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Charles Kirk Kellogg, the 30-year-old son of Wall Street financier Peter Kellogg, has made an offer to purchase Performance Specialist Group, a small specialist firm on the floor of the New York Stock Exchange, and is also in discussions to take over M.J. Cohen & Co., another small firm.
Kellogg's offer to take over Performance, which was formerly called Gavin, Benton, Porpora & Co. L.P., is awaiting approval from the NYSE.
His plunge into the specialist wars is a signal for all to see that the younger Kellogg is ready to assume his role in a family tradition that began when his grandfather became the youngest seatholder on the Big Board before eventually becoming its chairman. But Kirk Kellogg's bid for a small trading company also raises-once again-the question of whether the Kellogg empire is accumulating too much power on Wall Street.
The younger Kellogg appears to be playing an increasingly important role in the empire his father has built up since Peter Kellogg joined the family firm at the tender age of...