Business Units
77 Investment Banking professionals; 92 total personnel
6 focused industry sectors
- Financial services
- Real estate
- Technology
- Healthcare
- Energy
- Diversified Industries
Top 10 lead-managing equity underwriter
2002:
- 76 transactions with $5.2B in total transaction value
- 28 lead and sole managed public /private transactions
- 33 M&A and advisory assignments
67 Analysts; 87 total personnel
Approximately 400 companies under coverage
- Independence
- In-depth company analysis
- Theme-driven Industry coverage
- Daily morning note
- Daily meetings with sales force
- Up-to-date economic and policy news
- Frequent management roadshows
- Annual investor conferences
54 Institutional Brokers; 32 Traders and Sales traders
Market-maker in over 480 equity and debt securities
Cover over 1,000 institutions
- Mutual funds
- Hedge funds
- Money managers
- Pension funds
Fixed income mutual funds
Private client group
- Restricted 144A stock sales
- Financial planning / trust & estate services
- Credit lines
- Hedging & monetization
- Employee stock option management
- Cash management
Institutional Sales & Trading
Taxable Subsidiaries (TRSs) (3 Profit Centers supported by Research)
Assets approximately $5.0 billion (1)
- AAA rated securities — guaranteed by Freddie Mac, Fannie Mae or Ginnie Mae
- Low effective duration of 1 to 2 years: limits price risk
- Leverage 6-11x; target of 8.5x within mortgage portfolio
million of invested capital
- Preferred and common equity
- Senior secured and mezzanine loans
- Interest in proprietary funds
- Direct assets
- Non-levered portfolio
Mortgage Backed Securities
REIT Principal Activities (2 Profit Centers)