Merger by design: in an economic environment with shrinking profit margins, the key to survival is growth by acquisition.You might think that coming out of a year when the Dow Jones Industrial Average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. surged 30% and the Nasdaq Index rocketed up more than 50%, 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. firms could only benefit from a recovering economy. But John W. Rogers Jr., founder, 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. of Ariel Ariel, in astronomy Ariel (âr`ēəl), in astronomy, one of the moons, or natural satellites, of Uranus. Ariel, in the Bible Ariel (ā`rēĕl) Capital Management (No. 1 on the BE ASSET MANAGERS list with $16.1 million in 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. ), the nation's largest African American-owned mutual fund company, says that in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the improving economy, a different set of business challenges for black-owned banks, investment banks The following is a list of investment banks Financial conglomerates Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance. , assets management firms, in insurance companies, and private equity firms has emerged. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Rogers, the current business climate tests a financial services firm's ability to deal with increased competition and the high expectations of profit-driven investors during a time when most corporations are squeezing margins. Between the heightened regulatory burden on financial services companies and greater scrutiny via the newly enacted Sarbanes-Oxley legislation, many smaller firms that may not have the resources to cover the costs of compliance may find themselves spending more time dealing with regulators instead of working to satisfy the demands of existing clients and expanding their current client base. In fact, due to this ferocious fe·ro·cious adj. 1. Extremely savage; fierce. See Synonyms at cruel. 2. Marked by unrelenting intensity; extreme: ferocious heat. environment in which mutual funds scandals and corporate malfeasance The commission of an act that is unequivocally illegal or completely wrongful. Malfeasance is a comprehensive term used in both civil and Criminal Law to describe any act that is wrongful. have become rampant, RE has become more stringent in its reporting requirements for our financial services list. For instance, all asset management firms This is a list of corporations that provide financial asset management.
Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. . As for investment, banks, we ranked firms based on the municipal, equity, and bond transactions recorded by Thomson Financial Thomson Financial A major provider of information, analytical tools, and consulting services to the financial community. The firm, a division of Thomson Corporation, is best known to investors for its First Call segment, which publishes consensus earnings Securities Data. (See eligibility box.) While Ariel's revenues rose 30% last year 17 companies added its mutual funds to their 401(k) plans--Rogers explains that, "[The Sarbanes-Oxley legislation] poses special challenges for the smaller firms," and predicts, "You might see some acquisitions occur." Indeed, shrinking margins have caused more mainstream companies to go after the bread-and-butter bread-and-but·ter adj. 1. a. Influenced by or undertaken out of necessity: a bread-and-butter job. b. customers of black-owned firms, forcing them to accept a stern reality: Keep growing or be acquired. "You will see more consolidation as time goes on," says Rogers. "Just a year ago, the brokerage firms were going through a lot of change because of the regulatory environment and problems that occurred on Wall Street. Now it's time It's Time was a successful political campaign run by the Australian Labor Party (ALP) under Gough Whitlam at the 1972 election in Australia. Campaigning on the perceived need for change after 23 years of conservative (Liberal Party of Australia) government, Labor put forward a for mutual fund companies to go through similar changes." BLACK BANKS MUST GROW BY ACQUISITION Black-owned asset management firms and investment banks were not the only black-owned financial services firms being challenged to change. All financial services firms are being compelled to target different and larger customer bases and find ways to revitalize re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. operations while delicately retaining existing customers, Black owned banks, in particular, are facing tremendous competition from the latest round of mainstream bank megamergers, such as the $58 billion J.P. Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. Chase & Co.-Bank One Corp. deal and the Fleet Bank-Bank of America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. deal, which was estimated to be worth $47 million. Seeing the writing on the wall, Boston-based OneUnited Bank (No. 2 on the BE BANKS list with $438.6 million in assets) has been executing a merger strategy among black-owned banks since 1998, becoming the first black owned interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. banking entity in the nation after purchasing Peoples National Bank of Commerce in Miami. OneUnited's acquisition of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. based Family Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. in January January: see month. 2003 helped boost its fourth-quarter profits to more than $1 million, says Kevin KEVIN Keepers of the Eternal Vigilance of the Islamic Nation (fictional, from White Teeth by Zadie Smith) Cohee, OneUnited's chairman and CEO. Although the bank's assets fell from $499.7 million to $438.6 million because it sold high-yield Adj. 1. high-yield - yielding a large amount of agricultural or industrial production fruitful - productive or conducive to producing in abundance; "be fruitful and multiply" securities and went through a financial restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). , Cohee expects OneUnited to post profits of $6 million in 2004, up front $1.75 million in 2003. Profits are expected to grow as the bank expands the residential mortgage lending services it absorbed from Family Savings to its operations in Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. and Miami. Cohee predicts that there will be more consolidation of black-owned banks because they "need to have scale to provide the types of products and services necessary to meet customers' needs in the 21st century." He specifically cited Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the banking, check imaging, and debit cards debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. as services customers will demand. Atlanta-based Citizens Trust Bank (No. 3 on the BE BANKS list with $359.7 million in assets) had the same idea as OneUnited when it acquired Citizens Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks of Birmingham Birmingham, cities, United States Birmingham (bûr`mĭnghăm') 1 City (1990 pop. 265,968), seat of Jefferson co., N central Ala., in the Jones Valley near the southern end of the Appalachian system; founded and inc. in February February: see month. 2003. Although Jim Young This article is about the Canadian football player. For other uses, see Jim Young (disambiguation). James Norman "Dirty Thirty" Young (born June 6, 1943 in Hamilton, Ontario)[1] is a former professional American football and Canadian football player. , president and CEO of Citizens Trust, says the bank's 2003 net income was muted mut·ed adj. 1. a. Muffled; indistinct: a muted voice. b. Mute or subdued; softened: muted colors. 2. by the recession, the acquisition boosted the institution's assets from $277.3 million in 2002 to $360 million last year. He claims that the biggest challenge black-owned banks face is growing their customer base. "I don't don't 1. Contraction of do not. 2. Nonstandard Contraction of does not. n. A statement of what should not be done: a list of the dos and don'ts. mean minority market share," says Young, "I mean mainstream market share--so you don't limit the bank's potential to being the largest minority-owned bank on the minority side of town." If industry profits continue to be squeezed by a weakened weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. economy
and an increasing number of problem loans, Young says mergers are
assured. "A precedent has already been set in the past few years
with at least four minority-owned banks engaging in consolidation
through acquisitions and mergers," he says. "For a long time,
there were no mergers or acquisitions in this segment of the banking
industry. But now that it, has been done, I think that other
[black-owned] bank presidents and their boards of directors recognize
the efficiency of growth through acquisition."The payoff for Citizens Trust is large. It has expanded its commercial lending expertise to its Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). branch where such services were scarce. "We think there's a legitimate opportunity in Birmingham for growth as a commercial bank and we intend to focus on that," says Young. Citizens Trust has already developed 30 new commercial lending relationships in Alabama. and it expects to enhance its mortgage lending business as well, according to Young. And the acquisition of Citizens Federal allows his bank to market things such as debit cards, credit cards, online banking, and ATM access to some 5,000 former Citizens Federal customers who didn't did·n't Contraction of did not. didn't did not didn't do have them before--initiatives that will help boost fee income for Citizens Trust. Carver carver /car·ver/ (kahr´ver) a tool for producing anatomic form in artificial teeth and dental restorations. carver (carving instrument), n Federal Savings Bank (No. 1 on the BE BANKS List with $529.6 million in assets) also caught the acquisition bug in March when it bought Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , D.C.-based Independence Federal Savings Bank for $32.6 million. The two banks will have combined assets of approximately $750 million. A BULLISH Bullish Word used to describe an investor's attitude. Bullish refers to an optimistic outlook, while bearish means a pessimistic outlook. bullish MARKET HELPS INVESTMENT FIRMS A stronger stock market has helped black-owned asset management firms and investment banks broaden their business. Holland Capital Management (No, 10 on the BE ASSET MANAGERS list with $1.9 billion in assets under management) grew its assets under management by $560 million last year. CEO and Chief Investment Officer Louis Louis, titular duke of Burgundy Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. A. Holland says his firm will continue to focus on growing existing business, and he hopes to increase the assets his firm holds in the mid and small-cap Small-cap A stock with a small capitalization, meaning a total equity value of less than $500 million. small-cap 1. Of or relating to the common stock of a relatively small firm having little equity and few shares of common stock stock fund it launched for institutional clients. "We have a goal of growing [the company's] assets under management for existing products by $2 billion over the next 18 months." The surge in equities hurt some firms like Pittsburgh-based MDL MDL - (Originally "Muddle"). C. Reeve, Carl Hewitt and Gerald Sussman, Dynamic Modeling Group, MIT ca. 1971. Intended as a successor to Lisp, and a possible base for Planner-70. Basically LISP 1.5 with data types and arrays. , Capital Management (No. 5 on the BE ASSET MANAGERS list with $3.8 billion in assets under management). Since MDL Capital specializes in more conservative bond funds, President and CEO Mark Lay reported that assets under management dropped 20% last year as more investors opted for riskier, higher-yielding securities as the economy seemed to improve. Lay expects his firm to rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective with the help of a hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" he launched last year, which he expects will grow to $500 million in assets by the end of the year. His goal is to grow it to $1 billion in assets in 2005. Lay says that the economic picture and the tougher regulatory landscape will eventually force some black-owned asset managers and black-owned mutual fund firms to merge. "It makes for a very tough climate for managers to get new assets and develop new products," says Lay. "The main way to do it is through consolidation.'" PRIVATE EQUITY SEES OPPORTUNITY A recent study by the Kauffman Foundation titled Minorities and Venture Capital found that investments in minority business enterprises resulted in returns equal to, if not slightly higher than, traditional in vestments vestments, garments worn by ecclesiastics in ceremonial functions. The cassock, a close-fitting gown buttoning down the front and reaching to the feet, is not a vestment so much as the daily uniform of the Western priest. by mainstream venture capitalists Venture Capitalist An investor who provides capital to either start-up ventures or support small companies who wish to expand but do not have access to public funding. Notes: Venture capitalists usually expect higher returns for the additional risks taken. . That fact in addition to the improving environment for business activity, has helped several black-owned private equity firms capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the growing demand for investment capital. Hartford Hartford, city (1990 pop. 139,739), state capital, Hartford co., central Conn., on the west bank of the Connecticut River; settled as Newtown 1635–36 on the site of a Dutch trading post (1633; abandoned 1654), inc. 1784. , Connecticut-based Smith Whiley & Co. (No. 3 on the BE PRIVATE EQUITY list with $243 million in capital under management) had a good fundraising
A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. for its newly launched Pelman II fund. This year the firm is focusing on raising an additional $285 million to close the fund at its target size of $400 million. President and CEO Gwendolyn This article is about the name. For the singer, see Gwendolyn (artist). Gwendolyn (pronounced GWEN-do-len) is a female first name. Its origins are Welsh, in which it means "white ring," derived from the Welsh elements gwen, meaning "white," "fair," or "blessed," and Smith Iloani says the environment for minority venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] is so good, she expects to launch an additional private equity fund in 2005. She expects deal-flow opportunities to grow because there are so few black-owned firms and because Smith Whiley is user-friendly user-friendly - Programmer-hostile. Generally used by hackers in a critical tone, to describe systems that hold the user's hand so obsessively that they make it painful for the more experienced and knowledgeable to get any work done. for black entrepreneurs who have proven their ability to produce higher returns. But even though things have improved, Iloani cautions, "The biggest challenge for black owned private equity firms is to break the glass ceiling when it comes to getting more institutional investors." Fairview Fairview, borough (1990 pop. 10,733), Bergen co., NE N.J.; settled 1860, inc. 1894. Clothing and embroideries are made in Fairview. Capital Partners (No. 1 on the BE PRIVATE EQUITY list with $900 million in capital under management) co founder Larry Lar´ry n. 1. Same as Lorry, or Lorrie. Morse also says that the environment for minority venture capital is improving, In fact. Morse says there are a number of initiatives and manager searches underway by public and corporate pension lends that are intended to increase investment activity with emerging managers. "I think this bodes well for minority-owned firms currently on the playing field with a good performance story to tell," he says. Last year, Fairview Capital increased its capital assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) under management from $850 million to $900 million, thanks to the Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and State Board of Administration committing $50 million to the Fairview Ventures II fund. According to Morse, commitments to all venture capitalists and private equity funds are up modestly, and disbursements by such firms into new deals have also experienced an upward trend over the last half of 2003. "After a period of drought drought, abnormally long period of insufficient rainfall. Drought cannot be defined in terms of inches of rainfall or number of days without rain, since it is determined by such variable factors as the distribution in time and area of precipitation during and before , with very little in the way of distributions from venture capitalists and private equity funds flowing to their institutional investors, we can see appreciable ap·pre·cia·ble adj. Possible to estimate, measure, or perceive: appreciable changes in temperature. See Synonyms at perceptible. improvement," says Morse. Perhaps the biggest, or most significant, hurdle HURDLE, Eng. law. A species of sledge, used to draw traitors to execution. to expanding the presence of black-owned private equity firms going forward is creating credible new entrants. Says Morse, "Those who believe that they [want to enter the business] have to decide for themselves whether or not they're they're Contraction of they are. they're be prepared to test the waters." Financial Services ELIGIBILITY [B.E. Banks] These are commercial banks or savings and loans savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. that are classified by the Federal Reserve as black institutions and have been fully operational for the previous calendar year. An institution's financial status is measured in terms of total assets, capital, deposits, and loans, including mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. for the calendar year. In compiling com·pile tr.v. com·piled, com·pil·ing, com·piles 1. To gather into a single book. 2. To put together or compose from materials gathered from several sources: our list of the leading 25 institutions, we received surveys from black-owned institutions and consulted the Federal Reserve, state banking commissions, and industry associations. [B.E. Insurance Companies] A life insurance company must be at least 51% black-owned and have been fully operational for the previous calendar year. An institution's financial status is measured in terms of total assets, life insurance in force, premium income, annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. income, net investment income, and statutory reserves. The top five insurance companies on our list sell individual and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. group life insurance policies. (No institution that is strictly in the business of selling property and casualty insurance has been included.) In compiling the list, we received surveys from these institutions, consulted the rating services, state regulatory agencies state regulatory agency A state body responsible for establishing professional standards, and for certifying professionals or organizations through appropriate documentation , and industry associations. [B.E. Investment Banks] An investment bank must be at least 51% black-owned and have been fully operational for the previous calendar year. The top 10 investment banks compiled on our list engage in such activities as underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , initial public offerings (IPOs), mergers and acquisitions (M&A), retail brokerage, institutional research and sales, and financial 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 . A firm's financial status is measured in terms of total dollar amount of issues derived from the underwriting of municipal and corporate bonds and equities for the calendar year. This year's survey was ranked by data on transactions from Thomson Financial Securities Data, which tracks investment bank transactions, reviews SEC filings, and serves as the industry standard for measuring such activities. [B.E. Asset Managers] An asset management firm must be at least 51% black-owned and have been fully operational for the previous calendar year. The top 15 firms on our list include those that invest financial assets Financial assets Claims on real assets. for individuals and institutions such as the pension funds of government agencies and corporations, and the endowments of colleges and universities. (Asset managers who specialize spe·cial·ize v. 1. To limit one's profession to a particular specialty or subject area for study, research, or treatment. 2. To adapt to a particular function or environment. in real estate and other types of investment vehicles or operate hedge funds are not eligible for inclusion on this year's list.) A firm's financial status is measured in terms of total dollar amount of managed assets derived from equities, fixed-income and tax-exempt investments, and cash for the calendar year. In addition to receiving surveys from these companies, we consulted the federal and state regulatory agencies and industry associations. All firms on our list must be registered with the Securities and Exchange Commission (SEC) and have made an annual filing of their assets under management with the SEC at the time of publication. [B.E. Private Equity Firms] A private equity firm must be at least 51% black-owned and have been fully operational for the previous calendar year. The leading 10 firms on our list include those that manage funds making equity investments in, and/or providing financing for, established and start-up companies start-up company A new business. . These investments are made on behalf of the firm and their individual and institutional investors. A firm's financial status is measured in terms of total capital under management for the calendar year. Additional information provided to BE includes a firm's total number of funds as well as its portfolio companies. In addition to receiving surveys from these companies, we consulted regulatory agencies and industry associations. As indicated, BLACK ENTERPRISE consulted industry analysts and other sources to verify (1) To prove the correctness of data. (2) In data entry operations, to compare the keystrokes of a second operator with the data entered by the first operator to ensure that the data were typed in accurately. See validate. the information contained in the lists. Companies that may have previously appeared on the BE 100s but have been excluded this year are either no longer black-owned, no longer financially viable, or their financial status has dropped below the minimum threshold to make any of the lists. INSURERS SEEK NEW CUSTOMERS Facing stiff competition from larger, mainstream rivals with deeper pockets, black-owned insurance companies were forced to scramble To encode (encrypt) data in order to make it indecipherable without having a secret key to "unlock" it. The term came from the early days of cryptography which camouflaged analog transmissions with secret frequency patterns. for ways to expand. North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. Mutual Life insurance Co. (No. 1 on the BE INSURANCE COMPANIES list with $175.7 million in assets) is refocusing Noun 1. refocusing - focusing again focalisation, focalization, focusing - the act of bringing into focus its operations to meet the changing buying patterns of African Americans African American Multiculture A person having origins in any of the black racial groups of Africa. See Race. . President and CEO James H. Speed Jr. says that last year, the firm spent $500,000 to bring in a new sales force to sell group life insurance to corporations and to sell products directly to individuals through employee benefit plans. Speed believes this approach will help North Carolina Mutual generate up to $10 million in new premiums annually. The company has also launched several new products to help grow premiums. North Carolina Mutual's gross premiums grew from $110 million to $139 million, but Speed's decision to relinquish its student accident business to another insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. earlier this year, at a cost of $55 million, brought the firm's premiums down to $84 million Speed's decision to leave that segment of the business positions the firm for even more growth going forward. Speed's goal is to grow North Carolina Mutual's premiums to $200 million by the end of the year. He is currently pursuing an acquisition strategy that he hopes will make the firm one of the nation's top 150 life insurers by 2006. To expand into different markets, the Atlanta Life Financial Group (No. 3 on the BE INSURANCE COMPANIES list with $99.7 million in assets) is relying on its 2-year-old asset management business, Atlanta Life Investment Advisors Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and (formerly ALIC ALIC Advanced Learning Infrastructure Consortium ALIC Arid Lands Information Center ALIC Allstate Life Insurance Company ALIC Aircraft Launcher Interface Computer ALIC Asset Limited, Income Constrained Investment Advisors), which, at the time of this writing, had $58 million in assets under management, From 2002 to 2003, the insurer's total income increased by $8.3 million or 13%. Newly appointed president and CEO Ronald D. Brown says that Atlanta Life's outlook for 2004 is positive, and the firm plans to continue its strategy of targeting institutional investors, endowments and foundations, and cross-selling among its existing clients. Edward Irons, chairman of the board of the Herndon Foundation, the majority stockholder of Atlanta Life, says, "[Run] brings the appropriate experience, judgment, and leadership skills to lead ALFG through this period of change."
FINANCIAL SERVICES SUMMARIES
Top 25 Banks 2003 2002 % Change
Number of Employees 2,065 2,051 0.68%
Assets * $4,714.139 $4,526.238 4.15%
Capital * 411.644 378.437 8.77%
Deposits * 3,815.498 3,633.301 5.01%
Loans * 3,134.041 2,712.690 15.53%
Top 10 Private Equity firms 2003 2002 % Change
Number of Employees 94 87 8.05%
Capital Under Management * 2,959.00 2,934.50 0.83%
Number of Funds 27 26 3.85%
Total No. of Portfolio Companies 163 176 -7.39%
Top 15 Asset Management Firms 2003 2002 % Change
Number of Employees 328 306 7.19%
Assets Under Management * $59.6 $43.7 36.24%
Top 10 Investment Banks ([double
dagger]) 2003
Number of Employees 510
Total Issues ([dagger]) 677.340
* IN MILLIONS OF DOLLARS, TO THE NEAREST THOUSAND. AS OF DEC. 31, 2003.
([dagger]) IN BILLIONS OF DOLLARS TO THE NEAREST MILLION. AS DEC. 31,
2003. ([double dagger]) USED THOMSON FINANCIAL SECURITIES DATA AS A
MEASUREMENT. PREPARED BY B.E. RESEARCH.
B.E. INSURANCE COMPANIES
THIS LAST CHIEF YEAR
YEAR YEAR COMPANY/LOCATION EXECUTIVE STARTED
1 1 North Carolina Mutual James H. Speed Jr. 1898
Life Insurance Company
Durham, NC
2 2 Golden State Mutual Larkin Teasley 1925
Life Insurance Company
Los Angeles, CA
3 3 Atlanta Life Financial Ronald D. Brown 1905
Group Atlanta, GA
4 4 Booker T. Washington Walter Howlett Jr. 1931
Insurance Company
Birmingham, AL
5 5 Protective Industrial James C. Harrison 1923
Insurance Company
Birmingham, AL
THIS STATUTORY
YEAR COMPANY/LOCATION STAFF ASSETS * RESERVES *
1 North Carolina Mutual 147 175.665 89.885
Life Insurance Company
Durham, NC
2 Golden State Mutual 200 121.000 73.150
Life Insurance Company
Los Angeles, CA
3 Atlanta Life Financial 28 99.736 16.874
Group Atlanta, GA
4 Booker T. Washington 111 57.769 51.589
Insurance Company
Birmingham, AL
5 Protective Industrial 85 18.333 12.472
Insurance Company
Birmingham, AL
NET
THIS INSURANCE PREMIUM INVESTMENT
YEAR COMPANY/LOCATION IN FORCE * INCOME * INCOME *
1 North Carolina Mutual 14,241.411 84.285 8.100
Life Insurance Company
Durham, NC
2 Golden State Mutual 2,884.000 19.000 6.800
Life Insurance Company
Los Angeles, CA
3 Atlanta Life Financial 12,079.301 51.775 2.495
Group Atlanta, GA
4 Booker T. Washington 1,340.566 9.197 2.540
Insurance Company
Birmingham, AL
5 Protective Industrial 72.712 1.280 0.145
Insurance Company
Birmingham, AL
* IN MILLIONS OF DOLLARS, TO THE NEAREST THOUSAND. AS OF DEC. 31, 2003.
PREPARED BY B.E. RESEARCH. REVIEWED BY THE CERTIFIED PUBLIC ACCOUNTING
FIRM EDWARDS & CO.
B.E. BANKS
THIS LAST CHIEF
YEAR YEAR COMPANY LOCATION EXECUTIVE
1 2 Carver Federal New York, NY Deborah C.
Savings Bank Wright
2 1 OneUnited Bank Boston, MA Kevin Cohee
3 5 Citizens Trust Atlanta, GA James E. Young
Bank
4 4 Seaway National Chicago, IL Walter E. Grady
Bank
5 3 Industrial Bank Washington, DC B. Doyle
N.A. Mitchell Jr.
6 7 Liberty Bank New Orleans, LA Alden J.
and Trust Company McDonald Jr.
7 8 City National Newark, NJ Louis E. Prezeau
Bancshares Corp.
8 10 Broadway Federal Los Angeles, CA Paul C. Hudson
Bank FSB
9 11 M&F Bank Durham, NC Lee Johnson Jr.
10 9 The Harbor Bank Baltimore, MD Joseph Haskins
of Maryland Jr.
11 6 Independence Washington, DC Thomas L.
Federal Savings Batties
Bank ([dagger])
12 12 First Independence Detroit, MI Donald Davis
National Bank of
Detroit
13 15 Tri-State Bank Memphis, TN Jesse H. Turner
of Memphis Jr.
14 16 Capitol City Bank Atlanta, GA George G.
& Trust Company Andrews
15 13 Illinois Service Chicago, IL Norman J.
Federal S&L Williams
Association
16 18 Highland Community Chicago, IL Dennis J. Irvin
Bank
17 20 Douglass Kansas City, MO Lester Johnson
National Bank
18 22 Mutual Community Durham, NC William G. Smith
Savings Bank Inc.
SSB
19 14 Dryades Savings New Orleans, LA Virgil Robinson
Bank FSB Jr.
20 19 Consolidated Bank Richmond, VA Kim D. Saunders
and Trust Company
21 23 Legacy Bank Inc. Milwaukee, WI Deloris Sims
22 21 United Bank Philadelphia, PA Evelyn F. Smalls
of Philadelphia
23 24 First Tuskegee Bank Tuskegee, AL James W. Wright
24 -- Citizens Savings Nashville, TN Deborah A. Cole
Bank & Trust
Company
25 -- Commonwealth Mobile, AL J. Gary Cooper
National Bank
YEAR
YEAR COMPANY STARTED STAFF ASSETS CAPITAL *
1 Carver Federal 1948 113 529.571 56.027
Savings Bank
2 OneUnited Bank 1982 124 438.562 28.032
3 Citizens Trust 1921 174 359.734 29.235
Bank
4 Seaway National 1965 250 316.500 27.370
Bank
5 Industrial Bank 1934 165 302.114 26.079
N.A.
6 Liberty Bank 1972 154 295.300 22.895
and Trust Company
7 City National 1973 98 236.400 14.300
Bancshares Corp.
8 Broadway Federal 1946 65 229.815 18.191
Bank FSB
9 M&F Bank 1908 98 220.211 19.417
10 The Harbor Bank 1982 78 219.051 22.066
of Maryland
11 Independence 1968 75 217.057 21.507
Federal Savings
Bank ([dagger])
12 First Independence 1970 63 150.320 13.704
National Bank of
Detroit
13 Tri-State Bank 1946 69 141.276 14.637
of Memphis
14 Capitol City Bank 1994 70 137.240 14.299
& Trust Company
15 Illinois Service 1934 50 129.544 14.308
Federal S&L
Association
16 Highland Community 1970 53 104.063 15.480
Bank
17 Douglass 1983 41 94.275 6.965
National Bank
18 Mutual Community 1921 30 93.962 7.398
Savings Bank Inc.
SSB
19 Dryades Savings 1994 60 92.773 8.485
Bank FSB
20 Consolidated Bank 1903 65 87.284 3.920
and Trust Company
21 Legacy Bank Inc. 1999 27 81.455 7.391
22 United Bank 1992 51 74.982 7.211
of Philadelphia
23 First Tuskegee Bank 1895 34 61.166 4.107
24 Citizens Savings 1904 29 54.849 4.888
Bank & Trust
Company
25 Commonwealth 1976 29 46.635 3.732
National Bank
YEAR COMPANY DEPOSITS * LOANS *
1 Carver Federal 368.276 337.144
Savings Bank
2 OneUnited Bank 327.572 300.892
3 Citizens Trust 276.893 281.762
Bank
4 Seaway National 276.275 168.300
Bank
5 Industrial Bank 242.284 184.262
N.A.
6 Liberty Bank 252.674 207.147
and Trust Company
7 City National 198.400 171.300
Bancshares Corp.
8 Broadway Federal 179.900 192.100
Bank FSB
9 M&F Bank 185.898 157.087
10 The Harbor Bank 195.901 150.428
of Maryland
11 Independence 180.992 180.297
Federal Savings
Bank ([dagger])
12 First Independence 97.752 52.478
National Bank of
Detroit
13 Tri-State Bank 125.997 77.036
of Memphis
14 Capitol City Bank 118.682 92.298
& Trust Company
15 Illinois Service 97.863 33.206
Federal S&L
Association
16 Highland Community 87.172 82.818
Bank
17 Douglass 81.726 68.475
National Bank
18 Mutual Community 75.872 75.902
Savings Bank Inc.
SSB
19 Dryades Savings 75.938 55.672
Bank FSB
20 Consolidated Bank 82.395 41.409
and Trust Company
21 Legacy Bank Inc. 73.902 62.621
22 United Bank 67.405 47.028
of Philadelphia
23 First Tuskegee Bank 53.509 38.443
24 Citizens Savings 49.516 38.339
Bank & Trust
Company
25 Commonwealth 42.704 37.597
National Bank
* IN MILLIONS OF DOLLARS, TO THE NEAREST THOUSAND. AS OF DEC. 31, 2003.
PREPARED BY B.E. RESEARCH. REVIEWED BY THE CERTIFIED PUBLIC ACCOUNTING
FIRM EDWARDS & CO. ([dagger]) INDEPENDENCE WAS RECENTLY ACQUIRED BY
CARVER FEDERAL SAVINGS. THE TRANSACTIONS IS AWAITING APPROVAL BY
FEDERAL REGULATORS.
B.E. ASSET MANAGERS
THIS LAST
YEAR YEAR COMPANY LOCATION CHIEF EXECUTIVE
1 1 Ariel Capital Chicago, IL John W. Rogers Jr.
Management L.L.C.
2 2 EARNEST Partners Atlanta, GA Paul E. Viera
([dagger])
3 3 Rhumbline Boston, MA J.D. Nelson
Advisers
4 5 Brown Capital Baltimore, MD Eddie C. Brown
Management Inc.
5 4 MDL Capital Pittsburgh, PA Mark D. Lay/
Management Inc. Steve Sanders
6 10 Advent Capital New York, NY Tracy V. Maitland
Management L.L.C.
7 8 NCM Capital Durham, NC Maceo K. Sloan
Management Group
Inc.
8 7 Smith Graham & Houston, TX Gerald B. Smith
Co. Investment
Advisors L.P.
9 9 The Edgar Lomax Springfield, VA Randall R. Eley
Co.
10 11 Holland Capital Chicago, IL Louis A. Holland
Management L.P.
11 6 Utendahl Capital New York, NY Ira D. Hall
Management
([dagger])
12 13 The Swarthmore West Chester, PA Paula R. Mandle
Group
13 14 Hughes Capital Alexandria, VA Frankie D. Hughes
Management Inc.
14 12 Goode Investment Cleveland, OH Bruce T. Goode
Management Inc.
15 15 Pugh Capital Seattle, WA Mary E. Pugh
Management Inc.
THIS YEAR ASSETS UNDER
YEAR COMPANY STARTED STAFF MANAGEMENT *
1 Ariel Capital 1983 73 16,114.000
Management L.L.C.
2 EARNEST Partners 1998 30 8,176.000
([dagger])
3 Rhumbline 1990 12 7,405.000
Advisers
4 Brown Capital 1983 24 5,455.000
Management Inc.
5 MDL Capital 1992 25 3,810.000
Management Inc.
6 Advent Capital 1995 24 3,446.000
Management L.L.C.
7 NCM Capital 1986 25 2,420.000
Management Group
Inc.
8 Smith Graham & 1991 28 2,388.000
Co. Investment
Advisors L.P.
9 The Edgar Lomax 1986 12 1,965.000
Co.
10 Holland Capital 1991 18 1,880.000
Management L.P.
11 Utendahl Capital 1992 21 1,843.000
Management
([dagger])
12 The Swarthmore 1992 19 1,721.396
Group
13 Hughes Capital 1993 7 1,222.500
Management Inc.
14 Goode Investment 1999 3 1,065.335
Management Inc.
15 Pugh Capital 1991 7 674.699
Management Inc.
* IN BILLIONS OF DOLLARS. AS OF DEC. 31, 2003. PREPARED BY B.E.
RESEARCH. REVIEWED BY THE CERTIFIED PUBLIC ACCOUNTING FIRM EDWARDS &
CO. ([dagger]) INCLUDES SUBSIDIARIES AND ENTITIES IN WHICH THE FIRM HAS
COMMON CONTROL.
B.E. INVESTMENT BANKS
THIS LAST CHIEF
YEAR YEAR COMPANY LOCATION EXECUTIVE
1 2 The Williams New York, NY Christopher J.
Capital Group L.P. Williams
2 1 Blaylock & New York, NY Ronald E. Blaylock
Partners L.P.
3 3 Loop Capital Chicago, IL James Reynolds Jr.
Markets L.L.C.
4 4 Siebert Brandford Oakland, CA Suzanne Shank
Shank & Co. L.L.C.
5 8 Utendahl Capital New York, NY John Oscar Utendahl
Partners L.P.
6 5 M.R. Beal & Company New York, NY Bernard B. Beal
7 7 Jackson Securities Atlanta, GA Reuben R. McDaniel
L.L.C. III
8 -- Ormes Capital New York, NY David W. Ormes
Markets Inc.
9 6 SBK Brooks Cleveland, OH Eric L. Small
Investment Corp.
10 9 Rice Financial New York, NY J. Donald Rice Jr.
Products Co. **
THIS YEAR TOTAL MANAGED
YEAR COMPANY STARTED STAFF ISSUES *
1 The Williams 1994 65 126.261
Capital Group L.P.
2 Blaylock & 1993 100 115.745
Partners L.P.
3 Loop Capital 1997 70 113.913
Markets L.L.C.
4 Siebert Brandford 1996 40 73.236
Shank & Co. L.L.C.
5 Utendahl Capital 1992 100 61.006
Partners L.P.
6 M.R. Beal & Company 1988 36 47.048
7 Jackson Securities 1987 32 44.050
L.L.C.
8 Ormes Capital 1993 22 38.579
Markets Inc.
9 SBK Brooks 1993 17 31.540
Investment Corp.
10 Rice Financial 1987 28 25.962
Products Co. **
* IN BILLIONS OF DOLLARS. AS OF DECEMBER 31, 2003. PREPARED BY B.E.
RESEARCH. THIS IS FOR ALL ISSUES INCLUDING MUNICIPAL, DEBT AND EQUITY
TRANSACTIONS FOR THE YEAR ENDING DECEMBER 31, 2003.
** RICE FINANCIAL PRODUCTS CO. NOT MEASURED BY THOMSON FINANCIAL
SECURITIES DATA. REVIEWED BY THE CERTIFIED PUBLIC ACCOUNTING FIRM
EDWARDS & COMPANY.
SOURCE: THOMSON FINANCIAL
B.E. PRIVATE EQUITY FIRMS
THIS LAST CHIEF
YEAR YEAR COMPANY LOCATION EXECUTIVE
1 1 Fairview Capital Farmington, CT Laurence C. Morse/
Partners Inc. JoAnn H. Price
2 2 TSG Capital Stamford, CT Cleveland A.
Group L.L.C. Christophe
3 4 Smith Whiley & Hartford, CT Gwendolyn
Co. Smith Iloani
4 -- Pharos Capital Dallas, TX Dale LeFebvre
5 3 SYNCOM Silver Spring, Herbert Wilkins Sr.
MD
6 5 Quetzal/J.P. New York, NY Reginald J.
Morgan Partners Hollinger/ Lauren M.
Tyler
7 6 Provender Capital New York, NY Frederick O. Terrell
Group L.L.C.
8 7 Opportunity Fremont, CA J. Peter Thompson
Capital Partners
9 8 ICV Capital New York, NY Willie E. Woods
Partners L.L.C.
10 9 Black Enterprise New York, NY Edward A. Williams
Greenwich Street
Corporate Growth
Management
CAPITAL NUMBER
THIS YEAR UNDER OF
YEAR COMPANY STARTED STAFF MANAGEMENT * FUNDS
1 Fairview Capital 1994 12 900 7
Partners Inc.
2 TSG Capital 1995 11 740 2
Group L.L.C.
3 Smith Whiley & 1994 14 243 3
Co.
4 Pharos Capital 1997 14 205 2
5 SYNCOM 1977 8 200 4
6 Quetzal/J.P. 2000 6 170 1
Morgan Partners
7 Provender Capital 1997 7 145 2
Group L.L.C.
8 Opportunity 1993 8 135 4
Capital Partners
9 ICV Capital 2000 10 130 1
Partners L.L.C.
10 Black Enterprise 1998 4 91 1
Greenwich Street
Corporate Growth
Management
TOTAL NUMBER
THIS OF PORTFOLIO
YEAR COMPANY COMPANIES
1 Fairview Capital 52
Partners Inc.
2 TSG Capital 5
Group L.L.C.
3 Smith Whiley & 21
Co.
4 Pharos Capital 21
5 SYNCOM 20
6 Quetzal/J.P. 4
Morgan Partners
7 Provender Capital 8
Group L.L.C.
8 Opportunity 20
Capital Partners
9 ICV Capital 5
Partners L.L.C.
10 Black Enterprise 7
Greenwich Street
Corporate Growth
Management
* IN BILLIONS OF DOLLARS, TO THE NEAREST THOUSAND. AS OF DEC. 31, 2003.
PREPARED BY B.E. RESEARCH. REVIEWED BY THE CERTIFIED PUBLIC ACCOUNTING
FIRM EDWARDS & CO.
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