Word: perella
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Anita Lucia Perella knew early on that she was different. The third of four children in one of the few Italian immigrant families in Littlehampton, Sussex (a fading Victorian beach resort her family dubbed "home of the newly wed and nearly dead"), she was treated like an alien by her classmates. "They never smelled garlic before we came," says Roddick. Her stepfather, who ran the first and only American-style diner in town, died when she was 10 -- a loss that was keener for Anita and her younger brother Bruno than they knew. Eight years later, their mother Gilda confessed...
Even before Black Monday, the First Boston investment firm's go-go days had gone. In late 1986 the company's traders lost $100 million in the Treasury bond market. Last February the firm's prized merger-and-acquisition specialists, Bruce Wasserstein and Joseph Perella, defected to start their own firm, taking 16 staffers with them...
...realizing that goal last week, stunning Wall Street with a move to become a major player in the U.S. mergers-and- acquisitions game. The company said it was paying $100 million for 20% of the hot, new Manhattan investment firm started six months ago by Bruce Wasserstein and Joseph Perella, the Wall Street wizards who built First Boston's merger department into one of the best in the business and then left to strike out on their...
Wasserstein, Perella has already managed about $19 billion worth of mergers and acquisitions, including the $6.6 billion purchase of Federated Department Stores by Canadian Developer Robert Campeau. Teaming up with the U.S. firm, Nomura can gain expertise in merger making and help its Japanese clients acquire U.S. companies. For Wasserstein, Perella the deal provides both an infusion of capital and global connections. Says Perella: "No other single alliance could give us the comprehensive reach that the Japanese connection we have with Nomura could...
Despite their profit-making ability, Wasserstein and Perella were unable to resolve a basic tension between the competing demands of First Boston's investment-banking and trading departments. During the bull-market days of the early 1980s, trading departments grew in size and influence because of their steady profit stream. But since traders are now risking large amounts of capital in increasingly volatile markets, investment bankers argue that the money would be better spent to finance ventures that lately have produced more reliable income. Dealmakers like Wasserstein and Perella are especially eager to become merchant bankers, who use their...