In 1964 the Nederlandsche Handel-Maatschappij and the Twentsche Bank merged to become the Algemene Bank Nederland. In 1977 an interesting opportunity presented itself to the Bank. One of the partners of the small private banking firm Nachenius, Dudok van Heel had retired and the firm was looking for a new partner. Nachenius, Dudok van Heel was the result of an earlier merger on January 1, 1968 of Nachenius & Zoon and Dudok van Heel & Co., at that juncture the two largest independent stockbrokers at the Amsterdam Stock Exchange.

The history of Dudok van Heel & Co. goes back to 1792. Johannes Samuel Wurfbain established himself as a makelaar in fondsen (sworn broker in securities). In order to join the Brokers Guild he had to swear a very demanding oath:

This you swear, that you will work in a just and reliable way between the interested parties. That the business entrusted to you will be kept secret ( ). That you will never accept gifts or illicit commissions from one or another party, whether under the pretext of additional commission or otherwise ( ). That you as a broker will not acquiesce in any action of which you know, where one of the parties is (financially) inadequate or acts fraudulently or deceitfully That you will never keep goods bought by you for your own account ( ). That you will furthermore act as a good and faithful broker ought to do. So help you Almighty God.

He obviously did well financially as is evidenced by the fact that he was one of the shareholders of the Nederlandsche Handel-Maatschappij at its launch in 1824. He also participated with some other commission houses in an Administratiekantoor. In 1828 one of his sons entered the business, and in 1855 the third generation, represented by the future prominent banker Andries Lodewijk Wurfbain, joined the firm which from then on operated as Wurfbain & Zoon. Unlike Wed. Tjeenk, the firm was highly active in the new issues business. The fast economic growth in the Dutch East Indies towards the end of the nineteenth and at the beginning of the twentieth century created an enormous demand for new capital in the local economy. The avalanche of new issues enabled the firm to be an active player in the field. They were involved with the share issue of the Nederlandsch- Indische Spoorweg-Maatschappij (The Dutch East India Railroad Company) and several other companies operating in Eastern Asia, including the Deli-Maatschappij (tobacco) and the Senembah-Maatschappij. Wurfbain & Zoon was actively involved in the home market as well, participating in a syndicate on behalf of the Nederlandsche Gist- en Spiritusfabriek, and in bond syndicates for the central government and municipal authorities.

The firm was also one of the founders of the Finantieele Maatschappij voor Nijver- heidsondernemingen which focused on providing equity and debt financing to both Dutch and colonial enterprises. This was what, in modern terms, would be called a private equity company. It had its own new issues department and its capital was held by a pool of prominent Amsterdam bankers and stockbrokers. This gave Wurfbain & Zoon the opening to participate in all sorts of maritime finance transactions. The administration of certificates for North American railroad stock was another field covered by the firm.


167T H E S T O R Y O F N A C H E N I U S , TJ E E N K & C O .