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Friedrich Michael Hauck was only 25 years old when he laid the foundations in Frankfurt am Main for the bank of today. On January 1, 1796 he became a partner of a forwarding and commissioning business, which was then renamed Speditions- und Commissionsgeschäft Gebhard & Hauck. While traveling extensively on business across national borders, the qualified merchant Hauck, who originally hailed from the Palatinate region, had built up a large network that would be of great benefit to him.
Despite the upheavals that were to follow in the wake of the French Revolution, the opportunities for his own company prevailed, and so he moved to the trading city of Frankfurt am Main. In keeping with the merchant banks of the time, the trading company increasingly began to offer banking transactions.
Heinrich Aufhäuser was only slightly older – namely 28 years of age – when he registered a banking business at the Office of Trade of the city of Munich on May 14, 1870. Ten days later, Bank- und Wechselgschäft Scharlach & Aufhäuser, the bank and exchange business which he founded with his partner Samuel Scharlach, opened its doors. Aufhäuser had learned banking “from the ground up,” and knew of the opportunities presented by the industrial and economic boom.
The discovery of sustainable business ideas and personal opportunities, and the weighing up of potential risks, are crucial factors for successful entrepreneurship. At the same time, innovation plays an important role – for innovation is the central driving force of economic development. Throughout the entire history of our Frankfurt and Munich headquarters, we have always aspired to not just find new ideas, but to turn them quickly and directly into reality.
The rest is history – and since 1998, a common one: on January 1 of that year, the banks joined forces to become Hauck & Aufhäuser Privatbankiers.
On January 1, 1796, Friedrich Michael Hauck becomes a partner at the company Platz & Gebhard. Established in 1753, the company trades as an exchange, commissioning and freight forwarding business. After the Platz family leave the company and Hauck becomes a partner, Friedrich M. Hauck and Philipp Gebhard continue the business under the name of Gebhard & Hauck. The company primarily trades in wine, silk, and dyes. It is said that, in 1800, Gebhard & Hauck granted the district of the Upper Rhine a loan of 100,000 florins at an interest rate of 4.5 percent.
Many bankers at the time are so-called Merchant Bankers, who do banking – mostly short-term loans and currency exchange – in connection with or alongside their international trading activities.
The bombardment of Frankfurt: Frankfurt is bombarded by the French during the French Revolutionary Wars and is briefly occupied.
Friedrich Michael Hauck is married to the daughter of Johann G. Fleischer, the publisher of several works of the great German poet, Johann Wolfgang von Goethe. According to Goethe's diary, he paid a visit to the Haucks, amongst others, during his stay in Frankfurt in October 1814. Goethe wrote the name of his Aunt "Melber" at the very top of his diary entry, before the name "Hauck". During and following World War II, the descendants of this aunt were important contributors to the bank Georg Hauck & Sohn.
After the first abdication of Napoleon, the European powers gather in Vienna to regulate the restructuring of the continent. At the Congress of Vienna the pre-revolutionary social, political and state order is largely restored and the equilibrium of the five powers is implemented. The resulting suppression of the national, liberal and democratic aspirations of large portions of the European population leads to countless demonstrations, protests and revolutions.
The first civil representative system starts tentatively forming in Frankfurt. It is headed by the senate/council and accompanied by a permanent representative council for citizens, as well as a newly formed temporary citizen's committee as the legislative assembly. This also has the repsonsibility for arbitrating between the senate/council and the representative council and for sanctioning treaties. Friedrich Michael Hauck is a member of the permanent representative council for citizens and is appointed to the legislative assembly.
The birth of equities trading in Frankfurt: Equities are traded for the first time on the Frankfurt stock exchange in 1820 with the fund certificates of the Österreichische Nationalbank (Austrian National Bank). It is particularly thanks to Bankhaus Rothschild, founded in Frankfurt in 1794 , that the city emerges as a global stock exchange alongside London and Paris.
Georg Heinrich Hauck, who later gave his name to Bankhaus Georg Hauck & Sohn, marries Sophie Gogel. The Gogel family is steeped in tradition. Sophie Gogel's father was taught by the philosopher Friedrich Hegel in his youth. In turn, Hegel maintained a close relationship with Friedrich Hölderlin. The marriage demonstrates the excellent reputation that the Hauck family quickly established in Frankfurt.
After the first train journey between Nuremberg and Fürth in 1835 and the first long railway line between Dresden and Leipzig two years later, the first state railway is opened in Baden in 1838.
Friedrich Michael Hauck dies at the age of 70. His wife, Catharina Fleischer, passed away two years previously. After his death, the company is now in the hands of the two younger sons, Georg Heinrich and Ferdinand Hauck.
Karl Marx and Friedrich Engels publish The Communist Manifesto in 1848. In the same year, the first pan-German parliament convenes to draw up the Paulskirchen-Verfassung (Frankfurt Constitution). The charter fails and the ensuing radical revolution is brutally suppressed.
In 1857, a bank bankruptcy and the collapse in wheat prices triggers the first modern global economic crisis.
In 1861, the two sons of Friedrich Michael Hauck sever their business ties. Gebhard & Hauck is transferred to Georg Hauck & Sohn. The "Sohn" (son) refers to Georg Hauck's offspring, Alexander. From this time onwards, the company exclusively conducts banking business. Georg Hauck's brother founds the company Bank Ferdinand Hauck, which is liquidated in 1926 after enjoying several years of success.
The Austro-Prussian War: War ensues between Prussia and Austria in 1866. The Prussian army triumphs at the battle of Königgrätz. The defeat leads to the exclusion of Austria from Germany, the German Confederation is dissolved and the North German Confederation is formed under the leadership of Prussia.
Annexation of Frankfurt: Also, in 1866, Bismarck punishes the North German allies of Austria ruthlessly. Frankfurt is incorporated into the Prussian province Hesse-Nassau and loses its status as a free city.
On May 14, 1870, Heinrich Aufhäuser registers a banking business in the City of Munich. He finds a partner in Samuel Scharlach, who is a merchant and who entrusts Heinrich Aufhäuser with the running of the business. By 1871, the bank achieves a profit of over 34,000 guilders. Securities trading forms the key pillar of the bank, especially during the following three decades.
This success in the securities sector was largely due to connections to wealthy customers, who strove to achieve profitable capital investment by acquiring stocks or private and government bonds. To do so, they required the advice of a trustworthy and experienced banker.
The all-purpose bank: More and more capital is needed to found new companies or to expand business operations. Large equity banks are founded in order to provide these funds. Over time, they expand their business to include loans, deposits and current accounts. As a result, soon after their foundation, they start competing directly against private bankers.
Foundation of the German Reich: Bismarck uses the growing national movement during the Franco-Prussian War to advance his plans for unification. The King of Bavaria, Ludwig I, offers the imperial German crown to the King of Prussia, Wilhelm I. Although the war hasn't ended yet, he is proclaimed Emperor in the Hall of Mirrors at the Palace of Versailles on January 18, 1871.
After the death of Georg Hauck, his son Alexander takes over management of the bank. In the same year, he is elected to the supervisory board of Farbwerke Hoechst. The dye factory develops into a global chemical company, whose shares are traded on the stock market from 1888.
Georg Hauck & Sohn is one of the limited partners during the founding of the Swiss limited commercial partnership Brown, Boveri & Cie (BBC). Furthermore, Georg Hauck & Sohn is the longstanding banking partner of the German BBC subsidiary.
The good relationship between private bankers is demonstrated by the marriage of Otto Hauck, son of Alexander Hauck, to Mathilde Bertha Metzler, who comes from a long-established banking family. Otto Hauck's father-in-law is Albert Metzler, a well-known Frankfurt city councilor, who was appointed to the Prussian parliament at the beginning of the 20th century and becomes a peer of the realm.
The years following the foundation of the German empire see a founding boom and the subsequent founder crisis, which leads to years of stagnation and a deflationary trend. The mark is introduced in 1876, creating a uniform currency in the German Empire. As part of social legislation, Bismarck introduces insurance to cover health, accident and disability.
After Heinrich Aufhäuser pays off his former partner, Scharlach, the company continues under the name of Bankhaus H. Aufhäuser. Shortly after, there is another new beginning: As business is flourishing, the existing offices are no longer big enough. Heinrich Aufhäuser buys the premises at Löwengrube 20 for 160,000 mark.
In 1896, the Reichstag passes the Stock Exchange Act, which includes prohibition of forward transactions. This strengthens the position of the major banks against private bankers.
Naval fleet: From 1898 onwards, Admiral Tirpitz expands the German fleet until it counts as one of the strongest in the world. This plays a significant role in the hostility between the German Empire and England.
Heinrich Aufhäuser is appointed to the board of the Münchener Handelsverein (Munich trading association), which is testament to his important position in the city. Furthermore, Bankhaus H. Aufhäuser is transformed from a bank specializing in securities commissions to a lucrative credit institution. The expansion of the business means that relocation is unavoidable. In the same year, the bank moves to the new business premises at Löwengrube 20, which has been renovated extensively over the years.
The first attempts to establish international human rights are made at the Hague Peace Conference in order to, amongst other things, decommission weapons arsenals and prevent war.
Heinrich Aufhäuser brings his oldest son, 26-year-old Martin, into the bank in Munich as a partner. After finishing school, Martin Aufhäuser acquired the necessary skills for his banking career during his apprenticeship at a bank in Frankfurt.
The participants of the Monetary Conference in Berlin decide to set a constant currency rate between silver and gold currency countries in 1903.
"Entente Cordiale": In 1904, Great Britain and France conclude an agreement to settle colonial matters.
Otto Hauck becomes a member of the supervisory board of Frankfurter Hypothekenbank AG. Due to his excellent reputation in the Frankfurt business world, he also occupies seats on the supervisory boards of companies with which the bank does not have direct business relations, including Deutsche Bank and Allianz-Versicherungen.
Georg Hauck & Sohn is in the founding consortium for Berg- und Metallbank, created by the company Metallgesellschaft. Alexander Hauck is also a longstanding council member of the "Centrale für private Fürsorge" (center for private welfare), which was founded in 1899 by Wilhelm Merton, the strategic head of Metallgesellschaft.
This is not the only connection between the Merton and Hauck families. In 1877, Wilhelm Merton marries the banker's daughter, Emma Ladenburg. In 1906, Bank E. Ladenburg is also a member of the founding consortium of Berg- und Metallbank. In 1968, Richard Ladenburg, a descendant of the Ladenburg family, marries Michael Hauck's sister, Maria Hauck. Richard Ladenburg is the chairman of the shareholders' committee of Georg Hauck & Sohn for ten years from 1970.
After Russia's devastating defeat in the Russo-Japanese War, Japan holds supremacy in the Far East.
Heinrich Aufhäuser's younger son, Siegfried, starts his banking career in London and acquires British citizenship. When he joins Bank H. Aufhäuser in 1921, he brings with him excellent connections to important British banks, such as J. Henry Schroeder & Co., Lazard Brothers & Co. Ltd. and Coutts & Co. The latter is home to the bank accounts of the royal family. Bankhaus H. Aufhäuser gets the opportunity to conduct the royal family's banking transactions during their stay in Germany.
The "Entente Cordiale" becomes the "Triple Entente": The agreement between Britain and France is extended to include Russia, forming the foundation of the alliance against the central powers of Germany and Austria-Hungary.
The total assets of Bankhaus H. Aufhäuser exceed 10 million mark. In the same period, customer deposits amount to 2.4 million mark – in 1897, it was only 62,000 mark. Bank deposits grow from 88,000 to over 4 million. The bank has now become a high-performing credit institution.
Federal Reserve System: The Federal Reserve Act gives the United States a central banking system that is still in place today. Private central banks no longer hold the right to issue bank notes. From now on, bank notes issued by the Federal Reserve System are the only legal means of payment.
In recognition of his services to the domestic economy, the Bavarian king, Ludwig III, bestows the title of "Königlich Bayerischen Kommerzienrats" (Royal Bavarian Councilor of Commerce) upon Heinrich Aufhäuser. At the beginning of the 20th century, the customers of Bankhaus H. Aufhäuser include prominent members of Munich society, for example Thomas Mann and Duke Luitpold in Bayern.
First World War: With the support of Germany, the government of Austria-Hungary plans to take strong action against Serbia after the assassination in Sarajevo. The Russian government supports Serbia; France and Great Britain adhere to the "Triple Entente" with Russia. After the bombardment of Belgrade by the Austrian army, the Russian Tsar mobilizes his troops; General mobilization follows in Germany soon after. The following years are marked by a bloody trench war across vast areas of Europe, also affecting the colonies and oceans. The economic impact is devastating: The naval blockade imposed by England at the start of war effectively cuts off the German economy from essential foreign markets. The provision of supplies to the population is insufficient; The black market flourishes.
The funeral of Heinrich Aufhäuser is attended by many of the citizens of Munich. His older son Martin takes over the management of the bank. After three years of war, it becomes evident that the German empire will be defeated. This is compounded by the general economic crisis, the economic blockade by the allies, as well as widespread famine, all of which strike Munich particularly hard.
First World War: The United States declares war on the German empire in April, adding favorable weight to the Entente powers. The Entente is weakened by revolutions in Russia. Germany and Russia agree to a ceasefire in December.
The renowned Berlin bank, Bankhaus S. Bleichröder, joins H. Aufhäuser as a limited partner. The Munich bank therefore changes its legal form, becoming a limited partnership operating under the name of "H. Aufhäuser Kommandite von S. Bleichröder". Martin Aufhäuser buys shares in S. Bleichröder in 1921, resulting in cross-shareholding between the two Jewish banks. Gerson Bleichröder, the founder of the Berlin bank, is the private banker of Otto von Bismarck. However, the grandeur of S. Bleichröder fades over time due to disputes between the heirs.
The bank concentration process as well as competition of the big equity banks create problems for the smaller private banks. Several small banks form partnerships in order to ensure their independence. Apart from doing business with wealthy private customers, private bankers remain on par with equity banks, especially with regard to trading in government bonds.
First World War: In March, Germany starts a final offensive in the West (spring offensive). The offensive fails and Germany loses the war.
After Friedrich Michael Hauck, Otto Hauck is the second in the family to become president of the Industrie- und Handelskammer (Chamber of Industry and Commerce) in Frankfurt.
Siegfried Aufhäuser becomes a partner of Bankhaus H. Aufhäuser, together with Emil Kraemer. Ernst Kritzler, who has been a partner at S. Bleichröder since 1917, also joins the bank.
Munich becomes an important film capital. The Stuart-Webb Studio belonging to Orbis-Film AG counts as one of the largest film studios. When Orbis-Film AG is founded, the common shares are taken over by a consortium spearheaded by Bankhaus H. Aufhäuser. In general, the financing of trade and commerce is increasingly taking on a central business role alongside the business activities for wealthy private clients.
As no consensus can be reached at the Paris and London conference at the beginning of the year, the Allies occupy cities in the Ruhr area. The London Ultimatum forces the government to agree to the payment of 132 billion gold mark as reparation. The question of reparations remains an important issue in international relations until the last payment is made in 1932.
Well-versed in the ways of the world and a prominent member of Munich society, Siegfried Aufhäuser is awarded the title of "Royal Swedish Consul General".
The Treaty of Versailles includes a vote to determine the status of Upper Silesia and returns a majority in favor of Germany. The government subsequently claims the entire region of Upper Silesia. Despite this, the League of Nations decides to separate the region.
In Frankfurt, emergency money is issued in gold or dollars in order to overcome hyperinflation and stabilize the currency – first and foremost signed by Otto Hauck.
The extensive reconstruction and extension works at Löwengrube 18-20 are completed. The premises in close proximity to the Frauendom (Cathedral of Our Lady) in Munich remain home to the bank until 2014.
Inflation: A surplus of money which cannot be matched to corresponding goods emerges throughout the German empire and unleashes hyperinflation. For example, the total assets of Bankhaus H. Aufhäuser swell to 3,276,815 billion mark.
Beer Hall Putsch: In Munich in the night from November 8 to 9, Adolf Hitler declares the German and Bavarian governments dissolved and appoints himself as the Chancellor. He is subsequently arrested; several perpetrators of the coup are executed and the NSDAP is banned.
Otto Hauck has been on the supervisory board of Farbwerke Hoechst since 1912. At the turn of the year 1925/1926, the major German chemical factories join to form IG Farben. Georg Hauck & Sohn and Bankhaus H. Aufhäuser are part of the founding consortium. Otto Hauck remains on the supervisory board of Hoechst until 1932. He withdraws before the dark chapter of IG Farben's history commences. Bankhaus Georg Hauck & Sohn is forced out of the IG consortium in 1942.
At the Conference of Locarno, Germany recognizes the western border laid down in the Treaty of Versailles as definitive, acknowledges the provisions set out regarding demilitarization of the Rhineland and renounces the use of violence in general. The conference is testament to the easing of international tensions, but still falls far short of establishing stable peace.
Bestowed with the title "Privy Councilor of Commerce", Martin Aufhäuser is honored with a distinction only given to the most excellent Bavarian executive industrial magnates and merchants. In the following year, he is also on the board of the Münchener Handelsverein (council for trade) as well as the Bavarian stock exchange. Under the leadership of Martin Aufhäuser, the Munich bank has become one of the largest and most reputable private banks in Germany. The bank also looks after its employees well: Martin Aufhäuser buys a large estate with a garden that becomes a popular destination for excursions and holidays by the bank's employees.
Germany joins the League of Nations which was formed at the Paris Peace Conference.
For their efforts towards reconciliation between Germany and France, Gustav Stresemann (Foreign Minister of the Weimar Republic from 1923 until his death in October 1929) and his French counterpart, Aristide Briand, receive the Nobel Peace Prize.
When the City of Munich urgently requires funds to expand its electricity and gas plants, Bankhaus H. Aufhäuser is able to draw on its good connection to London to procure a bond of 1,625,000 pound sterling from the bank Lazard Brothers & Co. In the same year, the total assets of the Munich bank reach a peak of over 107 million Reichsmark.
Due to the housing shortage in Munich, Bankhaus H. Aufhäuser and other regional institutions establish Gemeinnützige Wohnungsfürsorge AG (GEWOFAG), a charitable organization offering housing assistance.
The Briand-Kellogg Pact aims to make any war morally impossible: Instead of solving disputes by military means, peaceful resolutions should be sought in a court of arbitration. Although the pact is initially signed by 25 nations, it clearly remains largely ineffective - which was evidenced not least by the outbreak of the Second World War.
In order to secure the future of the Hellabrunn Zoo in Munich, the company "Münchener Tierpark Hellabrunn AG" is established. Martin Aufhäuser is involved in the foundation as a shareholder. In addition, he becomes a member of the first supervisory board. The zoo is still one of the most popular tourist destinations in Munich today.
Great Depression: The United States primarily financed reconstruction in Europe through short-term loans. As funds in Germany are mainly tied up in long-term investments, companies and banks encounter payment difficulties. This leads to countless company collapses; unemployment takes on new proportions. At the beginning of 1933, more than six million people are unemployed.
In the middle of the Great Depression, Bankhaus H. Aufhäuser manages to arrange short-term loans amounting to two million Reichsmark from Kleinwort, Sons & Co. for the distressed City of Munich.
Bank crisis: The collapse of the "Österreichische Kreditanstalt" (Austrian credit bank for restoration) triggers a run of US American foreign creditors on the big German banks. This leads to a bank crisis of unprecedented dimensions in July. In order to prevent the outflow of foreign currency, the foreign exchange controls which were previously lifted just a few years previously are re-introduced.
Both the Frankfurt-based Bankhaus Georg Hauck & Sohn and, in particular, the Munich-based Bankhaus H. Aufhäuser suffer under the NS regime. Within weeks of Hitler seizing power, the national socialists enact the "Boycott of Jewish businesses" on April 1, blocking the Jewish Bankhaus H. Aufhäuser. Otto Hauck is forced out of his role as president of the Frankfurt Chamber of Commerce on the same day.
Hitler is appointed Chancellor: Adolf Hitler is appointed Reichskanzler (Chancellor) by the President of the Reich, von Hindenburg. Over the following months, the NSDAP gains the upper hand. The parliament is deprived of power ("Enabling Act of 1933"), political parties are banned, unions and other associations are brought into line.
Nazi boycott of Jewish businesses: A boycott of Jewish businesses, doctors and lawyers is implemented on April 1.
Otto Hauck dies on November 25 at the age of 70. In celebration of his 100th birthday, a special publication by the Chamber of Commerce states that Otto Hauck was one of the most respected figures in Frankfurt. This is evident by the number of positions and roles he filled, including membership of the board of the Frankfurt Stock Exchange, membership of the Securities and Exchange Commission for the Reich, as well as chairmanship of the Court of Honor of the Frankfurt Exchange. In addition, he held a number of positions on supervisory boards. Otto Hauck's son, Alexander, takes over the leadership of Georg Hauck & Sohn in 1934. Otto Hauck bequeathed 100,000 Reichsmark for the purpose of supporting bank employees. Consequently, the Friendly Society for Employees is formed. There is a "social aid fund" at Bankhaus H. Aufhäuser for similar cases. Both associations merge in 2002 and still provide support to bank employees and their families in the event of hardship, disability and old age.
Imperial Banking Act: As a result of the banking crisis of 1931, measures are introduced to prevent similar developments in the future. The Imperial Banking Act, which is still largely valid today, lays down various regulations for banks: bank supervision, the obligation to report large exposures, licensing requirements and liquidity requirements.
Bankhaus H. Aufhäuser is forced to stand down from its positions on the supervisory boards of other companies. Despite this, Martin Aufhäuser remains hopeful for the future of his bank. On July 16, he receives a guarantee from the Reich's Ministry of Financial Affairs that there are no objections to doing business with the bank due to the non-Aryan character of both owners. These kinds of assurance are unusual and demonstrate that the national socialist regime cannot (yet) afford to do without the Jewish banks due to their economic importance and good international relationships.
Annexation of the Rhineland: In March, German troops invade the Rhineland, which had been demilitarized under the Treaty of Versailles. The Allies allow Hitler to reoccupy the region.
Four-year plan: At the Nuremburg Rally in September, Hitler announces a four-year plan outlining the rearmament of Germany and a path to economic self-sufficiency. Its main objective is to ready the army and German economy for war.
As the year continues, the situation for Bankhaus H. Aufhäuser becomes increasingly precarious due to the repressive measures of the national socialists. In November, a partnership agreement is approved with Friedrich Wilhelm Seiler, a private banker in Hamburg, providing for the participation and limited partnership of Martin Aufhäuser. However, following the Reichspogromnacht (Night of Broken Glass), this becomes obsolete: The joint owner, Emil Kraemer, dies and Martin Aufhäuser is brought to the concentration camp in Dachau from where he is forced to negotiate the "Aryanization" of the bank. The ten "non-Aryan" employees and the Aufhäuser brothers are forced to resign. The partner company Bankhaus S. Bleichröder is also forced out. The Munich bank is renamed "Seiler & Co." after the new personally liable partner, Friedrich Seiler from Hamburg.
"The Night of Broken Glass": The German diplomat Ernst von Rath is murdered in Paris by a Jewish man, Herschel Grynzspan. This is used as grounds for the pogrom against Jewish citizens in Germany, implemented by the Propaganda Minister, Joseph Goebbels. In the night of November 9, countless synagogues and private homes are destroyed and burned down.
Since the national socialists rose to power, Alexander Hauck is faced with the question of whether he has to give up the business and its 40 employees due to the lack of customers. A solution is found through his old school companion, Adolf Melber, who runs Bankhaus J. Ph. Kessler with his father. Alexander Hauck makes an arrangement with him in which Georg Hauck & Sohn takes over the majority of J. Ph. Kessler; At the same time, Adolf Melber becomes the personally liable partner of Georg Hauck & Sohn. This arrangement secures the continued existence of the bank.
In March, Martin Aufhäuser and his wife, Auguste, go into exile in London, impoverished; He goes to the Hague in spring and later to Amsterdam. Due to the anti-Jewish measures, his assets are frozen and confiscated in the course of expatriation.
The Hitler-Stalin Pact/Attack on Poland: The Hitler-Stalin pact concluded in August stakes claim to the German and Soviet spheres of interest in eastern Europe and gives Hitler free rein to attack Poland. German troops invade Poland on September 1 and defeat the country rapidly ("Blitzkrieg"). Great Britain and France declare war on the German Reich two days after the attack.
Seiler Bank manages to generate profits until 1944 without becoming extensively involved in debt instruments of the Reich or the armaments business. During this time, Seiler & Co. rises to become the fifth largest private bank in Germany. Several bank employees are drafted into military service. In order not to lose contact, the "Seiler-Heimatbriefe" (homeland letters) inform those left behind at home about all signs of life and provide those employees conscripted into the army with regular reports. Meanwhile, the Gestapo regularly informs the bank about Jewish customers who have "emigrated" to Theresienstadt or Auschwitz – a terrible euphemism for the transport of Jews to their death.
Atlantic Charter: On a warship in the Atlantic in August 1941, Franklin D. Roosevelt and Winston Churchill draft a joint war and post-war program. By the end of the war, 45 countries have joined the Atlantic Charter, which forms the basis of the United Nations Charter signed by 26 countries in Washington in 1942.
Wannsee Conference: In front of Ministers of the Reich and party officials, the SS Section Commander, Reinhard Heydrich, presents the "Final Solution to the Jewish Question". This establishes the organizational and technical foundations for the largest genocide in history, responsible for the death of around six million people.
Martin Aufhäuser dies, a broken man, at the age of 68 in USA. The Frankfurt-based Bankhaus Georg Hauck & Sohn, as well as the Munich-based Seiler & Co. are extensively destroyed by bombs in 1944. A phosphorous bomb strikes Neue Mainzer Straße 30 and completely destroys the Frankfurt bank. A few weeks later, Bankhaus Seiler in Löwengrube in Munich is badly damaged during the night of April 24. Despite this, the bank manages to continue in business, albeit in a makeshift manner.
Conference of Bretton Woods/Dumbarton Oaks: The World Bank and the International Monetary Fund are established at the conference. In addition, the foundations are laid for the establishment of the "United Nations", which holds its founding conference in April 1945 in San Francisco and adopts its charter a few months later.
1945 brings both continuity and disruption for Bankhaus H. Aufhäuser. Due to his longstanding membership of the bank, the US military government appoints Josef Bayer as the bank's trustee. The first step is to rebuild the destroyed bank building in Löwengrube.
In Frankfurt, after the end of the war, Adolf Melber is dismissed without explanation by the US military government. As Alexander Hauck is suffering terribly from his struggle against cancer, the new beginning is difficult – also because the building on Neue Mainzer Straße cannot be used after the bomb attacks and the bank has to make do with various temporary facilities.
Germany capitulates: After Hitler commits suicide on April 30, Grand Admiral Dönitz signs the unconditional surrender of the German Reich in May.
Alexander Hauck dies at the beginning of September, shortly after his son Michael returns from a French prisoner-of-war camp. Michael and his mother, Anne Marie Hauck, assume personal liability for Georg Hauck & Sohn. In 1946, Anne Marie Hauck's brother, Dr. August Oswalt, also becomes a personally liable partner at Georg Hauck & Sohn. He joined the bank in the 1930s and helped rebuild the bank after the war.
Siegfried Aufhäuser dies in the USA. As his brother Martin already died five years previously, the last of the former Aufhäuser partners of the Munich bank has now passed away.
Bankhaus H. Aufhäuser (officially still Seiler & Co.) is part of a consortium to set up the first capital management company in Germany, Allgemeine Deutsche Investmentgesellschaft (ADIG). In the 1960s, the bank is involved in establishing the first US investment fund in Germany.
Formation of the Federal Republic of Germany and the German Democratic Republic: On May 8, the parliamentary council passes the constitution at the third reading. It is announced after being approved by the western powers and federal states. The CDU/CSU narrowly wins the subsequent parliamentary election and Konrad Adenauer is elected as the first Federal Chancellor. In response to the formation of the Federal Republic of Germany, the German Democratic Republic is formed in the Soviet occupation zone.
Georg Hauck & Sohn is transformed into a limited partnership. Anne Marie Hauck, her son Michael Hauck, August Oswalt and Kurt Heide are the personally liable partners. Dr. Rudolf Brinckmann is the chairman of the shareholders' committee.
Reparations: Reparation payments to the victims of national socialism are initiated by the German Reparation Act in 1952. The Federal Republic of Germany signs a reparations agreement with Israel in September 1952, committing to pay almost 4 billion German Mark in reparations.
The heirs of the Aufhäuser brothers receive a 40 percent stake in the share capital of the bank with retroactive effect from June 21, 1948. At the same time, Josef Bayer becomes a personally liable partner. The bank changes its name back to "H. Aufhäuser" in January 1954. Martin Aufhäuser's widow and daughter, Auguste and Emma, take part in the celebrations in Munich. However, the family sells its shares in the bank shortly after this due to the events that took place during the national socialist era. The Aufhäuser family has not had a stake in Bankhaus H. Aufhäuser since 1955.
Paris Agreements: In 1954, Germany enters the North Atlantic Treaty Organization (NATO), which was formed in 1949, as well as the Western European Union (WEU). After the German agreement takes effect on May 5, 1955, the federal republic recovers a large degree of its sovereignty. The Soviet Union responds by establishing the Warsaw Pact (1955).
Michael Hauck, who has been a general partner at Georg Hauck & Sohn since 1950, now becomes actively involved in the management of the bank. He is responsible for the trading of shares and bonds, as well as looking after institutional and private clients.
In the same year, the "Deutsche Gesellschaft für Wertpapiersparen mbH" (DWS) (German association for investment savings) is founded. Among 13 other banks, Georg Hauck & Sohn is part of the founding consortium of Investmentgesellschaft (investment association) and remains involved in the institution until the end of 2004.
The foreign ministers of the ECSC countries sign the "Treaty of Rome" in 1957. Two European institutions are founded through this treaty: EURATOM (atomic energy) and EEC (European Economic Community).
Georg Hauck & Sohn is a founding member of Universal Investment GmbH. Bankhaus H. Aufhäuser also acquires shares in Universal at the end of 1970.
Practically at the same time as investment saving develops in Germany, the analysis of securities becomes a discipline of its own. The bank Georg Hauck & Sohn are pioneers in this field as Axel Schütz and Michael Hauck develop the "Hauckish Formula", which enables tax expenses to be calculated from profit.
The so-called Emergency Acts are one of the reasons for the protest movements during this time in the Federal Republic. In the event of emergency, the Federal Republic could considerably curtail constitutional rights. After controversial debates, parliament passes these laws in May.
Frank Heide, son of the former partner Kurt Heide, and Axel Schütz, who manages to move up the ladder from apprentice to partner, join Georg Hauck & Sohn, along with Michael Hauck and Reinhard C. Schroeder as personally liable partners. Furthermore, Allianz Lebensversicherung AG becomes a limited partner.
The first social liberal coalition is formed under Willy Brandt (SPD). This is accompanied by a "Neue Ostpolitik" (new eastern policy) involving "change through rapprochement", the easing of tensions in Europe and the safeguarding of peace.
Bankhaus Georg Hauck & Sohn moves from Neue Mainzer Straße to Kaiserstraße 24 in Frankfurt, where the bank's headquarters are still located today.
Exactly 100 years after its foundation in 1870, Bankhaus H. Aufhäuser opens a branch in Frankfurt am Main. During the jubilee year, the total assets of the bank amount to 312 million mark and customer deposits reach 220 million mark.
The "Neue Ostpolitik" bears fruit with the Treaties of Moscow and Warsaw, as well as the Basic Treaty of 1972 between the two German states.
Josef Bayer was the president of the Bavarian Stock Exchange for many years after the war. His son Rudolf follows in his footsteps and is also appointed to this position.
Basic Treaty/UNO: The social-liberal coalition under Willy Brandt surprisingly overcomes the vote of no confidence by the CDU/CSU fraction. The Basic Treaty between the two German states is signed shortly thereafter. The supplementary protocol arranges the admission of the two German states to the UN, which takes place in 1973.
Georg Hauck & Sohn is the second German private bank to found a subsidiary in Luxembourg: Hauck Banquiers Luxembourg S.A. The bank is primarily aimed at wealthy foreigners.
The Herstatt crisis/deposit protection fund: After the elimination of fixed exchange rates, the Cologne-based bank I. D. Herstatt KGaA bets on a rising US dollar, which proves to be bad speculation. The resulting bankruptcy of Herstatt shatters the German people's confidence in banks. As a consequence, the voluntary deposit protection fund for private banks is considerably enlarged.
CSCE: The Conference on Security and Co-operation in Europe has taken place since 1973. Almost all European countries along with the USA and Canada participate. In 1975, the Helsinki Accord pleads for territorial integrity, as well as respect for human rights and fundamental freedoms.
Bankhaus H. Aufhäuser is quick to recognize the potential in leasing and acquires the majority of BAV Leasing GmbH in 1979. As relations between west and east begin to thaw in the 1970s, the bank in Munich also starts working with the national and foreign trading banks of Eastern bloc countries. Diverse forfaiting transactions are carried out for Hungary, Bulgaria and Poland.
European Monetary System: The European Monetary System (EMS) is established to regulate cooperation on monetary policy between the members of the European Community. The so-called European Exchange Rate Mechanism (ERM) is at the heart of the system and determines the exchange rates, as well as the permitted margins of fluctuation. Its purpose is to ensure a basic degree of monetary stability.
In 1980, Georg Hauck & Sohn becomes a partnership limited by shares. Over the course of the following years, Allianz becomes a limited partner, along with Wüstenrot Lebensversicherungs AG, Crestwood GmbH and Bayernwerk AG. Following Dr. Rudolf Brinckmann and Richard Ladenburg, Dr. Heinrich Irmler takes over as the chairman of the supervisory board. Before that, he was on the board of directors at Deutsche Bundesbank.
NATO Double-Track Decision: The Bundestag approves the deployment of new US medium-range missiles, thereby implementing the NATO decision regarding rearmament. At the same time, negotiations with the Soviet Union are started, with the aim of reaching nuclear disarmament.
Already a longstanding member of the board of the Frankfurt Stock Exchange, Michael Hauck is appointed chairman of the board. One of the events taking place during his time is the installation of the famous "bull and bear" sculptures in front of the exchange. After his resignation in summer 1989, market observers comment that Michael Hauck contributed to the new corporate image of the Frankfurt Stock Exchange, with which it became the leading exchange in Germany.
Single European Act: The Single European Act (SEA) takes effect on July 1, 1987. It is a definitive milestone towards the European Union.
Bayerische Landesbank (today BayernLB) becomes the sole shareholder of H. Aufhäuser.
In Luxembourg, Hauck Investment Gesellschaft S.A. (from 1998 Hauck & Aufhäuser Investment Gesellschaft S.A., from 2018 Hauck & Aufhäuser Fund Services S.A.) is founded as a subsidiary of Hauck Banquiers Luxembourg S.A. (from 1998 Hauck & Aufhäuser Banquiers Luxembourg S.A.). The capital management company enables financial service providers to create investment funds under their own label.
German unity: In the second half of the year, citizens of the German Democratic Republic occupy embassies in Prague, Budapest, Warsaw and East Berlin. Hungary opens its borders to GDR citizens on September 11, allowing them to enter the west. Due to a slip-up in communication, the GDR borders to the Federal Republic and to West Berlin are opened on November 9, earlier than intended by the ruling socialist party. The internal unity of Germany is officially settled by treaty on October 3, 1990. The Federal Republic of Germany regains full sovereignty with the so-called "Two Plus Four Treaty" between the two German countries and the four allied powers of the Second World War.
The management of Georg Hauck & Sohn founds Hauck Consult GmbH (renamed Hauck & Aufhäuser Corporate Finance GmbH after the merger). The company primarily provides consulting services for M&A transactions and primarily targets small and medium-sized enterprises. The company was transferred to Fides Kapital Gesellschaft für Kapitalbeteiligungen mbH in 2010.
Maastricht Treaty: The representatives of the 12 EC members sign the Treaty on the European Union (EU) in Maastricht at the beginning of 1992.
For the first time in the almost 200-year history of the bank, not a single member of the Hauck family is involved in the management of the bank after Michael Hauck retires as personally liable partner. During the course of the merger, Michael Hauck also withdraws as a shareholder of the bank.
Anti-Money Laundering Act: The Geldwäschegesetz (Anti-Money Laundering Act) enters the statute books in November. Its purpose is to prevent money gained from serious offences being channeled into the lregular economy.
The Frankfurt-based Bankhaus Georg Hauck & Sohn merges with the Munich-based Bankinstitut H. Aufhäuser to become Hauck & Aufhäuser Privatbankiers KGaA. In 1997, the first meeting of executives takes place in Feuchtwangen, located midway between both headquarters. During the course of the merger, Allianz Versicherungs AG withdraws as shareholder. Bayerische Landesbank's share as sole shareholder is reduced to 10 percent. Prof. Dr. Jörg-E. Cramer and Peter Gatti become the personally liable partners, along with Helmut Schreyer and Dr. Alfred Junker.
Introduction of the euro: At the beginning of 1999, the euro is first introduced as legal currency in 11 countries of the economic and monetary union of the EU. At the beginning of 2002, euro banknotes and coins are issued and completely replace the Deutschmark as the means of payment. The euro is introduced in 12 countries of the EU as the common supranational currency.
On October 31, Hauck & Aufhäuser Privatbankiers takes over Bastei Privatfinanz AG, becoming the sole shareholder. The Swiss subsidiary, based in Zurich since 1995, consults and supports international clients, particularly in the field of financial consulting. It merges with Dr. Höller Vermögensverwaltung AG in November 2010 to become Hauck & Aufhäuser (Switzerland) AG.
The dotcom bubble: The speculative bubble bursts in March, in particular affecting the so-called dotcom companies of the new economy and results in losses, especially for small investors in developed countries.
The wholly owned subsidiary Hauck & Aufhäuser Asset Management GmbH is founded in order to expand the asset management core business segment. It is based in Munich and concentrates on consulting and the management of special investment fund mandates for institutional customers. It also manages proprietary mutual funds and third-party fund initiators. These activities are integrated into the bank in 2014 and the company is dissolved.
Furthermore, Hauck & Aufhäuser opens a representative office in Düsseldorf, which becomes a branch in 2009.
Army in the Middle East: After the war between Israel and Lebanon, Germany dispatches over 2000 naval soldiers to the Middle East at the end of 2006 to protect Lebanon's borders at sea.
On April 22, a host of personalities from the world of economics and politics join the honorary chairman of Hauck & Aufhäuser, Michael Hauck, to celebrate his 80th birthday.
Hauck & Aufhäuser opens a branch in Hamburg at the end of October – taking another step towards regional expansion.
Value-added tax increase: VAT is increased from 16 to 19 percent on January 1. The reduced rate remains unchanged at 7 percent.
The bank continues its 200-year old tradition of commitment through the establishment of the Hauck & Aufhäuser Cultural Foundation. The foundation recognizes exceptional achievements in the fields of art, music and literature, as well as science and education.
Banks have to write off billions during the global subprime crisis, which was based on the securitization of dubious real estate loans, particularly in the USA. The Lehman Brothers collapses and declares insolvency at the end of September. Most national economies go into recession by the end of the year.
Hauck & Aufhäuser takes over the company Dr. Höller Vermögensverwaltung AG. The Swiss company was founded in 1982 and is one of the most reputable wealth management companies in Europe focusing on ethical and ecological aspects. It merges with Bastei Privatfinanz AG in November 2010 to become Hauck & Aufhäuser (Switzerland) AG.
Michael Bentlage joins the group of partners at Hauck & Aufhäuser as a non-liable partner.
The CDU/CSU and FDP gain a majority in the parliamentary elections. Angela Merkel (CDU) is re-elected as chancellor.
Bank takeover: Deutsche Bank takes over the ailing bank Privatbank Sal. Oppenheim; The takeover is implemented in 2010.
After WWK Lebensversicherung aG withdraws as the last institutional shareholder, Hauck & Aufhäuser is completely in private hands, wholly owned by private individuals and business families as shareholders.
Jochen Lucht joins the bank as a non-liable partner. He becomes a personally liable partner in 2011.
From October 2010, Hauck & Aufhäuser expands equity sales to serve French institutional investors from its new office in Paris.
Under German EU Council Presidency, a reform of EU institutions was achieved in 2007. Coping with the European debt crisis which peaked in 2010 and the creation of new financial regulations remain pressing issues to this present day.
A branch is opened in Cologne at the beginning of the year focusing on the North Rhine-Westphalia region.
Hauck & Aufhäuser opens an office in London in May with the intention of growing its research business through acquiring major international names in the fund sector. The representative office in London is transformed into a branch in 2016.
Wolfgang Deml follows Prof. Hans Tietmeyer as Chairman of the Supervisory Board. Wolfgang Deml was Chairman of the Board of BayWa AG and headed the Munich-based trading and services group for two decades.
In 2011, Germany decides to be the first industrialized country in the world to end the use of nuclear energy. The nuclear phase-out and energy revolution are also responses to global climate change.
Stephan Rupprecht has been a partner at Hauck & Aufhäuser since July 2012. Based in Munich, he was responsible for the core business segment of Wealth Management until he left our company at the end of 2017.
European Fiscal Compact: On March 2, 2012, the treaty is ratified by 25 EU members, with the exceptions of Great Britain and the Czech Republic. It applies fully to the 19 countries in the eurozone and with restrictions to the other opt-in countries in the EU. Approval of the "Treaty on Stability, Coordination and Governance in the Economic and Monetary Union“ is the basic prerequisite for member states to receive loans from the European Stability Mechanism (ESM).
In the course of the strategic restructuring of the company, Hauck & Aufhäuser Banquiers Luxembourg S.A. decide to transfer their private customers to DZ PRIVATBANK. Hauck & Aufhäuser Banquiers Luxembourg S.A. is transformed into a branch and moves to Munsbach along with HAIG and HAAS. At the same time, Hauck & Aufhäuser expands its fund and custodian bank business in Luxembourg.
Croatia joins the European Union on July 1, 2013.
Hauck & Aufhäuser successfully finalizes the integration of Hauck & Aufhäuser Institutional Research AG (HAIR). Starting in 2009, HAIR undertakes equity research and sales from its locations in Hamburg, London and Paris. Today, our Investment Banking division is represented at all the important European financial centers in London, Zurich, Paris, Frankfurt and Hamburg and has also achieved a high level of market penetration in North America and Eastern Europe.
At the beginning of November 2014, the European Central Bank (ECB) assumes responsibility for the Single Supervisory Mechanism (SSM) and functions as the central banking authority in the eurozone.
In July, the international Chinese investment company Fosun submits a bid to the owners of Hauck & Aufhäuser to acquire the bank – a new milestone in the history of our company. The shareholders' committee, which includes the majority of owners, accepts the offer.
Greece can breathe a sigh of relief after the eurozone summit: The looming "Grexit" and state bankruptcy can be averted during the dramatic summit negotiations in Brussels.
The purchase of Hauck & Aufhäuser by Fosun is successfully implemented on September 9, after a lengthy review by the supervisory authority. Fosun acquires 99.91 percent of Hauck & Aufhäuser's shares.
In May, Hauck & Aufhäuser takes an important step regarding digital solutions with its acquisition of easyfolio, one of the leading providers of asset management on the Internet.
Brexit: Britain opts to leave the EU in an EU referendum. On June 23, 51.9 percent vote for Brexit, 48.1 percent vote to remain. Prime Minister David Cameron subsequently steps down and is succeeded by the former Home Secretary Theresa May.