[1][2] The firm was founded in 1971 by Oliver Fox-Pitt and Robin Kelton, with assistance from Len Caronia.

Flowers & Co. and the bank's management led by Giles Fitzpatrick, CEO, purchased Fox-Pitt from Swiss Reinsurance Co. in February 2006.

Under management and private equity ownership, the firm acquired another investment boutique, Chicago-based Cochran Caronia Waller (CCW) in 2007.

Among the notable transactions in which the firm was involved, FPK, and its co-owner J. Christopher Flowers, advised Bank of America on its acquisition of Merrill Lynch in 2008.

In 2009, Macquarie Group, Australia's largest investment bank, entered into serious discussions about a takeover of Fox-Pitt Kelton from its current ownership,[7] and on September 30, 2009, the two firms announced a purchase agreement valuing Fox-Pitt Kelton at US$146.7 million.