Bear Stearns Forms Private Client Advisory Services and Hires Top Ranked Managed Account Team John Hyman and Fred Patykewich.Business Editors NEW YORK--(BUSINESS WIRE)--July 22, 2003 Bear, Stearns & Co. Inc. announced today that it has formed Private Client Advisory Services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal and hired two pioneers in the managed account business, John Hyman and Fred Patykewich to launch the effort. Jointly, they have been responsible for building some of the leading and most productive managed accounts businesses on Wall Street. At Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. they will be charged with building the company's Private Client Advisory Services group. This group will complement Bear Stearns' highly successful, transaction oriented brokerage business as well as its asset management business by providing clients with cutting edge, fee-based managed account offerings. Commenting on the move, Bear Stearns Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , James E. Cayne, said, "As a firm we have placed a significant emphasis on our Private Client Services business. It is an important factor in our business mix and it adds to the deep and diverse equity-related balance of our overall franchise. John and Fred are two incredibly talented individuals who have an impressive history originating and building managed account businesses. By bringing individuals with this type of track record to Bear Stearns we will be able to offer our clients the most advanced expertise in this rapidly growing area of wealth management." Mr. Hyman and Mr. Patykewich said in a joint statement, "Bear Stearns' entrepreneurial structure coupled with the firm's commitment to build its wealth management business made this a very appealing opportunity. We are extremely enthusiastic about what we consider to be the enormous potential at Bear Stearns to create an incredibly successful platform." Mr. Hyman and Mr. Patykewich have been involved in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry for more than two decades. They have been among the most successful at developing and managing a high-net-worth asset management platform. They are credited with having built one of the most successful operations in terms of assets per broker and production per representative. Prior to joining Bear Stearns they worked for Oppenheimer and Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , Harris Upham. Managed account programs provide individual investors asset allocation Asset Allocation The process of dividing a portfolio among major asset categories such as bonds, stocks or cash. The purpose of asset allocation is to reduce risk by diversifying the portfolio. tools combined with sophisticated money management strategies to create customized investment portfolios. The addition of Mr. Hyman and Mr. Patykewich marks the latest step by Bear Stearns to expand its wealth management business. By creating new and appealing fee-based products for high-net-worth individuals the firm is well positioned to grow assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. and further enhance its ability to attract the industry's most talented brokers. "We are committed to creating a world-class asset management business for the high-net-worth investor," said Steve Dantus, head of Bear Stearns' Private Client Services Division. "The experience, depth of knowledge and enthusiasm that John and Fred bring to the Private Client Advisory Services effort is a giant step toward achieving that goal." Founded in 1923, The Bear Stearns Companies Inc. (NYSE NYSE See: New York Stock Exchange : BSC (Binary Synchronous Communications) See bisync. ) is the parent company of Bear, Stearns & Co. Inc., a leading investment banking and securities trading and brokerage firm serving governments, corporations, institutions and individuals worldwide. With approximately $33.5 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers financing, securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. , clearing and technology solutions to hedge funds, broker-dealers and investment advisors. Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the company has approximately 10,500 employees worldwide. For additional information about Bear Stearns, please visit the firm's Web site at http://www.bearstearns.com. |
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