![]() In 1890 the firm joined the New York Stock Exchange. The firm admitted Charles Paine as a partner in 1881 and changed its name to PaineWebber & Company.įrom there, PaineWebber embarked on a steady course of expansion that would last well into the next century. The next year, Webber acquired a seat on the Boston Stock Exchange. Paine and Wallace Webber, formerly clerks at Boston's Blackstone National Bank, who set up shop on Congress Street in Boston. Paine & Webber was founded in 1880 by William A. Nevertheless, from a tiny partnership founded more than 115 years ago, PaineWebber has grown into a major international presence. PaineWebber runs the country's fourth largest brokerage, although it lags far behind the top three industry giants, Merrill Lynch & Co., Solomon Smith Barney Inc., and Morgan Stanley, Dean Witter, Discover & Co. is one of the largest full-service securities and commodities companies in the industry, offering asset management, investment banking, brokerage activities, and other related services to both institutional and individual investors. With distribution strength and sufficient capital to compete, a strong management team and 16,000 dedicated employees, the firm's strategic focus is to continue to build upon our position as a recognized leader in financial services. Leveraging diverse capabilities to create new opportunities for the firm and its clients in today's dynamic investment environment, PaineWebber is a powerful force in financial markets domestically and abroad. The firm serves the investment needs of more than two million clients worldwide, including individuals, institutions, corporations, state and local governments, and public agencies with a broad array of products and services. PaineWebber is an independent, full-service national securities firm with a leadership position in individual and institutional businesses and a reputation for outstanding research and quality client service. SICs: 6159 Miscellaneous Business Credit Institutions 6211 Security Brokers, Dealers & Flotation Companies 6282 Investment Advice 6311 Life Insurance 6719 Offices of Holding Companies, Not Elsewhere Classified 6722 Management Investment Companies, Open-End 6726 Unit Investment Trusts, Face-Amount Certificate Offices, Closed-End Management Investment Offices 6799 Investors, Not Elsewhere Classified ![]() It’s not the kind of safe collection most corporations build.Incorporated: 1970 as Paine, Webber, Jackson & Curtis Inc. Lowry, the MoMA’s director, told the Times in 2002 of UBS’s collection. ![]() ![]() “This is a major art collection that just happens to be a corporate collection,” Glenn D. īorn in Goshen, New York, in 1934, Marron attended the City University of New York’s Baruch College until 1951, when he departed to join the New York Trust Co.’s research department. His arts leadership positions also included serving as vice chairman of the board of the California Institute of the Arts in Valencia and as a member of the President’s Committee on the Arts and Humanities. He appeared on the ARTnews Top 200 Collectors list for decades. His name and that of his wife, Catie Marron, grace the museum’s soaring second-floor atrium, which debuted with its 2004 expansion. Marron was elected president of MoMA’s board in 1985, a position he held until 1991, when he was given the title president emeritus. Scores of works from the company’s holdings have been donated to the Museum of Modern Art in New York, where he became a board member in 1975. Following Paine Webber’s merger with UBS, its art trove became the UBS Art Collection. Susan Rothenberg, for instance, painted a work for its corporate dining room. Marron also saw to it that the firm commissioned new work from artists. “You have to have an office, so why not look at a Jasper Johns rather than a reproduction?” Marron told Fortune magazine in that 1999 piece. While running Paine Webber, he purchased for the firm more than 850 works by contemporary artists such as Jenny Holzer, Jasper Johns, Chuck Close, Ed Ruscha, and Andy Warhol. Marron was a major patron of the arts and “an advocate of art in the workplace,” as the New York Times put it. “He’s always been like a minnow swallowing a whale, but somehow he always ends up on top,” one of Marron’s peers said in a 1999 story in Fortune. In 2000, he helped engineer its $12 billion sale to the Swiss investment giant UBS. In 1980, he was tapped to run the firm, which he set out to expand by focusing on high-net-worth clients and moving into investment banking. to the research company Mitchell Hutchins & Co., which he sold in turn to Paine Webber in 1977. Huang Yongyu, Chinese Artist Behind Controversial Zodiac Stamp, Dies at 98Ī sequence of deals positioned him to become one of his generation’s key investment figures.
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