaries of this outflow of business are likely to be Citigroup and Chase, which are trying to build up their equity underwriting business, he said.Donald Baird Marron (July 21, 1934 – Decem) was an American billionaire businessman, investment banker, investor, and philanthropist notable as the chairman and chief executive officer of brokerage firm Paine Webber from 1980 through the sale of the company in 2000, as well as the founder of private equity firm Lightyear Capital and of Data Resources Inc. "There is always uncertainty about a deal, which can lead to an outflow of customers and people to other companies," Mr. Investors piled into some banks because of the perception that the UBS-PaineWebber deal could create an opportunity for banks to gain customers, said Andrew Collins, an analyst at ING Barings. Meanwhile, American Banker's index of the 50 largest banks rose 0.07%, and its 225-bank index rose 1.09%. ![]() "There have been more announced transactions year-to-date than there were in 1999."Ī notable example was Alliance Capital Management's deal to buy Sanford C. "Over the last two to three months, a flurry of transactions have occurred, which is not likely to diminish," said William Katz, an analyst at Merrill Lynch & Co. It took Donald Marron, the chairman of PaineWebber, years to finally sell the company."Īsset managers also rose on news of the UBS-PaineWebber deal. "If the head of the company does not want to sell, the company will not be sold. ![]() "And even though there are many strategic reasons why these companies should sell, personality is what eventually will make a deal," he said. "Asset managers and investment banks so far have been clear of major troubles."Ĭonsolidation in the group, however, probably will not happen soon because many companies do not want to be bought, Mr. "Commercial finance companies are having problems with credit stalwarts Fannie Mae and Freddie Mac have political risk and many of the specialty finance firms are involved in subprime, which has been looked upon unfavorably," Mr. Brokerage stocks also gained because this is probably the least troubled group in financial services, said Stephen Eisman, an analyst at CIBC World Markets.
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