The 70 six year old investment banker who was the last man to be made partner at Lehman Brothers is leaving the firm, Heidi Moore at Deal Journal reports. Fred Frank, who joined Lehman as a partner in 1969, is joining Peter J. Solomon, at his boutique merger-advisory shop.
Moore’s profile is a reminder of a different time in investment banking. Frank joined Lehman when it was still a partnership, hired as the first person ever brought in from outside the firm as a partner. He met his wife there, when both of them were i-bankers and the firm was called Shearson Lehman Hutton. His speciality is biotechnology. And, in a business where many people cash out and retire in their 40s, Frank is still going strong in his mid-70s.
Sweetly, his wife Mary Tanner, will be joining him at the new firm.
Frank and Tanner are both Darwin buffs, and Frank sees biotechnology in a Darwinian state right now.
“Biotechnology is going through a period of Darwinism,” he told Deal Journal. “As he said, survival is neither to the strongest of the species, nor the most intelligent but to those most adaptable to change. We can be of some service to the life sciences industry for its traumatic moment.”