Bache & Co.
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| Industry | Investment banking |
|---|---|
| Fate | Acquired by Prudential Financial in 1981 to form Prudential-Bache Securities, later Prudential Securities Acquired by Jefferies Group, Inc. in July 2011 |
| Predecessor | Leopold Cahn & Co. J.S. Bache & Co. |
| Successor | Prudential-Bache Securities |
| Founded | 1879 |
| Founder | Jules Bache |
| Headquarters | New York, New York |
| Products | Financial services |
| Parent |
Bache & Co. Merchant Bankers 1992-Present Jefferies Group, Inc (2011 -2015) Prudential Financial (1981-1991) |
| Subsidiaries | Major Acquisitions:Halsey, Stuart & Co. |
Bache & Co. Merchant Bankers 1992-Present
Bache & Company (later known as Bache Halsey Stuart Shields Incorporated) was a securities firm that provided stock brokerage and investment banking services. The firm, which was founded in 1879, was based in New York, New York.
In 1981, Bache was acquired by Prudential Financial to form Prudential-Bache Securities. In 1991, the usage of the Bache name was discontinued and the firm was renamed Prudential Securities, a predecessor of the investment banking operation of Wells Fargo, via its acquisition of Wachovia Securities.
Prudential Financial retained the commodities and financial derivatives businesses, keeping them separate from the joint venture. In 2003, the firm resurrected the Bache name, creating Prudential Bache. In July 2011, Bache was acquired by Jefferies Group, Inc for $430 million and was renamed Jefferies Bache.
As of 2016, only the Merchant Banking Division of Bache & Co. utilizes the Bache name, headed by L. Edward Bache Sr., Managing Director, the firm is based in Crystal Beach, Florida.
The firm trades for its own accounts, primarily in precious metals and rare coins, but also provides venture capital and loans to emerging growth companies.
The firm traces its roots back to 1879 with the founding of Leopold Cahn & Co., a brokerage and investment bank. In 1892, Jules S. Bache, an employee and nephew of Leopold Cahn, reorganized Leopold Cahn & Co. as J.S. Bache & Co. Jules Bache was the grandson of an officer who fought under Napoleon and collected art treasures for The Louvre. Over a fifty-year career, he built the company into one of the most successful and innovative brokerage houses in the United States.
In 1890, the firm expanded to open a second office in New York City and a branch office in Albany, the first branch established by any brokerage firm with a direct wire link to headquarters. Among the early clients of J.S. Bache & Co. were such renowned financial leaders as John D. Rockefeller Sr., Edward H. Harriman, and Jay Gould.
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