The Bankers Trust
Merchant House & Co.
A restored merchant house devoted to complex capital,
special situations, and disciplined opportunity.
Capital Philosophy
Judgment Over Algorithm
In an age of automated finance, we believe there remains an irreplaceable value in human judgment, refined through experience and disciplined by history.
Discretion as Doctrine
The most consequential work in finance often requires absolute confidentiality. Discretion is not merely a practice—it is our fundamental operating principle.
Stewardship Over Speculation
We do not chase returns. We shepherd capital through complexity, seeking preservation and measured growth through principled deployment.
Long-Term Alignment
Our horizon extends beyond quarterly cycles. We structure engagements and deploy capital with multi-generational perspective.
"The values upon which the House was built in 1873 remain its guide today."
Merchant House Operations
Special Situations
Distressed corporate scenarios, capital-structure arbitration, turnaround oversight, and cross-border recoveries.
Distressed & Recovery
Distressed bonds & loans, municipal defaults, claim buying, receivership roles, and structured recoveries.
Real Estate Merchant Banking
Distressed residential & commercial assets, REO acquisitions, land banking, and project capital restructuring.
Energy & Infrastructure
Midstream/downstream opportunities, distressed energy credits, transitional power, and structured financing.
Proprietary Investments
Principal special-situation stakes, proprietary private credit, strategic positions, and counter-cyclical portfolios.
Our Heritage
Founding Era
Born during the financial convulsions of 1873, the House was established by Jonathan R. Densmore and Augustus L. Harcourt to safeguard private capital and handle complex commercial affairs.
Merchant House Expansion
The House formalized its identity and expanded operations—reorganizing insolvent railways, arbitrating disputes, and financing shipping fleets. The famed Negotiation Chamber became a symbol of neutrality.
War & Interwar Finance
World War I positioned the House as a trusted conduit for gold settlements and transatlantic payments. Conservative discipline allowed survival through the 1929 crash.
Postwar Retrenchment
Strategic contraction preserved independence. The House returned to core strengths: special situations advisory, private capital stewardship, and family merchant banking.
The Custodial Years
Voluntary dormancy preserved the House's charter, archives, and protocols. A custodial partnership maintained integrity for three decades.
Modern Revival
A new generation restored the House with a mandate blending old-world philosophy with modern financial capability, serving complex capital needs once again.
Merchant House Operations
Our operations are proprietary in nature—not client-facing in the conventional sense, but structured around disciplined deployment of judgment and capital.
- •Distressed corporate scenarios
- •Capital-structure arbitration
- •Turnaround oversight
- •Cross-border recoveries
- •Structured capital injections
- •Deep-value event-driven positions
- •Distressed bonds & loans
- •Municipal & corporate defaults
- •Claim buying & settlement
- •Receivership roles
- •Structured recoveries
- •Litigation-related finance
- •Distressed residential & commercial assets
- •REO and NPL acquisitions
- •Land banking
- •Special-situations real estate
- •Project capital restructuring
- •Opportunistic exits
- •Midstream/downstream opportunities
- •Distressed energy credits
- •Transitional power & infrastructure
- •Structured financing
- •Capital for asset-heavy operators
- •Principal special-situation stakes
- •Proprietary private credit
- •Strategic block positions
- •Asset-backed investments
- •Counter-cyclical portfolios
Governance & House Practices
Partnership Structure
Governance through experienced partners with aligned long-term interests.
Conduct Standards
Rigorous ethical framework governing all House activities and relationships.
Transaction Review Protocol
Multi-layer evaluation process for every capital deployment decision.
Conflict & Neutrality Rules
Strict protocols ensuring impartiality in all advisory and settlement matters.
Negotiation Chamber Tradition
Preserving the historic practice of confidential, neutral resolution spaces.
Contact the House
The House does not engage in public solicitation. Inquiries regarding proprietary matters, special situations, or potential engagements may be directed through proper channels.
Correspondence:
The Bankers Trust Merchant House & Co.
New York, New York
Proprietary Inquiries:
correspondence@btmh.co
By Appointment Only