“While it failed on Department of Justice grounds, I still maintain it would have been a great transaction for shareholders and for this country,” Gladstone said.
Gladstone began her career in London with J O Hambro Magan. With no work experience in finance, she landed a job at the bank for about 15,000 pounds ($22,666) a year, less than the janitor earned, she says.
In 1993 she moved to Morgan Stanley where she worked in the equity capital markets group with Vikram Pandit, who became the CEO of Citigroup Inc. and John Havens, Citigroup’s future president. She moved to Morgan Stanley’s financial institutions group, where she was involved with the initial public offerings of the Chicago Mercantile Exchange, International Securities Exchange Holdings Inc. and Intercontinental.
“She’s been involved in the most important transactions in the space,” said Sunil Hirani, 46, whom Gladstone advised on the $625 million sale of his company, Creditex Group Inc., to Intercontinental in 2008. Gladstone’s dedication is why he became her client, and why others hire her, said Hirani, now CEO of TrueEX Group LLC, an interest-rate swap exchange.
“The big critique with Jane is she’s aggressive, ruthless and has a can-do attitude,” said Hirani, who attended the Boca Raton dinner this year. “When people say that about her, I smile because that’s the kind of person I want on my side.”
Even with most of the Dodd-Frank reforms to the swaps market completed by the Commodity Futures Trading Commission, the need for Gladstone to pull together market structure leaders in Boca Raton will go on for years.
Gladstone tries to catch an overnight flight after a business trip each year to give her time to choreograph the evening, before she leaves for Florida.
“I spend hours doing the seating. It’s very stressful,” she said with a laugh. “For the capital markets, market structure brokerage universe it’s the equivalent of Davos,” said Gladstone, who has attended the annual meeting of the World Economic Forum in Switzerland on Evercore’s behalf three times.
Along with Sprecher and Bocker, this year’s guests included James McNulty, chairman of NYSE Liffe U.S. and the former CEO of the Chicago Mercantile Exchange; Sandy Frucher, the vice chairman of Nasdaq; and Peter Hiom, deputy-CEO of ASX Ltd., Australia’s main stock exchange.
Richard McVey, CEO of MarketAxess Holdings Inc., the electronic bond and derivative trading platform that said in April it would partner with BlackRock Inc. to allow the asset manager to route trades through its system, was there. So was Nicolas Breteau, CEO of Newedge Group SA, a derivatives brokerage that gives customers access to clearinghouses such as the one run by Michael Davie, CEO of LCH.Clearnet Group Ltd.’s SwapClear, another guest.
The executives are taken by bus from the Boca Raton Resort & Club, the site of the FIA conference, to the Boca Raton Museum of Art for a private tour before the meal.
“When we get on that bus from the resort to the dinner, I always tell the bus driver, ‘Drive carefully,’” Gladstone said. “You have the fate of the capital markets in your hands.”