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Merrill, CSFB are also on the prowl, even for a boutique
PaineWebber may have found the competition and the pay scale too stiff in technology banking-deciding to shutter that group's effort just weeks ago-but that seems only to have whetted the appetite of several other big Wall Street firms. Many are climbing all over each other to plug perceived weaknesses in what indisputably remains one of investment banking's hottest sectors.
In recent weeks, Donaldson, Lufkin & Jenrette, Credit Suisse First Boston, and Merrill Lynch & Co. have been scrambling to shore up their tech banking efforts by poaching individuals or trying to negotiate the purchase of entire tech banking groups. One of the most ardently pursued groups, the technology team at UBS Securities, found a home for many of its key members last week at DLJ-with the exception of the UBS tech head, James Feuille. In the meantime, say industry insiders, Merrill Lynch and CSFB continue to press the hunt.
Apparently outbidding its competitors, DLJ succeeded in locking up UBS North America technology head Michael Dorsey as co-head of DLJ's tech banking effort, along with senior semiconductor banker Ken Rivera. The two are expected to be followed by a team of six or seven other UBS bankers, said sources close to the situation. On the research side, DLJ also lured away semiconductor analyst Charles Boucher and software analyst Joseph Farley from UBS.
Feuille, the UBS tech chief who is not going to DLJ, has a tangled history with Steven Brooks, head of the technology mergers-and-acquisitions practice at DLJ....