Bloomberg News

Unterberg, Towbin Names S&P's Satloff Chief Executive

December 01, 2004

Investment bank C.E. Unterberg, Towbin hired James E. Satloff from Standard & Poor's to replace co- founder Thomas I. Unterberg as chief executive officer amid expectations for an increase in mergers and acquisitions.

Satloff, 42, also will be president. He was executive managing director of investment services and president of S&P's Compustat division, the New York-based firm said. Unterberg Towbin said Andrew Arno, 45, replaced Unterberg as executive chairman. Arno had been a managing director for capital markets.

Satloff said in an interview the firm, which focuses on technology, life-sciences and global-security companies, may be hiring. The value of U.S. mergers and acquisitions so far this year is $828 billion, almost twice 2003's total of $468.4 billion, and will increase by 7.5 percent next year, according to Brad Hintz, an analyst at Sanford C. Bernstein Co.

Unterberg Towbin's co-president and the executive formerly in charge of investment banking, Andrew Berger, will take over CEUT Advisors, the firm's asset-management business. Berger joined the firm a little more than a year ago as a senior managing director in charge of investment banking, asset management and private client services.

Satloff was previously a vice president at Bankers Trust Co. and a vice president at Salomon Brothers Inc. He graduated from Columbia College and earned a master's degree from Columbia Business School, the firm said. He is a director of Liberty Skis Corp.

Advisory Role

Unterberg, 74, will become senior adviser to Unterberg, Towbin's international division. Former Salomon Brothers Chairman John H. Gutfreund, a senior managing director at Unterberg Towbin, also will be a senior adviser.

Arno, who joined the firm as a managing director for capital markets in 1990, is a graduate of George Washington University, the company said.

Unterberg, Towbin's staff has grown to about 145 employees from 115 last year. It has offices in New York, Boston, California and Israel.

The company specializes in advising companies with a market value of $1 billion or less. The last initial public stock offering it managed was the $31.5 million IPO of software company Serviceware Technologies Inc. in August 2000.

To contact the reporter on this story: Dan Lonkevich in New York at at

To contact the editor responsible for this story: James Greiff at at

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