Third Point's Daniel Loeb has made his surname synonymous on Wall Street with tear-inducing letters, kicking the CEOs of public companies in the nuts, and rubbing rivals' faces in his success (and their failure). He's the Loeb everyone thinks of when they think of the name Loeb, even though long before Loeb made his way over here from Santa Monica, there were another group of Loebs on Wall Street. Jamie Kempner traces his lineage to the famed New York banking Loebs, and he's out to prove, well, something, we're sure.
The son of a legendary socialite and a scion of the Loeb banking family, Mr. Kempner is hoping to tap his generations-old network of contacts, many of them among New York's most venerable names, to build a merchant bank that will invest in deals as well as give merger advice….
Mr. Kempner, 56 years old, is taking over the day-to-day operations of Loeb Partners from his father Thomas Kempner, who is 86. The firm for many years mostly invested money on behalf of the extended Loeb clan, including members of the Bronfman family, who are related to the Loebs by marriage. His dad will remain chief executive of the firm.
"What I view my dad as having done is caretaking the family name," Mr. Kempner said. "I want to grow it…."
Mr. Kempner's great-grandfather Carl Loeb founded the investment bank Carl M. Loeb & Co. with his sons in 1931, having left Germany nearly 40 years earlier to work in the U.S. metal industry. At the time, they weren't considered "real Loebs" because the banking family of Solomon Loeb, whose firm Kuhn Loeb & Co. eventually merged with Lehman Brothers, had been in town for decades, according to Stephen Birmingham's 1967 book "Our Crowd: The Great Jewish Families of New York…."
Unlike many merchant banks, Loeb Partners doesn't have a fund to do deals. Instead, Mr. Kempner plans to pass the hat to other wealthy families and individuals on a deal-by-deal basis, and expects to invest up to $25 million per deal in deals of up to $100 million in value.