Fox-Pitt Kelton Cochran Caronia Waller
Professional services
UnclaimedFox-Pitt Kelton Cochran Caronia Waller was a specialist investment bank and financial-services advisory firm acquired by Macquarie Group in 2009.
Last updated August 25, 2026
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Overview
Fox-Pitt Kelton Cochran Caronia Waller, formerly known primarily as Fox-Pitt Kelton or FPK, was a specialist investment bank serving financial institutions and financial-services companies. Its principal activities included mergers and acquisitions advice, private placements of debt and equity, equity research, and related sales and trading services. Rather than operating as a broad-sector investment bank, the firm concentrated on transactions and analysis in insurance, banking, asset management, and other financial-services segments. The business was established in 1971 by Oliver Fox-Pitt and Robin Kelton, with assistance from Len Caronia. It expanded into the United States during the 1980s and developed an international operating presence over time. In 1994, it launched Eldon, a financial-services-focused investment manager. Eldon was later sold to Hiscox in 2003, separating that asset-management activity from the core advisory and research business. Swiss Reinsurance Company acquired FPK in 1998 for a reported US$200 million. Under Swiss Re ownership, the firm broadened its international reach, including expansion into Asian markets. In February 2006, a consortium led by J.C. Flowers & Co. and the firm's management, headed by chief executive Giles Fitzpatrick, acquired Fox-Pitt from Swiss Re. Lazard banker Gary Parr also invested in the transaction. This ownership period positioned the firm for further specialist expansion. In 2007, Fox-Pitt Kelton acquired Chicago-based Cochran Caronia Waller, an investment boutique focused on financial services. Cochran Caronia & Co. had been founded in 1997 by George Cochran, Leonard Caronia, and John Waller and adopted the Cochran Caronia Waller name in 2006. The combination produced the Fox-Pitt Kelton Cochran Caronia Waller identity and strengthened the firm's coverage of insurance, particularly property and casualty, life, and health sectors. The firm advised on notable financial-sector transactions, including Bank of America's 2008 acquisition of Merrill Lynch, in which FPK and co-owner J. Christopher Flowers advised Bank of America. At its peak, the organization operated eight offices in London, New York, Chicago, Hartford, San Francisco, Boston, Hong Kong, and Tokyo. It had approximately 285 employees, including about 60 research analysts and 60 sales-and-trading employees. Macquarie Group entered discussions to acquire the firm in 2009. The parties announced a purchase agreement on September 30, 2009, with a reported valuation of US$146.7 million, and Macquarie completed the acquisition in November 2009. The independent Fox-Pitt Kelton Cochran Caronia Waller brand therefore ceased to operate as a standalone firm after the transaction.
History
Fox-Pitt Kelton Cochran Caronia Waller originated in 1971, when Oliver Fox-Pitt and Robin Kelton established the firm with assistance from Len Caronia. It developed as a specialist investment bank rather than a generalist corporate-finance house, concentrating on financial institutions and related financial-services businesses. Its services included mergers and acquisitions advice, private placements of debt and equity, equity research, and sales and trading. The firm entered the United States during the 1980s, creating the basis for a broader international platform. In 1994 it launched Eldon, an investment manager focused on financial services. Hiscox acquired Eldon in 2003. The sale reduced the firm's involvement in investment management while leaving its principal advisory and research operations intact. Swiss Reinsurance Company bought Fox-Pitt Kelton in 1998 in a transaction reported at US$200 million. Swiss Re's ownership supported further international development, including the firm's move into Asian markets. By the middle of the following decade, the business had become an international specialist with offices across North America, Europe, and Asia. In February 2006, ownership changed again when a consortium led by J.C. Flowers & Co. and company management acquired the firm from Swiss Re. Giles Fitzpatrick led the management group as chief executive, while Lazard investment banker Gary Parr was also an investor. The new ownership structure was followed by a major expansion of the firm's specialist franchise. In 2007, Fox-Pitt Kelton acquired Cochran Caronia Waller, a Chicago-based boutique. The acquired firm traced its origins to Cochran Caronia & Co., founded in 1997 by George Cochran, Leonard Caronia, and John Waller. It was renamed Cochran Caronia Waller in 2006 and focused on financial-services companies, especially property-and-casualty, life, and health insurance. The combination resulted in the longer Fox-Pitt Kelton Cochran Caronia Waller name. The combined firm participated in major financial-sector assignments. One notable engagement involved advising Bank of America on its 2008 acquisition of Merrill Lynch; Fox-Pitt Kelton and its co-owner J. Christopher Flowers advised Bank of America in the transaction. The firm's focus on financial institutions gave it a differentiated position during a period of significant consolidation and stress in global financial markets. The organization ultimately operated offices in London, New York, Chicago, Hartford, San Francisco, Boston, Hong Kong, and Tokyo. It employed approximately 285 people, including around 60 research analysts and 60 staff in sales and trading. In 2009, Macquarie Group held discussions to purchase the firm. A purchase agreement announced on September 30 valued the transaction at a reported US$146.7 million. Completion followed in November 2009, after which Fox-Pitt Kelton Cochran Caronia Waller no longer operated as an independent firm.
- 2009
Acquired by Macquarie Group
[1]Macquarie announced an agreement to purchase Fox-Pitt Kelton in September and completed the acquisition in November.
- 2008
Advisory role in Bank of America–Merrill Lynch transaction
[1]FPK and J. Christopher Flowers advised Bank of America on its acquisition of Merrill Lynch.
- 2007
Cochran Caronia Waller acquired
[1]Fox-Pitt Kelton acquired the Chicago-based financial-services investment boutique Cochran Caronia Waller.
- 2006
Management and private-equity buyout
[1]A J.C. Flowers-led consortium and the firm's management acquired Fox-Pitt from Swiss Re.
- 2003
Eldon sold to Hiscox
[1]Hiscox acquired Eldon, the financial-services-focused investment manager launched by FPK.
- 1998
Acquired by Swiss Re
[1]Swiss Reinsurance Company acquired Fox-Pitt Kelton in a reported US$200 million transaction.
- 1994
Eldon investment manager launched
[1]The firm launched Eldon, an investment manager focused on financial-services businesses.
- 1980
Expansion into the United States
[1]Fox-Pitt Kelton expanded into the U.S. market during the 1980s.
- 1971
Firm founded
[1]Oliver Fox-Pitt and Robin Kelton founded the firm with assistance from Len Caronia.
Products and positioning
A specialist, globally oriented investment bank focused on financial institutions and financial-services companies, with particular strength in insurance-sector advisory and research.
Investment banking
Mergers and acquisitions advisory
The firm's core advisory practice assisted financial institutions and other financial-services companies with acquisitions, mergers, and strategic transactions. Its sector specialization covered banks, insurers, and related businesses, allowing it to apply industry-specific knowledge to corporate-finance assignments.
Capital markets
Private placements
FPK arranged private placements of debt and equity for companies in the financial-services sector. These transactions formed part of its broader specialist investment-banking offering.
Research
Equity research
The firm maintained a substantial equity-research operation focused on financial institutions and financial-services companies. At the time described in the reference material, approximately 60 research analysts were employed across its platform.
Investment management · 1994
Eldon
Eldon was a financial-services-focused investment manager launched by Fox-Pitt Kelton in 1994. The business was sold to Hiscox in 2003 and was no longer part of FPK's operations after that transaction.
Brand decisions
2009
Sale to Macquarie GroupM&ABackground
Macquarie sought to acquire the specialist financial-services investment bank during a period of major change in global financial markets.
Action taken
Macquarie agreed to purchase Fox-Pitt Kelton in an agreement announced on September 30, 2009, and completed the acquisition in November.
Aftermath
The standalone Fox-Pitt Kelton Cochran Caronia Waller business ceased to operate independently.
Reported transaction value. US$146.7 million (2009)
2007
Acquisition of Cochran Caronia WallerM&ABackground
The firm pursued expansion within specialist financial-services investment banking and research.
Action taken
Fox-Pitt Kelton acquired Chicago-based Cochran Caronia Waller and combined the businesses under the expanded Fox-Pitt Kelton Cochran Caronia Waller identity.
Aftermath
The transaction broadened the firm's insurance-sector capabilities, including property-and-casualty, life, and health coverage.
1994
Launch of Eldon investment management businessStrategyBackground
Fox-Pitt Kelton sought to extend its financial-services expertise into investment management.
Action taken
The firm launched Eldon as an investment manager focused on financial-services businesses.
Aftermath
Eldon was subsequently sold to Hiscox in 2003.
Sources1 sources
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