June 28, 1935
London, New York
David G. Scholey was born in 1935. He graduated from Christ Church, Oxford. He pursued a popular music career until about 1964 when he joined S.G.
Warburg. He was made a managing director two years later. He developed a variety of clients for Warburg and was made deputy chairman in 1977 at the age of 42. Early on, Warburg and Paribas had developed their collaboration in Europe and America, and in 1974, became joint investors in Becker with the establishment of the Becker Warburg Paribas Group and its three primary subsidiaries. Scholey subsequently became Co-Chairman of the Group. The Chronicle traces the role of Warburg and Paribas in the Becker Group’s development leading the sale by Warburg of its interest in Becker to Paribas in 1983.
With Sir Siegmund Warburg’s death in 1982, Scholey became Chairman of SGW and in 1978 was knighted. In 1977, under Scholey’s leadership, Warburg bought Rowe & Pitman, Ackroyd & Smithers, and Mullens, extending SGWs range of activities into the general British brokerage, trading, and government securities markets. Later, in 1994, Warburg had combination discussions with Morgan,Stanley which were disbanded. Shortly thereafter, Warburg was acquired by The Swiss Bank Corporation, and SBC Warburg was created as an investment banking subsidiary. That firm was then merged with Dillon Read to create Warburg Dillon Read. In 1998, the Swiss Bank Corporation was merged with the Union Bank of Switzerland, with which merger Warburg Dillon Read was changed to UBS Warburg. Then, in 2003, UBS Warburg was changed to UBS Investment Bank, and the name of Warburg was fully retired.