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 交税过亿 前大摩重臣竺稼料为港打工皇帝 zt |
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交税过亿 前大摩重臣竺稼料为港打工皇帝 zt -- oliver - (1081 Byte) 2006-4-21 周五, 18:49 (1980 reads) |
Xiaomaomao
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作者：Xiaomaomao 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
 Not very likely unless he had a special arrangement with MS. The bonus for a top I-banker can be over $10 million, but over $80 million is kind of rare. CSFB's star banker Frank Quattrone made over $100 million a year in the tech boom era, partly because he tripled the firm's stock-underwriting fees from $203 million in 1998 to $686 million in 1999, mainly because he set up a "tech revenue pool" for his team (see the story after my maths).
Let's do the maths and see how much MS made from the CCB deal:
1. From China Construction Bank's official website: Statement of The President says "net proceeds of RMB 72,550 million from our IPO", assuming 5% underwritting fee and IPO expenses, the gross proceeds were about $9 bn.
2. Applying the standard 3.5% underwritting fee to the deal, the total underwritting fee was $315 million.
3. There were 3 book runners in the deal, Credit Suisse First Boston Corp., China International Capital Corp. and Morgan Stanley. Mostly likely, MS got 1/3 of the fee, which was $105 million. (you can check CCB's prospectus if you have access to Hong Kong Stock Exchange, I believe my estimation is about right)
4. Do you think MS was generous enough to pay Zhu $80 million out of the $105 million they made? Of course, MS' China team probably closed some other deals, but how much can they make from those deals?
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Frank Quattrone was born in 1956, the son of an Italian immigrant who worked in a clothing factory and lived in South Philadelphia, that lower-class neighborhood made famous by the film Rocky. According to childhood friend Rosario "Rusty" Lamberto, Frank Quattrone stayed off the mean streets of South Philly because he did not want to be trapped there. Says Lamberto: "Even in grade school, Frank had the foresight to know he wanted to be something special" (Wall Street Journal, May 3, 2001). In parochial school, it is said, Quattrone read four grade levels above his own. And the story is told how, when taking Latin from a teacher who was known to flunk the entire class on the first exam, Frank Quattrone got a grade of 105. In 1973, Quattrone received a scholarship to the undergraduate program of the Wharton School at the University of Pennsylvania and graduated summa cum laude in 1977.
After leaving Wharton, Quattrone spent two years as a junior analyst with Morgan Stanley, then left to get a business degree at Stanford University. Upon receiving his degree in 1981, Quattrone rejoined Morgan Stanley and put down roots in Silicon Valley. At the time, "big Wall Street firms regarded tech banking as just an interesting niche. But Quattrone believed that the tiny struggling companies that then made up the tech galaxy were destined to become fast-growing giants. Building relationships with them was certain to pay off, he argued, even if it took a long time. All that, of course, seems obvious in hindsight. But at the time it was revolutionary. 'He was the first guy in the New York investment banking world to take Silicon Valley seriously,' says well-known tech investor Roger McNamee. 'He was the first guy at a major firm who bet his career on Silicon Valley'" (Peter Elkind and Mark Gimein, "The Trouble with Frank," Fortune, August 13, 2001).
To fit in with the Valley's bohemian techies, Quattrone cultivated an image as "the un-banker." He grew a large bushy mustache, wore ugly sweaters, and joined clients in karaoke sessions. By 1990, Quattrone had worked his way to the leadership of his firm's technology group. In that year, too, he worked on the initial public offering (IPO) of Cisco Systems. In 1994, he moved Morgan Stanley's technology group to Silicon Valley, and in 1995 he led the IPO for Netscape. By this time, after nearly twenty years as an investment banker, his annual salary and bonus had reached $6 million, not nothing but hardly eye-popping. And he complained. He felt that "he and his group were understaffed, underfunded, and underappreciated" (Elkind and Gimein). To remedy the situation, Quattrone came up with a proposal that would give his group not just their salaries and bonuses but a percentage of what he called the firm's "tech revenue pool," including trading commissions on stocks his team had underwritten. Morgan executives rejected his plans, and Quattrone jumped (along with his top deputies, George Boutros and Bill Brady) to Deutsche Morgan Grenfell (DMG), the securities unit of Deutsche Bank.
Leaving Morgan Stanley may have been inevitable for Quattrone, but going to DMG was the work of his former Morgan Stanley mentor Carter McClelland, who had made the transition the year before and now offered Quattrone what he wanted in order to establish DMG in Silicon Valley. What that meant, essentially, was giving Quattrone a firm within a firm, a firm whose people considered themselves to be working for Quattrone rather than for a bank in Germany. In early 1997, Quattrone landed his first big deal for DMG: Amazon's initial public offering. A year later, though, the German parent company announced massive lay-offs and gave up thoughts of expanding their American investment branch. McClelland resigned, and his replacement did not care for Quattrone's independence. Once again, it was time to move on.
In mid-1998, Quattrone, Boutros, and Brady announced that they were leaving for Credit Suisse First Boston (CSFB), and though they were personally barred from contacting their colleagues about joining them, CSFB was not. In a matter of days, virtually all of DMG's 150-man tech group had elected to follow their boss. In fact, so thorough was the raid that no trek had to be undertaken. CSFB simply bought DMG's building in Palo Alto and changed the signs on it. Once again, Quattrone had his own sub-unit, CSFB's Global Technology Group, which would give clients the treatment Quattrone thought they deserved. Indicative of that treatment is the story told by Peter Jackson, CEO of Intraware: Quattrone assured Jackson, "We will stay up all night to get this deal done." And one of Quattrone's associates actually did sleep under his desk while working on the project (WSJ, May 3, 2001). The results of such diligence were impressive. Quattrone turned CSFB into a competitor of Goldman Sachs and Morgan Stanley Dean Witter. Specifically, he helped boost CSFB's underwriting rank in IPOs from No. 8 in 1998 to No. 4 in 1999. And he tripled the firm's stock-underwriting fees from $203 million in 1998 to $686 million in 1999 (WSJ, June 26, 2000). Estimates place Quattrone's salary and bonuses during this time at more than $100 million.
作者：Xiaomaomao 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
上一次由Xiaomaomao于2006-4-23 周日, 11:42修改，总共修改了1次
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 交税过亿 前大摩重臣竺稼料为港打工皇帝 zt -- oliver - (1081 Byte) 2006-4-21 周五, 18:49 (1980 reads) - Jonathan Zhu made >HK$600 million (US$80 million) in 2005??? -- Xiaomaomao - (6774 Byte) 2006-4-23 周日, 11:07 (397 reads)
- 三点感想：
 -- oliver - (127 Byte) 2006-4-21 周五, 19:03 (974 reads) - 吹牛！ -- 哈瓦那女伯爵 - (55 Byte) 2006-4-21 周五, 21:02 (729 reads)
- 弓虽! -- CYH - (0 Byte) 2006-4-21 周五, 19:09 (265 reads)
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