expected Thomas Weisel Partners
and Scudder Kemper Investments
formally announced a joint-venture firm this morning. The two firms expect the venture to marry Weisel's tech and institutional investment expertise and Scudder's distribution network and ability to serve high-net worth investors.
Scudder Weisel Capital, the new venture, is expected to launch in January. It will target investors with more than $1 million in assets and selected financial advisors who want to deliver this access to their customers.
"Scudder Weisel Capital will put affluent investors or their financial advisors on a par with the big, smart-money players," said Boyd Fellows
, 40, chief executive officer. "For the first time, we'll connect these investors to the same, elite investment management firms and investment products formerly available only to university endowments, private foundations, pension funds and Fortune 500 companies," he explained. "And we'll do it for investment minimums far below what would be required for institutional investors," he added.
Minimum investments in Scudder Weisel Capital funds will start at $25,000. The first fund to be publicly available will be the Scudder Weisel Capital Entrepreneurs Fund -- a closed-end interval fund investing in both private equity and public securities of growth-oriented companies.
"Today there are more American millionaires than ever before, and the research we conducted over the past 12 months confirmed that they want three things," said Peter Mattoon
, 39, president of Scudder Weisel Capital. "They want access to the same, top-tier investment managers and the type of investments that major institutions get; investment advice from specialists who focus on next-generation growth companies that leverage or develop emerging technologies; and concisely delivered insights for enhancing their investment growth strategies."
"Through Thomas Weisel Partners, we are able to give investors the ability to invest with some of the leading venture capitalists and private/public equity funds," said Mattoon. "In addition to this access, our investors will benefit from the high-volume deal flow and institutional research capabilities of Thomas Weisel Partners."
Scudder Weisel Capital's funds will be distributed through Scudder's Private Investment Counsel (PIC), which provides comprehensive wealth management to affluent individuals and families; Thomas Weisel Partners' Private Client Department (PCD), which provides investment advice to senior executives of technology companies; selected broker-dealers and financial advisors in Kemper Distributors' network; and selected private banks and small broker-dealers.
In March 2001, Scudder Weisel Capital will offer customers direct access through an Advisory Center and online site. That center will support financial advisors and affluent investors with personalized guidance from experienced investment specialists. Investment specialists will be available by telephone, beginning in January when the first funds launch.
Additionally, Scudder Weisel Capital said it has assembled an in-house team of seasoned technology journalists to write research summaries on companies inventing the future or transforming their industries.
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