Sources at private investment bank and IPO specialist Robertson, Stephens & Company LLC told Computergram that it is currently in the process of being acquired. A report in the San Francisco Chronicle said the suitor is BankAmerica, which has reportedly been itching to get into the stock underwriting business. Both companies are based in the Bank of America building in San Francisco. The financial industry is moving hell for leather towards one-stop shopping, witness Morgan Stanley & Co’s acquisition of Dean Witter. Montgomery Securities is thought to be touting around a 20% tranche of its stock and newly-public Hambrecht & Quist is supposedly being courted by a bunch of potential partners including Charles Schwab. Robertson, Stephens manages some $4.2bn of investments. It told us it wanted to broaden the scope of its customer base in order to better compete in the market.
