B.E. Wall St. All-Stars: from investment banking to asset management, these 50 MVPs score big in the financial markets. (Special Report)(Cover Story).
Extreme market volatility, a tepid economy here and abroad, and waning investor confidence have made it much more heady these days. This is why we considered it the perfect time to unveil our Top 50 African Americans on Wall Street--"The BLACK ENTERPRISE Wall Street All-Stars." The professionals and entrepreneurs we've identified are proven power-hitters who consistently smack grand-slams out of the park regardless of market conditions.
Our editors spent months engaging in extensive research to produce this all-star lineup. It has changed quite a bit from our past lists of "The Top 25 Blacks on Wall Street" that appeared in our October 1992 and October 1996 issues. Instead of focusing solely on the best African American analysts, traders, and investment bankers as we did in the past, we broadened our search to include the leading black asset managers and top executives such as American Express CEO Kenneth I. Chenault and Fannie Mae CEO Franklin D. Raines. These two corporate leaders oversee mammoth financial services companies in which asset management and trading represent core businesses. (See sidebar for our selection criteria.)
Seven professionals who appeared on the previous list didn't make the cut this time around. For instance, Michelle L. Collins, who at the time was head of William Blair's Specialty Retail Group, and Smart A. Taylor II, a former managing director for Bankers Trust and head of its Global Automotive Coverage Group, launched their own firms, both of which were not large enough to qualify for our list. Calvin B. Grigsby, who was indicted on federal bribery charges, then cleared, was forced to shut down his investment bank. Grigsby Brandford & Co. (His former partner, Napoleon Brandford III, made this year's list.) And one superstar's bright career was snuffed out due to alleged illegal activities: Kevin Ingram, former head of Deutsche Bank Morgan Grenfell's mortgage-backed securities department, was arrested last year on money laundering charges.
But this year's group is much more powerful, entrepreneurial, and diverse. Four of the all-stars--Raines, Chenault, Merrill Lynch's E. Stanley O'Neal and Citigroup's Thomas Jones--are either chief executives or on the short list for CEO consideration, while one--Vernon E. Jordan Jr., senior managing partner of investment banking powerhouse Lazard Freres--dominated Washington power circles and served as a confidant to former President Bill Clinton. Another 25 hold partner or managing director-level positions at some of the world's largest financial institutions. And 17 are entrepreneurs who run the largest black-owned investment banks or asset management firms. Their ages range from 36 to 67.
Nine of our all-stars--E. Stanley O'Neal, Salomon Smith Barney's James F. Haddon, JPMorgan's Ronald T. Gault, Bear Stearn's William H. Hayden, Credit Suisse First Boston's Adebayo O. Ogunlesi, entrepreneur John O. Utendahl, and Morgan Stanley's Raymond J. McGuire, William M. Lewis, and George L. Van Amson--have been up at bat each time we developed our lineup. All of these superstars, however, have gold-plated credentials: 30 earned M.B.A.s from the nation's leading business schools and eight have degrees from the top law schools. Moreover, our dugout--entrepreneurs as well as corporate professionals--built their reputations at the world's most prestigious and powerful financial service companies and investment houses. In fact, many, such as Ronald E. Blaylock, Christopher J. Williams, Goldman Sachs' Jide J. Zeitlin, and Morgan Stanley's Carla A. Harris, have been involved in some of corporate America's largest transactions. In one case, the financial firepower resides in one household: Marc S. James, the head of corporate derivative sales in the Americas for Frankfurt, Germany-based Commerzbank Securities, and Melissa E. James, the Morgan Stanley managing director who facilitated one of the largest technology IPOs in history, are the first married couple on this year's or past lists.
Any firm on The Street would covet these top-notch players. In years to come, they will continue to set a standard for how the game of high finance should be played.
Doug Anderson Managing Director, Broker Dealer Group JPMorgan Chase
Responsibilities: According to officials at JPMorgan Chase, Anderson is on the senior management team of the Broker Dealer Group, playing a key supervisory role in the overall operation of the unit. He has oversight of the physical processing of broker transactions, as well as the more sophisticated electronic book entry clearance and tri-party environment systems. He uses his influence with clients to enhance the revenue stream of the brokerage business and weighs in on the overall investment strategy implemented by the Broker Dealer unit.
Previous Experience: Anderson was a top manager at Heritage Chase prior to the merger of JPMorgan Chase in 2000.
Ronald E. Blaylock Chairman & CEO Blaylock & Partners L.P.
Education: B.S., Georgetown University; M.B.A., New York University Stern School of Business
Responsibilities: Since founding the company in 1993, he has developed the firm from a niche broker-dealer to a full-service investment bank.
Previous Experience: He has held senior management positions with PaineWebber and Citicorp.
Bottom Line: Over Blaylock's 20-year career, he has worked with a diverse range of corporations and institutional investors, primarily executing investment-banking services for companies engaged in telecommunications, energy, and financial services. He also participated in one of the largest U.S. initial public offerings to date: the $10.6 billion IPO of AT&T Wireless Group. And he continues to prove himself as a powerful and influential player on Wall Street, tapping Hazel O'Leary, former energy secretary under the Clinton administration, as chief operating officer in February 2000. In 1998 B&P was recognized as BE's Financial Company of the Year.
Napoleon Brandford III Co-Founder & Chairman Siebert Brandford Shank & Co., L.L.C.
Education: B.S., Purdue University; M.S., University of Southern California
Responsibilities: He contributes to the strategic planning and business development of this top-rated minority- and women-owned municipal bond underwriting firm that ranked No. 6 on the 2002 BE INVESTMENT BANKS list with $38 billion in senior and comanaged issues. He also helps structure municipal underwriting deals for clients such as the city of Seattle, the state of Texas, and Los Angeles County. Under his leadership, the firm racked up $2.5 billion as a senior manager of public finance deals, ranking 16th nationally.
Previous Experience: Previously, he served as co-founder and vice chairman of Grigsby Brandford & Co., a former investment banking firm. He also served as a vice president for Shearson-American Express. He is the former assistant finance director for Dade County, Florida.
Bernard B. Beal Chief Executive Officer M.R. Beal & Co.
Education: B.A., Carleton College; M.B.A., Stanford University School of Business
Responsibilities: He is the chief executive and top deal maker of the fourth largest black-owned investment bank in the country. The New York-based firm senior and comanaged more than $71 billion in total issues in 2001, and its primary focus is on municipal bond offerings. His firm earned the distinction of being named the 2002 BE Financial Company of the Year.
Previous Experience: He spent nine years rising to senior vice president at Shearson Lehman Hutton before starting his own firm in 1988.
Pro Bono Work: To develop the next generation of black financiers, he started and runs the Street Smarts program, which teaches junior high and high school students about Wall Street.
Eddie C. Brown Founder & President Brown Capital Management
Education: BS., Howard University; M.S., New York University; M.B.A., Indiana University Graduate School of Business
Responsibilities: As founder and president of the investment management firm with approximately $5.6 billion in assets under management, he not only heads the management team but also serves as a portfolio manager and analyst. He advises, among other vehicles, the firm's large-, mid-, and small-cap funds.
Previous Experience: Before launching his Baltimore-based firm in 1983, he served as vice president and portfolio manager at T. Rowe Price Associates for 10 years. He appeared as a regular guest on Wall $treet Week with Louis Rukeyser and in 1996 became the show's sole Hall of Fame inductee.
Bottom Line: Brown Capital is gaining recognition for a consistent and solid investment performance over the last several years. The company's philosophy is "bottom-up" stock picking and emphasizing relative value in seeking companies and industries with attractive growth prospects.
Lloyd E. Campbell Managing Director & Group Head Private Placement Group Rothschild Inc.
Education: B.S.B.A., Georgetown University; M.B.A.; Wharton School of the University of Pennsylvania
Responsibilities: He joined Rothschild in 2001 to head a new unit that would advise companies seeking private equity capital.
Pervious Experience: Before joining Rothschild, he was a managing director and the head of the Private Finance Group at Credit Suisse First Boston and was responsible for all phases of private finance equity and debt, including origination, structuring, pricing, and documentation.
Pro Bono Work: He is on the board of directors of Georgetown University, and is founder and chairman of Pride First Corp., a nonprofit organization dedicated to improving the scholastic achievement of young people in New York City.
Daniel C. Cochran Senior Vice President & COO Merrill Lynch & Co.
Education: B.A., Amherst College; M.P.A., Princeton University
Responsibilities: He oversees strategic initiatives for Merrill's International Private Client business. He also partners with the heads of Global Client segments and Global Markets divisions of Merrill Lynch to help build a coordinated framework for these businesses.
Previous Experience: He was previously responsible for Infrastructure, Finance and Business Strategy in the IPC unit. He has also served as chief financial officer for the Corporate and Institutional Client Group. Before joining Merrill Lynch, he spent 16 years at Exxon Corp. (now ExxonMobil) where he was assistant treasurer of Exxon Co. USA, a subsidiary of the oil giant.
Mercer Cook III Managing Director Head of North American, Institutional Sales Citigroup Asset Management
Education: B.A., Carleton College, M.B.A., Harvard Business School
Responsibilities: He manages 35 institutional sales people and a $140 million budget as he is charged with servicing all of Citigroup Asset Management's institutional pension plans in the U.S. and Canada. In a difficult economic environment, he and his sales team have beaten revenue targets this year and last year by nearly 25%
Previous Experience: Before being named the head of the North American sales team shortly after Citibank merged with Salomon Smith Barney, he was a salesperson on Smith Barney s institutional sales team. He has also worked at Bankers Trust in the company's Investment Banking Group.
Bottom Line: To be successful on Watt Street, Cook says, "I had to be flexible and embrace change to make sure I saw what opportunities existed in a dynamic environment. I also had the support of my peers other sales people, and senior management, who really wanted me to be the head of the sales tears," he added.
Edith W. Cooper Managing Director, Global Head of Futures Goldman Sachs & Co.
Education: B.A., Harvard University; M.B.A., Northwestern University
Responsibilities: She runs Goldman Sachs' global listed derivatives business. She works with and manages various teams to successfully execute highly sophisticated financial transactions for Goldman's clients worldwide.
Previous Experience: She co-headed Goldman's commodities division in Europe and Asia. She has also worked at Morgan Stanley, Bankers Trust, and First Chicago Bank, where she gained a broad range of experience in marketing and executing over-the-counter derivatives transactions.
Bottom Line: To be successful on Wall Street, you must "create value--value for your client, colleagues, and organization."
Kenneth I. Chenault Chairman & Chief Executive Officer American Express Co.
Education: B.A., Bowdoin College; J.D., Harvard Law School
Responsibilities: As part of the American Express financial services complex, he is responsible for the company's asset management group, which manages $28 billion for institutional and retail clients; Asset Management International, which provides global equity-management services to institutional clients and manages roughly $7 billion of assets; and the portfolio management group, which serves individual investors and smaller institutions and has $533 million in assets under management.
Previous Experience: Since joining the company in 1981, he has served in a variety of positions, including senior vice president in the Merchandise Services Division, president of the Consumer Card Division, and as president and chief operating officer responsible for all of the company's business units.
Bottom Line: "When you're running a successful business, you tend to stay with the existing formula. But you can't stand still and say the objective is to survive in the long-term. You have to say that the objective is to win."
Alphonse "Buddy" Fletecher Jr. Chairman & Chief Executive Officer Fletcher Asset Management Inc.
Education: A.B., Harvard College
Responsibilities: He oversees the management of four U.S. and five foreign investment funds that offer a variety of investment objectives tailored to U.S. individual investors and U.S. tax-exempt organizations, as well as non-U.S, individuals and organizations.
Previous Experience: He was a senior vice president for Kidder, Peabody & Co. Inc., where he managed a proprietary equity investment group. In fact, he launched his firm in 1991 with money he received in arbitration from Kidder, Peabody & Co. He also served as a vice president for Bear, Stearns & Co. Inc. in a proprietary equity investment group in its options department.
Bottom Line: In 1999 Ernst & Young honored him as one of the New York City Entrepreneurs of the Year. Fletcher believes that the success of his company is due to its uncompromising commitment to making investments that create value. At times, his trades have at times accounted for 5% of exchange volume on the Big Board.
Ronald T. Gault Managing Director, Client Relations & Business Development JPMorgan South Africa
Education: B.A., Grinnell College; M.A., University of Michigan
Responsibilities: His primary focus is on client business development and the expansion of the JPMorgan franchise in South Africa. He plays a key role facilitating financing deals in South Africa and provides strategic advice for a broad range of services, including foreign exchange, swaps, fixed-income securities, and derivatives. He is chairman of the Professional Development Program, an executive exchange initiative between South Africa and New York City.
Previous Experience: Prior to taking on the task of opening JPMorgan's operations in South Africa; he headed one of the institution's public finance groups in New York where he senior-managed infrastructure financing deals In fact, he helped financially resuscitate Washington, D.C. as its financial advisor and investment banker.
C. Kim Goodwin Chief Investment Officer, Equities State Street Research & Management Co.
Education: M.S., University of Texas at Austin; M.B.A., University of Texas at Austin
Responsibilities: She oversees all of State Street's equity investments and leads a team of more than 50 portfolio managers, analysts, and traders, bringing over 15 years of experience to one of the nation's oldest investment managing firms.
Previous Experience: Before joining State Street, she was the chief investment officer, domestic growth equities for "American Century Investments. She led a department of 40 investment professionals who handled more than $38 billion in assets. She was also a senior vice president with Putnam Investments, where she comanaged the Putnam Vista Fund and the Putnam U.S. Growth Fund; a vice president and portfolio manager for Prudential; and an assistant vice president for Mellon Bank.
Pro Bono Work: She joined the strategic planning board for the McCombs School of Business in 1999.
Ernest G. Green Managing Director, Public Finance Lehman Brothers
Education: B.S. & M.A., Michigan State University
Responsibilities: He is the key negotiator and strategist of public finance deals for Lehman Brothers' Washington, D.C., office. He has served as the senior investment banker on transactions to secure billions of dollars in financing for clients such as the city of New York, city of Atlanta, city of Chicago, the port of Oakland, the Denver Airport, and the Washington Metropolitan Airport Authority.
Previous Experience: He was formerly the head of his own firm, Ernest Green & Associates, a consulting firm that provided technical assistance in marketing, financial management, and economic forecasting. He was also the former assistant secretary of labor for employment and training during the Carter administration. He has served as chairman of the National Association of Securities Professionals (NASP), the trade organization for leading black Wall Street professionals.
James F. Haddon Managing Director, Infrastructure Finance Group, Public Finance Salomon Smith Barney
Education: B.A., Wesleyan University M.B.A. Stanford University
Responsibilities: He coordinates Salomon Smith Barney's efforts to gain new lead underwriting assignments from large issuers, primarily in the firm's infrastructure/transportation group. He is also the firm's lead banker involved with state and local issuers electing to securitize its tobacco settlement revenue. He created the first-ever tax-exempt tobacco financing for the city of New York in 1999, and since then he has senior-managed tobacco settlement financing deals in excess of $4.5 billion. His leadership has helped Salomon Smith Barney rank as the No 1 underwriter of tax-exempt tobacco securitization financings in the country.
Previous Experience: He is a former managing director and member of the executive committee for the Municipal Securities Group of PaineWebber Inc. (now UBS PaineWebber).
Carla A. Harris Managing Director Morgan Stanley Dean Witter
Education: B.A., Harvard University; M.B.A., Harvard Business School
Responsibilities: One of two black women to become a managing director at Morgan Stanley, she is responsible for private equity financing in the technology, media, telecommunications, transportation, industrial, and healthcare sectors.
Previous Experience: She began her career at Morgan Stanley in 1987 in the Mergers & Acquisitions Department. She later joined the equity capital markets sector in 1991 as the operations officer and as a syndicate deal captain. Professional highlights include the initial public offerings for UPS, Martha Stewart Living Omnimedia, Ariba, Redback, and a $3 billion common stock transaction for Immunex Corp., the largest biotechnology offering in U.S. history.
Bottom Line: She reportedly raised close to $2 billion as head of MSDW's Equity Private Placement Division.
Maynard H. Jackson Chairman Jackson Securities Inc.
Education: B.A., Morehouse College; J.D., School of Law, North Carolina Central University
Responsibilities: He oversees the operation of Jackson Securities, a national institutional and retail investment banking firm that has earned a solid reputation in corporate finance, public finance, and private equity financing, as well as institutional equities and fixed-income trading. The firm ranks No. 7 on the BE INVESTMENT BANKS list with $26 billion in total issues.
Previous Experience: He served as mayor of Atlanta from 1974-1982 and again from 1990 to 1994. He built the Hartsfield Atlanta International Airport, one of the busiest airports in the world today.
Bottom Line: His years as mayor of Atlanta are widely respected as times of unparalleled economic growth. He enacted local policies that afforded black-owned investment banking firms the opportunity to participate in public finance deals at a time when other cities did not.
William H. Hayden Senior Managing Director Co-Head, Public Finance Bear, Stearns & Co.
Education: B.S.B.A., University of Massachusetts at Dartmouth; J.D., New England School of Law
Responsibilities: He is active in all types of tax-exempt financings for states and major cities throughout the U.S.
Previous Experience: From 1974 to 1984 he was a managing director of the First Boston Corporation. He worked on financings for the new U.S. Open Stadium in New York, the Hawks' arena for Time Warner-Turner Broadcasting in Atlanta, and Washington, D.C.'s Water and Sewer Authority.
Bottom Line: In 1999 he was honored by NASP for "a lifetime of excellence and diversity," and named one of the first members of the New York Wall Street Hall of Fame. His personal credo. "Be a team player, stay focused, work harder than the next guy--and above all--give something back.
Marc S. James Head of Corporate Derivative Sales, Americas Commerzbank Securities
Education: B.S., Carnegie-Mellon University; M.B.A., University of Chicago
Responsibilities: He oversees credit equity and fixed-income derivative sales to U.S. clients for Commerzbank Securities, a subsidiary of Frankfurt, Germany-based global banking institution Commerzbank AG.
Previous Experience: He served as a managing director of Bear Stearns & Co., heading the corporate fixed-income derivatives business. Prior to that he served as a vice president at Chase Securities, where he was responsible for corporate derivative coverage of the energy, media, project finance, and middle market sectors.
Pro Bono Work: He is an active member of a nonprofit organization that helps needy New York City residents.
Melissa E. James Managing Director, Loan Products Group Morgan Stanley Dean Witter
Education: B.A., Yale; M.B.A., Harvard Business School
Responsibilities: She focuses her efforts on the capital commitment for the firm's Investment Banking Division where she evaluates strategic investment and lending opportunities for the firm. She has some of the firm's most important client relationships involving the Debt Capital Markets, which include corporations such as General Motors, General Electric, and Lucent. She facilitated the $3.6 billion initial public offering of Agere Systems and its subsequent spin off from Lucent in March 2001. It was one of the largest technology company IPOs in U.S. history.
Previous Experience: She has held several positions at Morgan Stanley prior to her current post, including serving as worldwide product manager for Debt Capital Markets' clients in Europe, Asia, Australia, and Latin America.
Edward E. Johnson Jr. First Vice President, Managed Solutions Group Merrill Lynch
Education: B.S., Rutgers University
Responsibilities: He is the first vice president to handle both the wrap-fee business for Strategic Portfolio Advisor and Institutional Consulting Services. He is responsible for instituting an ultrahigh net worth consulting advisory services.
Previous Experience: Formerly managing director of sales and marketing in Merrill Lynch's Investment Management Group, he has also held a number of positions in fixed-income in the Merrill Lynch Institutional Client Division, including global head of sales for various securities. He began his career at Salomon Bros. in Atlanta.
Bottom Line: "Never take anything for granted and always stay focused on bottom line results," says the Louisiana native, who identifies himself as a strong leader and risk taker.
Thomas W. Jones Chairman & CEO, Global Investment Management & Private Banking Group Chairman & CEO, Citigroup Asset Management Citigroup
Education: B.A., M.S., Cornell University; M.B.A., Boston University
Responsibilities: He overseas $8 billion in business from Citigroup Asset Management, Private Banking operations, and Travelers Life & Annuity operations.
Previous Experience: He has served as vice chairman and director of TIAA-CREF, and as its president and chief operating officer from 1993-1997. Previously he served as executive vice president of finance and planning and as chief financial officer of TIAA-CREF.
Bottom Line: His business have weathered the turbulent stock market with no widespread layoffs. "Our assets continue to grow year over year and our earnings have grown year over year. That's a combination of really focused, disciplined sales initiatives." In February 2000, Jones was named one of BE's top 50 blacks in corporate America and has been places on the short list as a possible successor to Citigroup CEO Sandy Weill.
Pro Bono Work: Outside the office, he is a patron of St. Aloysius in Harlem, a middle school for inner city children, having contributed more than $250,000.
Vernon E. Jordan Jr. Senior Managing Director Lazard Freres & Co. L.L.C.
Education: B.A., DePauw University; J.D., Howard University Law School
Responsibilities: He serves as one of the senior executives at Lazard Freres, working to meet the investment banking needs of a diverse group of clients across a broad range of industries. His experience working in government and the influence he has with high-level contacts makes him particularly valuable to the firm and clients in the area of strategic finance.
Previous Experience: Prior to joining Lazard Freres, he was a senior executive partner for the law firm of Akin, Gump, Strauss, Hauer & Feld L.L.P. While there, he practiced general, corporate, legislative, and international law.
Bottom Line: He is as influential as they come, having had several presidential appointments and holding more than a dozen corporate board of director positions.
Mark D. Lay Chairman, Co-CEO & Chief Investment Strategist MDL Capital Management
Education: B.A., Columbia University
Responsibilities: He is chairman, co-CEO (with Steven Sanders) and chief investment strategist for MDL Capital.
Previous Experience: Prior to founding MDL Capital Management Inc. (No. 7 on the GE ASSET MANAGERS list with $3 billion in assets under management), he worked as an account executive at Dean Witter Reynolds Inc. He had also been to vice president in foreign exchange trading at Citicorp Investment Bank, responsible for hedging portfolios using government bonds, futures, and commodities. He appears regularly on CNBC, Bloomberg, and Yahoo! FinanceVision.
Bottom Line: With more than 18 years of investment experience, he has focused his attention on portfolio management, strategy, and new product development. To date, MDL's managed assets are derived from: 61% government, 29% corporations, and 6% colleges and universities. The company's fixed-income mutual fund is has grown to $40 million in assets.
William M. Lewis Jr. Managing Director, Head of Global Banking Morgan Stanley Dean Witter
Education: B.A., Harvard; M.B.A., Harvard Business School
Responsibilities: He oversees all international banking operations for Morgan Stanley's institutional clients, which have included Sara Lee Corp., Union Carbide Corp., Whirlpool Corp., and Reuters. As a managing director in the firm, he is also highly involved in the company's global strategic planning.
Previous Experience: He has spent his entire career at Morgan Stanley. He became a managing director in 1989 and most recently was head of the Worldwide Corporate Finance Department. He was also co-head of the Worldwide Real Estate Department.
Pro Bono Work: He is a member of the National Urban League board of trustees and the NAACP Legal Defense & Educational Fund.
William E. Lighten Managing Director, Head of Global Structured Finance Business Group Lehman Brothers
Education: B.A., Yale University
Responsibilities: As head of the firm's Global Structured Finance Group, he is basking in the investing landscape's current sweet spots: asset-backed securities, financial engineering, and collateralized debt obligations. "Most people run from the hard jobs," he says of his focus on bonds. "I run toward them." In the space of five years he has taken the firm from No. 9 in the asset-backed securities arena to No, 1.
Previous Experience: He had a five-year stint at Merrill Lynch, where he worked with asset-backed securities business.
Bottom Line: He rose from co-heading the ADS business to single-handedly heading the Global Structured Finance Operation, which boasts seven segments in excess of $100 billion of annual managed new issues volume and 300 staff members in London, New York, and Tokyo. The firm recently handled a $1.6 billion bond deal for Ford.
Philip Mcneal Managing Director, JPMorgan Private Bank Head of Private Banking Lending, U.S. Region
Education: B.A., University of Missouri
Responsibilities: He oversees all of JPMorgan's Private Banking Lending in the United States, a major worldwide player in providing capital to wealthy individuals. The JPMorgan Private Bank is the largest private bank in the U.S. and the second largest in the world.
Previous Experience: He has served in a number of positions during his career at JPMorgan. He's been head of sales for Morgan OnLine, the company's Internet-based private banking advisory effort, and has handled the bank and bond product transactions for the High Yield Capital Markets unit. He also has extensive experience at Exxon USA, where he was responsible for budgeting and capital deployment studies in the Exploration and Production Department before joining JPMorgan.
Valerie Mosley Diamond Vice President & Fixed Income Portfolio Manager Wellington Management Company L.L.P.
Education: B.A., Duke University; M.B.A., Wharton School of Finance, University of Pennsylvania
Responsibilities: She is one of four senior investment professionals at Wellington who comprise the Core Bond Strategy Group. Together they set the investment strategy for more than $20 billion in fixed-income portfolios for corporate and public pension funds, endowments, and mutual funds. In addition, she sets the company's parameters for alt fixed-income portfolio managers as one of three members of its Corporate Strategy Group.
Previous Experience: Prior to her current position, Mosley Diamond served as chief investment officer for P.C. Corbin Asset Management. A Chartered Financial Analyst, she has also worked in institutional bond sales at Kidder Peabody and as a commercial loan officer at Chase Manhattan Bank.
Raymond J. Mcguire Managing Director, Mergers & Acquisitions Group Morgan Stanley Dean Witter
Education: B.A., Harvard; M.B.A., Harvard Business School; J.D., Harvard Law School
Responsibilities: He is one of Morgan Stanley's key facilitators for transactions involving domestic and international mergers and acquisitions (M&A). His advice and counseling of large corporations considering mergers helped Morgan Stanley capture Global Securities Information Inc.'s No. 1 ranking in M&A for 2001 with $220 billion in deals. His M&A clients have included General Electric, General Motors Corp., Pfizer, Unilever, and Kimberly-Clark Corp. Previous Experience: Previously he was a managing director in the mergers and acquisitions group at Merrill Lynch, responsible for making the firm No. 2 for global M&A deals and No. 1 for domestic M&A transactions. He was also one of the original members of Wasserstein Perella & Co. Inc., where he became a partner and managing director in 1991.
Pro Bono Work: He is the chairman of the board of the Studio Museum In Harlem and sits on the board of New York-Presbyterian Hospital.
Rodney M. Miller Managing Director, Global Head of The Power Group Managing Director, Mergers and Acquisitions Group Credit Suisse First Boston
Education: B.S., Indiana University; M.B.A., University of Chicago Graduate School of Business
Responsibilities: He is part of the Power Group at CSFB, advising the investment banks' largest energy producing corporate clients on financing strategies that can enhance their position in the marketplace. He is also a key member of the Mergers and Acquisitions Group, where he helps engineer billion-dollar takeovers.
Previous Experience: Preceding his elevation to The Power Group, Miller was head of the Takeover Defense Group at the firm. Prior to joining CSFB, he worked at Touche Ross Company and served as a consultant to Rand McNally & Company on a wide array of financial advisory assignments.
J.D. Nelson Chief Executive Officer Rhumbline Advisers
Responsibilities: As a managing general partner of RhumbLine, (No 3 on the BE ASSET MANAGERS list with $5 billion in assets under management) he has positioned the company to become one of the leading minority-owned asset management firms for government and private entities nationwide. The firm also landed a deal last year to manage $30 million in assets for Hilton Hotels' retirement portfolio.
Previous Experience: Previously, Nelson was former senior vice president and director of Public Funds Services at State Street Bank in Boston, providing financial services to the institutional investment community. He also served as the administrator to the Democratic National Committee in Washington, D.C., where he developed an interest in public pension funds.
E. Stanley O'Neal President & COO (Designated to take over as CEO in December 2002) Merrill Lynch & Co. Inc.
Education: B.S., Kettering University; M.B.A., Harvard Business School
Responsibilities: He was elected in 2001 to become chief executive officer, succeeding David Komansky (see "Stepping Up" Newspoints, this issue). He currently oversees the day-to-day operations at Merrill Lynch, which provides investment, financing, advisory, insurance, and related products and services.
Previous Experience: He joined Merrill Lynch in 1986 as a director in investment banking and later served as executive vice president and chief financial officer. He also served as president of Merrill Lynch's U.S. Private Client Group until his 2001 promotion.
Bottom Line: Under his tenure, Merrill Lynch posted a 17% increase in 2002 second-quarter earnings. He helped the company reach a $100 million settlement with the New York State Attorney General's office for misleading investors.
J. Derek Penn Senior Vice President & Head of Equity & Fixed-Income Trading Fidelity Investments
Education: B.A., Duke University; M.B.A., Fuqua School of Business, Duke University
Responsibilities: He manages all aspects of trading for the capital markets at Fidelity Investments' Institutional Brokerage Group. This includes domestic and international equities as well as initial public offerings. His expertise at trading stocks and fixed-income securities plays a pivotal role for Fidelity, the largest mutual fund company in the United States and one of the top brokerage firms.
Previous Experience: He served as head of international equity trading at Lehman Brothers. He has also worked as head of UK-European equity trading in New York for Merrill Lynch and as a Nasdaq trader for Morgan Stanley.
Outside Interests: Penn is president of the board of trustees at West Side Montessori School in New York.
Adebayo O. Ogunlesi Global Head of Investment Banking Credit Suisse First Boston
Education: B.A., Oxford University; J.D., Harvard Law School; M.B.A., Harvard Business School
Responsibilities: He oversees the entire global investment banking at CSFB and is a member of the core management team that runs this financial monolith.
Previous Experience: He joined the firm almost two decades ago, rising in title and responsibilities as the firm went from investment boutique to major Wall Street player.
Bottom Line: "It's a great time to be an investment banker," he says. "[In this difficult environment,] there's a premium on people who can give sound, valuable advice to clients." His recent ascension to his current position put him in a tough spot in CSFB's unprofitable investment banking business. During the first half of the year, CSFB ranked No. 1 in merger-and-acquisition activity. He returned from a recent vacation to find that the firm had slipped to No. 2--"temporarily."
Charles "Chuck" Philips Jr. Managing Director, Enterprise & Internet Software Morgan Stanley Dean Witter
Education: B.S., U.S. Air Force Academy; M.B.A., Hampton University; J.D., New York Law School
Responsibilities: He provides analysis for Morgan Stanley's retail and institutional clients. He also analyzes the industry to identify emerging technologies. He has been ranked the No. 1 analyst in his field by Institutional Investor magazine and has been voted to the magazine's All-America Research Team every year since 1993. He is a member of the Georgia State Bar and is also a chartered financial analyst.
Previous Experience: He joined Morgan Stanley in 1994 as an equity research analyst covering enterprise and Internet software companies. Prior to that he covered the same sectors of stocks for Kidder Peabody & Co., Sound-View Financial, and The Bank of New York.
Franklin D. Raines Chairman & Chief Executive Officer Fannie Mae
Education: B.A., Harvard University; J.D., Harvard Law
Responsibilities: As head of the largest nonbank financial services company in the world, he oversees the management of more than $1 trillion mortgage-backed securities and sales of securitized and subordinated debt issues.
Previous Experience: He was vice chairman at Fannie Mae. He resigned that position to become director for the White House Office of Management and Budget. He returned to the company to assume his current title in January 1999, becoming the first black CEO of a Fortune 500 company.
Bottom Line: Benefiting from 11 interest rate cuts in 2001, Fannie Mae has had a banner year.
James Reynolds Jr. Chairman & Chief Executive Officer Loop Capital Markets L.L.C.
Education: B.A., University of Wisconsin-La Crosse; M.M., Kellogg Graduate School of Management, Northwestern University
Responsibilities: He is the founder of Loop Capital Markets L.L.C., (No. 5 on the 2002 BE INVESTMENT BANKS list with $43 billion in total issues). Since establishing the firm in 1997, he has built up the business in the areas of municipal finance, corporate debt, and equity underwriting. Under his leadership, Loop Capital has participated in several large transactions for clients such as AT&T Wireless Group, Kraft, Metropolitan Life Insurance Co., and Goldman Sachs & Co. He serves on the board of the Illinois Economic Development Board and is a chartered financial analyst.
Previous Experience: He formerly worked as a director in the Corporate and Institutional Client Group at Merrill Lynch & Co., where he managed a sales team responsible for the distribution of all tax-exempt products to institutional investors in the Midwest. Before that he worked as a vice president in charge of the Midwest municipal bond sales desk at PaineWebber.
J. Donald Rice President & Chief Executive Officer Rice Financial Products Co.
Education: B.S., Kettering University; M.B.A., Harvard Business School
Responsibilities: He oversees a municipal derivative boutique at Rice Financial. The company is best known for interest rate swaps and other municipal bond derivative transactions. Under his leadership, Rice Financial (No. 10 on the 2002 BE INVESTMENT BANKS list with $12 billion in total issues) acquired several municipal divisions from other companies around the country, giving it a boosted national presence. In 2000 itself was named BE Financial Company of the Year,
Previous Experience: He was a founding member of Merrill Lynch's Municipal Derivatives Group.
Bottom Line: Rice Financial lost its corporate headquarters as a result of the terrorist attacks on the World Trade Center, but Rice didn't let the attacks obliterate his business, After securing the safety of his staff and identifying new office space, he increased the firm's business by 19.8%.
Michael A. Ray Vice President and Head Equity Trader Legg Mason Funds Management, Inc.
Education: B.A., Towson University.
Responsibilities: He manages all aspects of trading for each of Legg Mason Fund's more than 20 equity mutual funds. He also oversees the trading activity for the company's Value Equity and Legg Mason MidCap separate account products.
Previous Experiences: He has carefully cultivated his expertise at trading since joining Legg Mason in 1987. Prior to becoming head equity trader, he was a trader on both the Legg Mason institutional bond and equity trading desks.
Bottom Line: To encourage the recruitment of African Americans to Wall Street, he is one of the founders and organizers of Wall Street Friends, a networking event that allows Wall Street professionals to meet and build a network throughout the industry.
John W. Rogers Jr. Chairman & CEO Ariel Capital Management
Education: B.S., Princeton University
Responsibilities: He is the founder and philosophical guru of Ariel Capital Management, the No. 1 black-owned asset management firm in the country, with more than $10 billion in assets under management. He also serves as portfolio manager of the firm's flagship product, Ariel Fund, which Denver-based mutual fund research firm Lipper rates as the No. 1 small-cap value fund in the country based on performance over the past 15 years. As the leader of the firm, Rogers is the key decision maker on firm-wide management strategy and strategic planning. His performance earned Ariel Capital the distinction of being named 2002 BE Financial Company of the Year.
Previous Experience: He formerly worked at the investment banking firm William Blair & Co.
Bottom Line: He has also served as director of the National Association of Securities Dealers. He started investing at the age of 12, and is known for his "slow and steady" investment style.
Suzanne Shank President & Chief Executive Officer Siebert Brandford Shank & Co. L.L.C.
Education: B.S., Georgia Institute of Technology; M.B.A., University of Pennsylvania
Responsibilities: She manages the firm's financial and administrative operations and supervises marketing efforts in the Midwest and on the East Coast for this top-rated minority- and women-owned municipal bond underwriting concern. She is a founder, co-owner, and member of the board of directors for the firm, which ranks No. 6 on the BE INVESTMENT BANKS list with $38 billion in senior-managed and co-managed issues. In fact, the firm racked up almost $3 billion worth of business as a senior manager of public finance deals in 2001--ranking it 16th nationally. She is a member of the Municipal Securities Rulemaking Board, which regulates the municipal securities activities of broker-dealers.
Previous Experience: She has previous underwriting experience from James J. Lowery & Co., an independent financial advisory firm. She is also a former design engineer with General Dynamics.
Maceo Sloan Chairman & Chief Executive Officer Sloan Financial Inc. & NCM Capital Management Group Inc.
Education: B.A., Morehouse College; M.B.A., Georgia State University; J.D., North Carolina Central University School of Law
Responsibilities: He is in charge of strategic planning and new product development for both companies. He is also the portfolio manager for NCM Capital.
Previous Experience: Prior to founding NCM Capital. he spent 13 years with North Carolina Mutual Life Insurance Co and its subsidiary, NCM Life Communications Inc. He is a direct descendant of the founders of North Carolina Mutual Life Insurance Co., a financial services legacy that dates back to 1898
Bottom Line: "I am proud that a significant number of young people have felt that I have been helpful to them in some way, either in their careers or their lives,"
Pro Bono Work: He is the only African American to serve on the Forum for Corporate Conscience, a committee made up of 22 business leaders from Fortune 500 companies who provide value-based leadership in their companies and communities.
Quinn R. Stills President, Mellon West Senior Vice President, The Boston Company Asset Management L.L.C. Mellon Financial Corp.
Education: A.B., Vassar College; M.B.A., Stanford University School of Business
Responsibilities: He oversees Mellon Financial Corp.'s operations in the western United States, positioning the franchise to deliver banking and investment solutions to its current customers in the marketplace, as well as calling on potential customers in the region. He also serves as the senior equity manager for The Boston Co. Asset Management firm, managing or comanaging several billion dollars for the firm's clients.
Previous Experience: Formerly, he was a research associate at Kidder Peabody & Co. in the international oil, high technology, and property-casualty insurance groups. He has also held associate positions in corporate finance at Drexel Burnham Lambert, and in futures trading at Goldman Sachs & Co. He has served as a member of the investment committee on the International Foundation of Employee Benefits.
Gerald B. Smith Chairman & Chief Executive Officer Smith Graham & Co.
Education: B.B.A., Texas Southern University
Responsibilities: He is the chief executive of one of the largest black-owned asset management firms in the country. Specializing in the management of domestic and global fixed-income securities for institutional clients, the firm had more than $2.1 billion under management in 2001. He keeps the firm focused on developing new value-added fixed-income products and strategies to meet the unique needs of its clients. He serves on the board of directors for Charles Schwab Mutual Funds and the Pennzoil-Quaker State Company Corp.
Previous Experience: Prior to forming his own firm in 1990, Smith served as senior vice president and director of fixed-income securities for Underwood Neuhaus & Co. He has also served as first senior vice president and director of marketing and sales for Westcap Corp., an investment banking firm.
John O. Utendahl Founder, Chairman & Chief Executive Officer Utendahl Capital Management
Education: B.S., Long Island University; M.B.A., Columbia University Graduate School of Business
Responsibilities: In 1992 he founded Utendahl Capital Partners L.P. (No. 3 on the BE INVESTMENT BANKS list with total issues of $44 billion), which offers full-service investment banking services, including private equity, asset management, sales and trading, public and private underwriting, mergers and acquisitions, and research. He also controls Utendahl Capital Management L.P. (No. 5 on the BE ASSET MANAGERS list with assets of $4 billion in assets under management).
Previous Experience: His career on Wall Street spans nearly 20 years. He worked for Merrill Lynch and Salomon Bros. before opening his own firm.
George L. Van Amson Executive Director & Senior Sales Trader, Institutional Equities Division Morgan Stanley Dean Witter
Education: A.B., Columbia College; M.B.A.; Harvard University
Responsibilities: He manages the Institutional Sales Traders and Private Wealth Management.
Previous Experience: He is the former senior block trader and captain of cyclical equities trading for Morgan Stanley. He was also selected co-head trader of the international equities department, managing the firm's Latin American capital risk, and supervising U.S. and London trading efforts in South Africa. He began his career as an analyst at Goldman Sachs, where he eventually became vice president and head of their Emerging Markets Group. Pro Bono Work: He was chairman of the United Negro College Fund Wall Street Campaign and served on the board of Harvard Business School.
Christopher J. Williams Founder, Chairman & Chief Executive Officer The Williams Capital Group L.P.
Education: B.A., Howard University M.B.A., Dartmouth College
Responsibilities: Under his leadership, The Williams Capital Group (No. 1 on the BE INVESTMENT BANKS list with $196 billion in total issues) served as either the leader or co-manager on 67 public debt and equity offerings. And prior to that, he sold 15% of the investment bank to the sixth-largest bank in the world, which strengthened Williams Capital's trading presence in Europe. Recently, he diversified his operations by launching an asset management firm. In 1999 Williams Capital was named BE Financial Company of the Year.
Previous Experience: He spent nine years with Lehman Bros., where he was senior vice president. He later formed Williams Financial Markets, a division of Jefferies & Co.
Bottom Line: Williams Capital was ranked among the top 20 underwriters in 1999, 2000, and 2001. Last year he helped underwrite IP0s for MetLife and AT&T Wireless.
Jide J. Zeitlin Managing Director, Executive Office Goldman Sachs & Co,
Education: A.B., Amherst College; M.B.A., Harvard Business School Responsibilities: He is a member of the Goldman Sachs Executive Office, where he works directly with the firm's senior leadership to develop and manage several strategic people, related initiatives. He also continues to work in a client relations capacity with a number of the firm's largest clients in the industrial and healthcare sectors.
Previous Experience: Prior to his elevation to the executive office. Zeitlin served as co-head of Goldman's global healthcare investment banking department. He also gained extensive experience as a member of the firm's mergers and acquisitions department.
Bottom Line: He became the first black partner at Goldman Sachs before it went public.
Paul E. Viera Chief Executive Officer EARNEST Partners L.L.C.
Education: B.A., University of Michigan; MA., M.B.A., Harvard Business School;
Responsibilities: He oversees the operations of EARNEST Partners, which currently has $3.5 billion in assets under management and ranks No. 6 on the 2002 BE ASSET MANAGERS list. In addition to managing three asset classes at his own firm, Viera subadvises for The Harbor Fund's Small-cap Value Fund. In 1993 he developed return pattern recognition, an investment methodology used to select equities at his Atlanta-based firm, which has led to much of his success.
Previous experience: Before founding EARNEST Partners, Viera was a vice president at Bankers Trust in both New York and London. He has also worked at INVESCO as a global partner and senior member of its investment committee.
William H. Wright II Managing Director, Global Director, Corporate Relationships for Investment Banking & Private Wealth Management Morgan Stanley Dean Witter
Education: B.A., Yale University; M.B.A., Darden School of the University of Virginia
Responsibilities: He is the senior banker responsible for the development of Morgan Stanley's private wealth management business with corporate clients in executive and personal capacities. He is instrumental in getting the investment banking and private wealth management divisions to work together. He is also a member of Morgan Stanley's Equity Commitment Committee.
Previous Experience: Previously he headed Morgan Stanley's Corporate Finance Execution (CFX) group of the banking department.
Bottom Line: He prides himself on the time he devotes to the community. Wright believes "giving back to the community is critically important and cannot be taken for granted."
RELATED ARTICLE: Selection criteria for top African Americas on Wall Street.
* Those chosen are investment bankers, traders, analysts, asset, managers, or top executives with management responsibilities over these areas.
* They are responsible for the company's bottom line and execute transactions on a national or global scale.
* They have achieved the status of chief executive, partner, managing director, or other top-ranking position at their firms and have significant management responsibility.
* All of them demonstrate significant influence within their company and throughout their industry.
* Entrepreneurs who own their own firms must operate investment banks that have managed more than $25 billion in total issues, asset management firms with at least $2 billion under management, or be identified as a leading firm that engages in unique or complex transactions.
* Candidates must also have at least 15 years of experience in the financial services industry.
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|Title Annotation:||Top 50 African Americans on Wall Street|
|Date:||Oct 1, 2002|
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