Asset Management

ABN AMRO Asset Management
Acadian Asset Management
AllianceBernstein
Ameriprise Financial, Inc.
Artemis
Bear Stearns
BlackRock
BNP Paribas Asset Management
Columbia Management Group
Citigroup Asset Management (now merged into the subsidiaries of Legg Mason)
Delancey Real Estate Asset Management Ltd — (Advisory and consultancy service)
Deutsche Asset Management
F&C Asset Management
Fidelity Investments
Financial Counselors of Virginia
Fischer Francis Trees & Watts
Fortis Investments [1]
The GMS Group
Goelzer Investment Management
Goldman Sachs Asset Management
ING Investment Management
Insight Investment Management
Invesco Perpetual
Investors Capital Management, incapman.com
JP Morgan Fleming Asset Management
Jupiter Unit Trust managers
Legal & General
Legg Mason
Liontrust
Morgan Keegan & Company - Morgan Asset Management
M&G
NWQ Investment Management Co.
Nuveen Asset Management
ONE Financial Corporation
Pacific Investment Management Company — (PIMCO)
Putnam Investments
Prudential Financial
Rittenhouse Asset Management
RCM - Allianz Global Investors
SHIP - Stone Harbor Investment Partners
SunKosi Capital
Tradewinds NWQ Global Investors
UBS Asset Management
Western Asset Management Company
William Blair & Company - Investment Management

Investment management, the professional management of various securities (shares, bonds etc) and other assets (e.g. real estate), to meet specified investment goals for the benefit of the investors. Investors may be institutions (insurance companies, pension funds, corporations etc.) or private investors (both directly via investment contracts and more commonly via collective investment schemes eg. mutual funds) .

The term asset management is often used to refer to the investment management of collective investments, whilst the more generic fund management may refer to all forms of institutional investment as well as investment management for private investors. Investment managers who specialize in advisory or discretionary management on behalf of (normally wealthy) private investors may often refer to their services as wealth management or portfolio management often within the context of so-called "private banking".

The provision of 'investment management services' includes elements of financial analysis, asset selection, stock selection, plan implementation and ongoing monitoring of investments.

Investment management is a large and important global industry in its own right responsible for caretaking of trillions of dollars, euros, pounds and yen. Coming under the remit of financial services many of the worlds largest companies are at least in part investment managers and employ millions of staff and create billions in revenue.

Fund manager (or investment advisor in the U.S.) refers to both a firm that provides investment management services and an individual(s) who directs 'fund management' decisions.

Contents [hide]
1 Industry scope
1.1 Key problems of running such businesses
1.2 Representing the owners of shares
2 Size of the global fund management industry
2.1 10 largest asset management firms
3 Philosophy, process and people
4 Investment managers and portfolio structures
4.1 Asset allocation
4.2 Long-term returns
4.3 Diversification
5 Investment styles
6 Performance measurement
6.1 Absolute versus relative performance
7 Education or Certification
8 See also
9 References
10 Further reading
11 External links



[Asset Management] Industry scope
The business of investment management has several facets, including the employment of professional fund managers, research (of individual assets and asset classes), dealing, settlement, marketing, internal auditing, and the preparation of reports for clients. The largest financial fund managers are firms that exhibit all the complexity their size demands. Apart from the people who bring in the money (marketers) and the people who direct investment (the fund managers), there are compliance staff (to ensure accord with legislative and regulatory constraints), internal auditors of various kinds (to examine internal systems and controls), financial controllers (to account for the institutions' own money and costs), computer experts, and "back office" employees (to track and record transactions and fund valuations for up to thousands of clients per institution).


[Asset Management] Key problems of running such businesses
Key problems include:

revenue is directly linked to market valuations, so a major fall in asset prices causes a precipitous decline in revenues relative to costs;
above-average fund performance is difficult to sustain, and clients may not be patient during times of poor performance;
successful fund managers are expensive and may be headhunted by competitors;
above-average fund performance appears to be dependent on the unique skills of the fund manager; however, clients are loath to stake their investments on the ability of one or two men or women- they would rather see firm-wide success, attributable to a single philosophy and internal discipline;
evidence suggests that size of an investment firm correlates inversely with fund performance, i.e., the smaller the firm the better the chance of good performance; [citation needed]
analysts who generate above-average returns often become sufficiently wealthy that they eschew corporate employment in favor of managing their personal portfolios.
The most successful investment firms in the world have probably been those that have been separated physically and psychologically from banks and insurance companies. That is, the best performance and also the most dynamic business strategies (in this field) have generally come from independent investment management firms.


[Asset Management] Representing the owners of shares
Institutions often control huge shareholdings. In most cases they are acting as agents (intermediaries between owners of the shares and the companies owned) rather than principals (direct owners). The owners of shares theoretically have great power to alter the companies they own...via the voting rights the shares carry and the consequent ability to pressure managements, and if necessary out-vote them at annual and other meetings.

In practice, the ultimate owners of shares often do not exercise the power they collectively hold (because the owners are many, each with small holdings); financial institutions (as agents) sometimes do. There is a general belief that shareholders - in this case, the institutions acting as agents - could and should exercise more active influence over the companies in which they hold shares (e.g., to hold managers to account, to ensure Boards effective functioning). Such action would add a pressure group to those (the regulators and the Board) overseeing management.

However there is the problem of how the institution should exercise this power. One way is for the institution to decide, the other is for the institution to poll its beneficeries. Assuming that the institution polls should it then vote the entire holding as directed by the majority of votes cast, split vote (where this is allowed) according to the proportions of the vote or respect the abstainers and only vote the respondants holding.

The price signals generated by large active managers holding or not holding the stock contribute to management change.

Some institutions have been more vocal and active in pursuing such matters; for instance, some firms believe that there are investment advantages to accumulating substantial minority shareholdings (i.e, 10% or more) and putting pressure on management to implement significant changes in the business. In some cases, institutions with minority holdings work together to force management change. Perhaps more frequent is the sustained pressure that large institutions bring to bear on management teams through persuasive discourse and PR. On the other hand, some of the largest investment managers - such as Barclays Global Investors and Vanguard - advocate simply owning every company, reducing the incentive to influence management teams.

The national context in which shareholder representation considerations are set is variable and important. The USA is a litigious society and shareholders use the law as a lever to pressure management teams. In Japan it is traditional for shareholders to be low in the 'pecking order,' which often allows management and labor to ignore the rights of the ultimate owners. Whereas US firms generally cater to shareholders, Japanese businesses generally exhibit a stakeholder mentality, in which they seek consensus amongst all interested parties (against a background of strong unions and labour legislation).


[Asset Management] Size of the global fund management industry
Assets of the global fund management industry increased for the third year running in 2006 to reach a record $55.0 trillion. This was up 10% on the previous year and 54% on 2002. Growth during the past three years has been due to an increase in capital inflows and strong performance of equity markets.

Pension assets totalled $20.6 trillion in 2005, with a further $16.6 trillion invested in insurance funds and $17.8 trillion in mutual funds. Merrill Lynch also estimates the value of private wealth at $33.3 trillion of which about a third was incorporated in other forms of conventional investment management.

The US was by far the largest source of funds under management in 2005 with 48% of the world total. It was followed by Japan with 11% and the UK with 7%. The Asia-Pacific region has shown the strongest growth in recent years. Countries such as China and India offer huge potential and many companies are showing an increased focus in this region.[1]


[Asset Management] 10 largest asset management firms
Global Investor’s 2005 top 10 asset managers by assets under management. (Source: BGI)

Rank Company Assets under management
(US$million) Country
1. Barclays Global Investors 1,400,491 UK
2. State Street Global Advisors 1,367,269 US
3. Fidelity Investments 1,299,400 US
4. Capital Group Companies 1,050,435 US
5. Legg Mason 891,400 US
6. The Vanguard Group 852,000 US
7. Allianz Global Investors 790,513 Germany
8. JPMorgan Asset Management 782,646 US
9. Mellon Financial Corporation 738,294 US
10. Deutsche Asset Management 723,366 Germany

Chip Roame (Managing Principal, Tiburon Strategic Advisors)
Greg Ahern (Chief Public Communications Officer, Investment Company Institute)
Gurinder Ahluwalia (President, Genworth Financial Asset Management, Genworth Financial)
Yoshitaka Akamatsu (Chief Operating Officer, Nikko Asset Management, Nikko Cordial Corporation)
Deborah Alexander (General Counsel, Scotia Bank)
Didier Alix (Deputy CEO, Societe Generale)
Julie Allecta (Partner, Paul, Hastings, Janofsky, & Walker)
James Allen (Chairman, Hilliard Lyons, PNC)
Laurence Allen (CEO, Off Road Capital)
Dee Allsop (Group President, US Solutions Research Group, Harris Interactive)
Steele Alphin (Chief Administrative Officer, Bank of America Corporation)
Robert Alvarez (President, Gunn Allen Financial Insurance Group, Gunn Allen Financial)
Raul Anaya (Head of Global Consumer Group, Latin America, Citigroup)
Bruce Anderson (President, First Republic Trust Company, Merrill Lynch)
Gretchen Anderson (Chief Operating Officer, Franklin Templeton Bank & Trust, Franklin Templeton Investments)
Peter Anderson (CEO, CI Investments, CI Financial)
Stephen Anderson (President, Waterstone Financial Group, Pacific Life Insurance Company)
Joseph Antonellis (Vice Chairman, Investment Servicing, North America, State Street Corporation)
Mike Apker (Chief Operating Officer, Envestnet Asset Management)
Victor Apps (Senior Executive Vice President, Asia, Manulife Financial)
Andy Arenberg (Managing Director, Barclays Global Investors, Barclays)
Haluk Ariturk (Executive Vice President, Unifi Mutual Holding Company)
Peter Armenio (Group Head, US & International Personal & Business, Royal Bank of Canada)
Tim Armour (President, Capital Research & Management, The Capital Group Companies)
Tim Armour (Managing Director, Strategic Relationships & Business Development, Morningstar)
Chris Armstrong (Chief Strategy Officer, TD Ameritrade, TD Bank Financial Group)
Jim Ashton (Group Chief Executive Officer, Sungard)
Howard Atkins (Chief Financial Officer, Wells Fargo Bank)
Katherine August-DeWilde (Chief Operating Officer, First Republic Bank, Merrill Lynch)
Robert Bahash (Chief Financial Officer, The McGraw Hill Companies)
Jim Bailey (Chief Operating Officer, US Trust Corporation, Bank of America Corporation)
Peter Bain (Senior Executive Vice President, US Asset Management, Legg Mason)
Sharon Baker-Morin (Executive Vice President, State Street Corporation)
Chuck Baldiswieler (Group Managing Director, TCW Advisor Group & Private Client Services, Trust Company of the West (TCW), Societe Generale)
Rone Baldwin (President, Employee Benefits, Genworth Financial)
Lowry Baldwin (Principal Executive Officer, Davis Baldwin, Wachovia Corporation)
Norm Balthasar (Chief Operating Officer, Fiserv)
Joan Bancroft (President, Berkshire Life Insurance Company of America, Guardian Life Insurance Company of America)
Ajay Banga (CEO, Global Consumer Group, International, Citigroup)
Keith Banks (President, Columbia Management, Bank of America Corporation)
Vivian Banta (Vice Chairman, Insurance Division, Prudential Financial)
James Barnash (Executive Vice President. Ameriprise Financial)
Bill Barrett (CEO, Fiduciary Trust International of California, Fiduciary Trust International, Franklin Templeton Investments)
Bob Barrett (Venture Partner, FT Ventures)
Lisa Barrett (President, Western Division, Citibank, Citigroup)
Paul Barrett (General Manager, Financial Wisdom, Commonwealth Bank)
Tim Barron (CEO, Rogers Casey)
Matthew Bartley (Chief Financial Officer, Marsh & McLennan)
Dominic Barton (Chairman, Asia Pacific, McKinsey & Company)
Gregory Barton (Managing Director, Advice, Brokerage, & Retirement Services, Vanguard Group)
Tony Batman (CEO, 1st Global)
Mones Bazzy (Executive Director, Middle East, Merrill Lynch)
Beverly Bearden (Executive Vice President, Human Resources, IXIS Asset Management Group, Groupe Caisse D'Epargne)
Michael Beber (Chief Strategic Development Officer, Marsh & McLennan)
Robert Belke (Managing Director, Lovell Minnick Partners)
Michael Bell (Executive Vice President, Life Insurance Division, Pacific Life Insurance Company)
Michael Bell (CEO, Curian Capital, Jackson National Life Insurance Company, The Prudential)
Jonathan Bennet (Executive Vice President, Property & Casualty Business, The Hartford)
Philip Bensen (Managing Director, Franklin Templeton Academy, Franklin Templeton Investments)
Steven Bensinger (Chief Financial Officer, American International Group (AIG))
Richard Benson-Amer (Chief Strategy Officer, The Thomson Corporation)
Carol Benz (Partner, Bingham, Osborn, & Scarborough, Boston Private Financial Holdings)
Jud Bergman (CEO, Envestnet Asset Management)
Bob Beriault (CEO, Investment Support Services, Fiserv)
Walter Berman (Chief Financial Officer, Ameriprise Financial)
Ed Bernard (Vice Chairman, T. Rowe Price Group)
Brad Bernstein (Partner, FT Ventures)
Peter Beshar (General Counsel, Marsh & McLennan)
Walt Bettinger (President, Schwab Investor Services, The Charles Schwab Corporation)
Jessica Bibliowicz (CEO, National Financial Partners)
Mark Biderman (Chief Financial Officer, National Financial Partners)
Bob Bingham (Partner, Bingham, Osborn, & Scarborough, Boston Private Financial Holdings)
Laura Binion (General Counsel, Check Free)
Donald Birdwell (Group Chief Executive Officer, Sungard)
Jean-Paul Bisnaire (Senior Executive Vice President, Business Development, Manulife Financial)
Robert Bissell (Executive Vice President, Wells Capital Management, Wells Fargo Bank)
Steve Black (Managing Director, Operations & Trading, LPL Financial Services)
Judith Blades (Senior Executive Vice President, Property & Casualty Business, The Hartford)
Keith Blitzer (Tax Partner, Marcum & Kliegman)
Fred Bloch (President, US Wholesaling, Alliance Bernstein, Axa Group)
Charles Bobrinskoy (Vice Chairman, Ariel Capital Management)
Mimi Bock (Managing Director, Global Wealth Management Marketing, Morgan Stanley)
Ion Bogdaneris (Managing Director, Alternative Investments Europe, AIG Global Investments Group, American international Group (AIG))
Jennifer Bolt (Executive Vice President, Operations & Technology, Franklin Templeton Investments)
Nicholas Bonn (Executive Vice President, State Street Corporation)
Jean-Laurent Bonnafe (Executive Vice President, French Retail Banking, BNP Paribas)
Steve Booysen (Chief Executive, Absa & Sub-Saharan Africa, Barclays)
Bill Borden (CEO Chief of Staff, Citigroup)
Philippe Bordenave (Executive Vice President, Group Development & Finance, BNP Paribas)
Chris Boruff (President, Advisor Business, Morningstar)
Bob Boulware (CEO, ING Funds Distributor, ING Group)
Linda Bowden (Managing Executive, Wealth Management, Wachovia Corporation)
John Bowen (CEO, CEG Worldwide)
Bobby Bowers (Chief Financial Officer, Wells Real Estate Funds)
Brian Boyden (Executive Vice President, State Farm)
Eric BoyerDeLaGiroday (Executive Vice President, Wholesale Banking, ING Group)
Gregory Boyko (Executive Vice President, International Division, The Hartford)
Tom Bradley (President, TD Ameritrade Institutional Services, TD Ameritrade, TD Bank Financial Group)
John Bremer (Chief Operating Officer, Northwestern Mutual)
Seth Brennan (Executive Vice President, Affiliated Managers Group (AMG))
Butch Britton (CEO, ING Life Business Group, ING Group)
Philip Broadley (Group Finance Director, The Prudential)
Robert Broatch (Chief Financial Officer, Guardian Life Insurance Company of America)
Bill Broderick (Principal, Edward Jones & Company)
Robert Brooks (Group Treasurer, Scotia Bank)
Kevin Brown (Co-Chief Operating Officer, Bel Air Investment Advisors, State Street Global Advisors, State Street Corporation)
Marc Brown (Executive Vice President, State Street Global Advisors, State Street Corporation)
Ricky Brown (Senior Executive Vice President, Banking Network, BB&T Corporation)
Sandy Brown (CEO, Transamerica, Aegon)
Stephanie Brown (General Counsel, LPL Financial Services)
Valerie Brown (President, ING Advisors Network, ING Group)
Candace Browning (Head of Global Securities Research & Economics, Merrill Lynch)
Claude Brunet (CEO, Transversal Operations, Axa Group)
Lowell Bryan (Director, McKinsey & Company)
Tim Buckley (Managing Director, Retail Investor Group, Vanguard Group)
Randy Bugh (Executive Vice President, Financial Services, Hilliard Lyons, PNC)
Glynn Burger (Group Risk & Finance Director, Investec)
Steve Burnett (Principal, Hanson McClain)
Eric Byunn (Partner, FT Ventures)
Mathis Cabiallavetta (Chairman, MMC International, Marsh & McLennan)
James Caccivio (Executive Vice President, State Street Corporation)
Peter Cahall (CEO, The Newport Group)
Jack Callahan (President, Fidelity RIA Group, Fidelity Investments)
Michael Cameron (Head of Retail Banking Services, Commonwealth Bank)
John Cammack (Head of Third-Party Distribution, T. Rowe Price Group)
Brett Campbell (Principal, Investment Representative Development, Edward Jones & Company)
James Campisi (President, The Newport Group)
Joe Canavan (CEO, Assante Corporation, CI Financial)
Nick Cann (Chief Executive, Institute of Financial Planning)
Stephen Canter (CEO, The Dreyfus Corporation, The Bank of New York Mellon Corporation)
Lisa Caputo (Chief Marketing, Advertising, & Community Relations Officer, Global Consumer Group, Citigroup)
Paul Carbone (Managing Partner, Baird Capital Partners & Baird Venture Partners, RW Baird & Company)
Richard Carbone (Chief Financial Officer, Prudential Financial)
Peter Cardinal (Executive Vice President, Latin America, Scotia Bank)
Bill Carey (Executive Vice President, Fidelity Investments Institutional Services, Fidelity Investments)
Jeff Carney (President, Fidelity Personal Investments, Fidelity Investments)
Michael Carpenter (CEO, Citigroup Global Investments, Citigroup)
Randy Carrigan (Principal, State Street Global Advisors, State Street Corporation)
Bob Carter (President, NFP Insurance Services, National Financial Partners)
Joseph Caruso (Executive Vice President, Guardian Life Insurance Company of America)
Bob Casato (CEO, Manulife Wood Logan, Manulife Financial)
Timothy Caverly (Executive Vice President, State Street Corporation)
Alberta Cefis (Executive Vice President, Global Transaction Banking, Scotia Bank)
Jerry Chafkin (CEO, IXIS Asset Management US Group, IXIS Asset Management Group, Groupe Caisse D'Epargne)
Rao Chalasani (Chief Investment Officer, Advice America)
Kendall Chalk (Chief Credit Officer, BB&T Corporation)
John Chandler (Chief Marketing Officer, US Insurance Group, Mass Mutual Financial Group)
Lily Chang (Chief Technology Officer, Advent Software)
Jared Chase (Senior Managing Director, State Street Global Advisors, State Street Corporation)
Sanjoy Chatterjee (Chief Technology Officer, CRA Rogers Casey)
John Chesko (Vice Chairman, The Bank of New York Mellon Corporation)
Young Chin (Chief Investment Officer, Pyramis Global Advisors, Fidelity Investments)
Georges ChodronDeCourcel (Chief Operating Officer, BNP Paribas)
Amit Choudhury (Managing Principal, Pinnacle Partners)
Joseph Chow (Executive Vice President, Rick & Corporate Administration, State Street Corporation)
Sylvia Chrominska (Executive Vice President, Human Resources and Public, Corporate, & Government Affairs, Scotia Bank)
Randy Ciccati (CEO, Prime Vest Financial Services, ING Group)
Greg Cicotte (Executive Vice President, Sales, Jackson National Life Insurance Company, The Prudential)
Peter Cieszko (President, Global Distribution, Evergreen Investments, Wachovia Corporation)
Jean Clamon (Chief Operating Officer, BNP Paribas)
Dennis Clark (CEO, Advisor Partners)
Ranjana Clark (Executive Vice President, Treasury Services, Wachovia Corporation)
Robert Clarke (Group Chief Executive Officer, Sungard)
Rick Clayburgh (CEO, North Dakota Bankers Association)
John Clendening (Executive Vice President, Schwab Investor Services, The Charles Schwab Corporation)
Kevin Clifford (President, American Funds Distributors, Capital Group Companies)
Alain Clot (CEO, SG Asset Management, Societe Generale)
Craig Cloyed (President, Calvert Distributors, Calvert, Unifi Mutual Holding Company)
Irv Cohen (President, Gunn Allen Bank, Gunn Allen Financial)
Joan Cohen (President, H&R Block Financial Advisors, H&R Block)
Lawrence Cohen (Chief Technology Officer, Alliance Bernstein, Axa Group)
Steve Cohen (Managing Director, ProFund Advisors)
Peter Coleman (Director, Research, Think Equity Partners)
Arthur Coles (Group President, US Industry Research Groups, Harris Interactive)
Philippe Collas (CEO, SG Global Investment Management & Services, Societe Generale)
Ann Combs (CEO, Institutional Strategic Consulting, Vanguard Group)
Cristobal Conde (CEO, Sungard)
Kip Condron (CEO, Axa Financial, Axa Group)
Frank Connolly (Chief Financial Officer, Harris Interactive)
Donald Conover (Executive Vice President, State Street Corporation)
John Conover (President, Borel Private Bank & Trust Company, Boston Private Financial Holdings)
Gus Constantin (CEO, Phoenix American)
Jeff Conway (Executive Vice President, State Street Corporation)
Kathleen Corbet (President, Standard & Poor's, The McGraw Hill Companies)
Maureen Corcoran (Executive Vice President, State Street Corporation)
Ron Cordes (Chairman, Asset Mark Investment Services, Genworth Financial Asset Management, Genworth Financial)
Guy Cotret (Executive Vice President, Banking Operations, Groupe Caisse D'Epargne)
Brian Cotter (Marketing Manager, Tiburon Strategic Advisors)
Barbara Cowden (Executive Vice President, State Farm)
James Cox (Executive Vice President, Mergers & Acquisitions, Fiserv)
Douglas Craft (Operating Group Chief Financial Officer, Fiserv)
Bill Crager (President, Advisory Services, Envestnet Asset Management)
Crawford Cragun (CEO, Franklin Templeton Bank & Trust, Franklin Templeton Investments)
Laurence Cranch (General Counsel, Alliance Bernstein, Axa Group)
Roger Crandall (Chief Investment Officer, Mass Mutual Financial Group)
Darrell Crate (Chief Financial Officer, Affiliated Managers Group (AMG))
Geoff Crickmay (Executive Vice President, Japan, Manulife Financial)
Robert Crispin (CEO, ING Investment Management Americas, ING US Financial Services, ING Group)
Albert Cristoforo (Executive Vice President, State Street Corporation)
JH Cromarty (President, Eastern Region, Boston Private Financial Holdings)
Gordon Crovitz (Publisher, The Wall Street Journal, Dow Jones & Company)
Dan Crowley (Chief Government Affairs Officer, Investment Company Institute)
Bob Crudup (Executive Vice President, SEI Investments)
Zoe Cruz (Co-President, Morgan Stanley)
Hector Cuellar (President, RSM EquiCo, H&R Block)
Ben Cukier (Partner, FT Ventures)
John Cummings (Head of Corporate & Diversified Financial Services Group, Global Private Client, Merrrill Lynch)
Scott Custer (CEO, RBC Centura Banks, Royal Bank of Canada)
Mike D'Aiutolo (Chief Information Officer, Albridge Solutions)
Bob Daleo (Chief Financial Officer, The Thomson Corporation)
Nathaniel Dalton (Executive Vice President, Affiliated Managers Group (AMG))
Cliff D'Amato (CEO, Matrix Settlement & Clearing Services, MG Colorado Holdings)
Toos Daravula (Director, McKinsey & Company)
Karl Dasher (Chief Investment Officer, SEI Investments)
Andrew Davidson (President, Davidson Investment Advisors, Davidson Companies)
Mike Davidson (Chief Agency & Marketing Officer, State Farm)
Dick Davies (Senior Managing Director, Alliance Bernstein, Axa Group)
Simon Davies (CEO, Threadneedle Investments, Ameriprise Financial)
Chris Davis (Executive Director, Money Management Institute)
Clarence Davis (Chief Operating Officer, American Institute of CPAs)
Jeffrey Davis (President, Dow Jones Licensing Services, Dow Jones & Company)
Peter Davis (Executive Vice President, Global Strategy, The McGraw Hill Companies)
Ray Davis (Group Chief Executive Officer, Sungard)
Reggie Davis (President, Eastern Banking Group, Wachovia Corporation)
Peter Daytz (Chief Investment Officer, Citigroup Trust, Citigroup)
Steve DeAngelis (President, AdvisorPort, PFPC Managed Account Services, PNC)
Gregory Deavens (Chief Financial Officer, US Insurance Group, Mass Mutual Financial Group)
Bill Decker (President, Lydian Trust Company)
Jeremy Deems (Chief Financial Officer, Forward Management)
Pascal Delaunay (Chief Compliance Officer, IXIS Asset Management Group, Groupe Caisse D'Epargne)
Bob DelCol (CEO, Fund Quest, BNP Paribas)
Mike Delfino (President, ING Furman Selz, ING Group)
Donnalee DeMaio (President, Met Life Bank, Metropolitan Life)
Alvaro DeMolina (Chief Financial Officer, Bank of America Corporation)
Armand DePalo (Executive Vice President, Guardian Life Insurance Company of America)
Bevin Desmond (President, International Business, Morningstar)
John DesPrez (CEO, John Hancock Financial Services, Manulife Financial)
Jacques D'Estais (Executive Vice President, Corporate & Investment Banking, BNP Paribas)
Jacques DeVaucleroy (Group President, ING Retail Financial Services Group, ING US Financial Services, ING Group)
Bob Diamond (President, Barclays PLC, Barclays)
John Dickson (Senior Managing Director, CRA Rogers Casey)
Mike DiGirolamo (Managing Director, Investment Advisors Division, Raymond James Financial Services, Raymond James)
Evelyn Dilsaver (CEO, Charles Schwab Investment Management, The Charles Schwab Corporation)
Joseph DiPrisco (CEO, Bank of America Specialist, Bank of America Corporation)
John Dixon (CEO, Mutual Service Corporation, Pacific Life Insurance Company)
Mike Dobbs (Chief Marketing Officer, Wells Real Estate Funds)
Oliver Dobbs (Chief Investment Officer, Tribecca Global Management, Citigroup)
Tom Dobosenski (Executive Vice President, RSM McGladrey, H&R Block)
Chris Dodds (Chief Financial Officer, The Charles Schwab Corporation)
Bob Doll (Vice Chairman, Black Rock, Merrill Lynch)
David Doll (CEO, Kanaly Trust Company)
Thomas Donahue (President, Federated Investors Management Company, Federated Investors)
Steven Donald (Chief Operating Officer, Assante Corporation, CI Financial)
Jim Donley (President, Private Client Group, Wachovia Securities, Wachovia Corporation)
Sharon Donovan-Hart (Executive Vice President, State Street Corporation)
Bob Dorrance (CEO, TD Securities, TD Bank Financial Group)
Bernie Dorval (Co-Chairman, TD Canada Trust, TD Bank Financial Group)
Anne Doss (Senior Vice President, Wealth Management, Wachovia Corporation)
Connie Dotson (Chief Communications Officer, E*Trade Financial)
Michel Douzou (Deputy Head, Retail Banking, Societe Generale France, Societe Generale)
John Dowd (Executive Vice President, The Private Bank, The Bank of New York Mellon Corporation)
Dana Drago (Executive Vice President, Property & Casualty Business, The Hartford)
Lisa Drake (Chief Actuary, Jackson National Life Insurance Company, The Prudential)
Bob Druskin (Chief Operating Officer, Citigroup)
Steven Dryer (Managing Director, Insurance Ratings, Standard & Poor's, The McGraw Hill Companies)
John Drzik (President, Mercer Specialty Consulting, Marsh & McLennan)
Robert Dubrish (CEO, Option One Mortgage Corporation, H&R Block)
Barbara Duck (Senior Executive Vice President, Electronic Delivery Systems, BB&T Corporation)
Jeffrey Dunham (CEO, Dunham & Associates Investment Counsel)
Michael Dunn (Chief Operating Officer, Global Consumer Group, Citigroup)
Martha Dustin-Boudos (Chief Financial Officer, Morningstar)
Denis Duverne (CEO, Finance, Control, & Strategy, Axa Group)
Bill Dwyer (Managing Director, Branch Development, LPL Financial Services)
Richard Dziadizo (Chief Financial Officer, Axa Financial, Axa Group)
Norman Eaker (Principal, Operations, Edward Jones & Company)
Jeffrey Edwards (Chief Financial Officer, Merrill Lynch)
Phil Edwards (Chief Investment Officer, Standard & Poor's Investment Services, Standard & Poor's, The McGraw Hill Companies)
Thomas Eggers (CEO, The Dreyfus Corporation, The Bank of New York Mellon Corporation)
Mitch Eichen (CEO, MDE Group)
David Eidson (CEO, Trusco Capital, Sun Trust)
Charlie Eisenmann (Chief Operating Officer, Dunham & Associates Investment Counsel)
Steve Elliott (Co-Head, Integration, The Bank of New York Mellon Corporation)
Gary Enos (Executive Vice President, State Street Corporation)
Jerry Enos (Head of Operations, Technology, & eCommerce, Wachovia Corporation)
Victor Esclamdo (President, Team Vest, The Newport Group)
Scott Evans (Executive Vice President, Asset Management, TIAA-CREF)
Ahmass Fakahany (Chief Administrative Officer, Merrill Lynch)
Michael Fanning (Chief Operating Officer, US Insurance Group, Mass Mutual Financial Group)
Kim Fennebresque (CEO, SG Cowen, Societe Generale)
Martuza Ferdous (President, Epluribus, Open Finance Network)
Dennis Ferro (CEO, Evergreen Investments, Wachovia Corporation)
Mark Fetting (Senior Executive Vice President, Global Managed Investments, Legg Mason)
Harold Finders (Group Chief Executive Officer, Sungard)
Laurence Fink (CEO, BlackRock, Merrill Lynch)
Ronald Finkelstein (Tax Partner, Marcum & Kliegman)
Edwin Finn (President, Barron's, Dow Jones & Company)
Steve Finn (Chairman, Trust Company of America)
David First (Tax Partner, Marcum & Kliegman)
Richard Fischer (General Counsel, Navigant Consulting)
Fritz Fisher (Interim CEO, Associated Securities, Pacific Life Insurance Company)
John Fisher (CEO, Federated Investment Advisory Companies, Federated Investors)
Karen Fisher (Managing Director, Scotia Bank)
Ken Fisher (CEO, Fisher Investments)
Richard Fisher (Chairman, Federated Securities Corporation, Federated Investors)
Sean Flannery (Chief Investment Officer, Americas, State Street Global Advisors, State Street Corporation)
Rick Fogg (Principal, The Anodos Group)
Rob Foregger (Chief Strategy Officer, Ever Bank Financial)
Daniel Forte (CEO, Massachusetts Bankers Association)
Jon Foster (CEO, E*Trade Wealth Management, E*Trade Financial)
Patrick Foy (President, Bank Servicing & ePayments, Fiserv)
Richard Franchella (Senior Managing Director, RBC Dain Rauscher, Royal Bank of Canada)
Chris Frankel (Chief Operating Officer, Gunn Allen Financial)
Steve Franklin (Chief of Sales, Wells Real Estate Funds)
John Fraser (CEO, Global Asset Management, UBS)
Simon Freakley (CEO, Kroll, Marsh & McLennan)
Steve Freiberg (CEO, Global Consumer Group, North America, Citigroup)
Randy Fritz (Chief of Staff, Wells Real Estate Funds)
Rick Frisbie (Chief Administrative Officer, Franklin Templeton Investments)
Rick Frueh (CEO, Gunn Allen Financial)
Thibault Fulconis (Chief Financial Officer, Banc West Corporation, BNP Paribas)
Jim Fulp (President, Raymond James Financial Institutions Division, Raymond James)
Peter Gallary (Chief Operating Officer, Investment Company Institute)
Michael Gantt (President, Bank Systems & eProducts Group, Fiserv)
Frank Ganucheau (Partner, GSB Investment Management)
Peter Ganucheau (Partner, GSB Investment Management)
Mac Gardner (Head of Americas Region & Global Bank Group, Global Private Client, Merrill Lynch)
Richard Garman (Managing Partner, FT Ventures)
Jim Garrity (Chief Marketing Officer, Wachovia Corporation)
Richard Garside (Chief Operating Officer, North America, Operations & Technology, Global Consumer Group, Citigroup)
James Gately (Managing Director, Vanguard Group)
Stefan Gavell (Executive Vice President, Regulatory & Industry Affairs, State Street Corporation)
Adam Geiger (Chief Investment Officer, Ivy Asset Management, The Bank of New York Mellon Corporation)
Arlen Gelbard (President, E*Trade Bank, E*Trade Financial)
Bill Gerber (Chief Financial Officer, TD Ameritrade, TD Bank Financial Group)
Seth Gersh (Chief Operating Officer, Think Equity Partners)
Rich Gershen (Managing Director, Evergreen Investments, Wachovia Corporation)
Mike Gianoni (Executive Vice President, Investment Services Division, Check Free)
Thomas Gibbons (Chief Financial Officer, The Bank of New York Mellon Corporation)
Scott Gilbert (Chief Compliance Officer, Marsh & McLennan)
Catherine Gillis-Odelbo (President, Individual Business, Morningstar)
Bill Givens (Chairman, The Japan Fund)
William Glavin (Executive Vice President, US Insurance Group, Mass Mutual Financial Group)
Gilles Glicenstein (CEO, BNP Paribas Asset Management, BNP Paribas)
Ann Glover (Chief Marketing Officer, The Hartford)
Leslie Godrich (Senior Executive Vice President, Asset Management, Private Client Services, & Retail Banking, The Bank of New York Mellon Corporation)
Bill Goings (President, Life Insurance, Genworth Financial)
Tim Gokey (President, US Tax Services, H&R Block)
Glenn Goldberg (President, Information & Media, The McGraw Hill Companies)
Steven Goldstein (Executive Vice President, Public Affairs, TIAA-CREF)
Jacobo Gonzalez-Robatto (Chief Executive, Iberia & Italy, Barclays)
Donna Goodrich (Executive Vice President, Deposit Services, BB&T Corporation)
William Goodyear (CEO, Navigant Consulting)
Bruce Gordon (Senior Executive Vice President, Canada, Manulife Financial)
James Gorman (Chief Operating Officer, Retail Brokerage, Morgan Stanley)
Pamela Gormley (Executive Vice President, State Street Corporation)
Herve Gouezel (Executive Vice President, Group Information Systems, BNP Paribas)
Laura Gough (Managing Director, Corporate & Executive Services and Retirement Plans, RW Baird & Company)
Todd Gravino (Chief Financial Officer, Global Retail & Commercial Banking, Barclays)
Derek Green (President, CI Investments, CI Financial)
Larry Greenberg (CEO, Jefferson National Financial, Inviva Securities Corporation)
Alan Greene (Executive Vice President, State Street Corporation)
Robert Greene (President, Branch Banking and Trust Company, BB&T Corporation)
Keith Gregg (Executive Vice President, Sales, Dunham & Associates Investment Counsel)
Andrew Gregson (Chief Financial Officer, Phoenix American)
Mark Grier (Vice Chairman, Financial Management, Prudential Financial)
Mark Griffin (Chief Investment Officer, Genworth Financial)
Stuart Grimshaw (Group Executive, Premium Business Services, Commonwealth Bank)
Blake Grossman (Chief Executive, Barclays Global Investors, Barclays)
Joby Gruber (CEO, Financial Services Corporation, American International Group (AIG))
Carl Guarino (Executive Vice President, SEI Investments)
Kathleen Gubanich (Managing Director, Human Resources, Vanguard Group)
Paul Guidone (Chief Investments Officer, Global Wealth Management, Citigroup)
Till Guldimann (Vice Chairman, Sungard)
Greg Gunderson (CEO, Investment Centers of America, Jackson National Life Insurance Company, The Prudential)
Howard Gunton (Chief Financial Officer, Mass Mutual Financial Group)
Joseph Guyaux (President, PNC)
Paul Haaga (Executive Vice President, Capital Research & Management Company, Capital Group Companies)
Mitchell Habib (Chief Information Officer, North American Consumer Group, Citigroup)
John Hailer (CEO, CDC IXIS Asset Management Advisors Group, Groupe Caisse D'Epargne)
Thomas Hajda (General Counsel, Ever Bank Financial)
Ed Haldeman (CEO, Putnam Investments, Marsh & McLennan)
Brian Hall (CEO, Thomson Legal & Regulatory, The Thomson Corporation)
Craig Hallowes (Managing Director, Investec)
Jeff Hammer (Senior Managing Director, Bear Stearns Asset Management, The Bear Stearns Companies)
Douglas Hammond (General Counsel, National Financial Partners)
Jerald Hampton (Executive Vice President, Axa Advisors, Axa Group)
Jack Handy (CEO, Financial Network Investment Corporation, ING Advisors Network, ING Group)
Richard Hanks (Chief Operating Officer, Enterprise Media Group, Dow Jones & Company)
Tom Hanly (Chief Investment Officer, Russell Investment Group, Northwestern Mutual)
Wendy Hannam (Executive Vice President, Domestic Personal Banking & Distribution, Scotia Bank)
Peter Harbeck (President, AIG Sun America Asset Management, American International Group (AIG))
Hugh Harley (Group Executive, Group Strategic Development, Commonwealth Bank)
Susan Harnett (Germany Country Officer, Citibank, Citigroup)
Bill Harris (Chairman, My Vest Corporation)
Ray Harris (Acting Chief Operating Officer, Retail Brokerage, Morgan Stanley)
Dick Harryvan (Executive Board Member, ING Group)
Clare Hart (President, Enterprise Media Group, Dow Jones & Company)
Bill Hatanaka (CEO, TD Waterhouse, TD Bank Financial Group)
Paul Hatch (Managing Director, Smith Barney Consulting Group, Smith Barney, Citigroup)
Gates Hawn (Director, Envestnet Asset Management)
David Haynes (Administrative Partner, FT Ventures)
Randy Haynes (Principal, Service, Edward Jones & Company)
Jim Hays (President, Private Client Group, Wachovia Securities, Wachovia Corporation)
Timothy Hayward (Chief Administrative Officer, International Banking, Scotia Bank)
Mark Healy (Chief Operating Officer, National Financial Services Corporation, Fidelity Investments)
Brian Heath (President, US Advisor Group, Ameriprise Financial)
Randy Hecht (Chairman, RS Investments, Guardian Life Insurance Company of America)
Cara Heiden (President, National Consumer & Institutional Lending, Wells Fargo Home Mortgage, Wells Fargo Bank)
Clif Helbert (Principal, Branch Administration, Edward Jones & Company)
Paul Heller (Chief Information Officer, Vanguard Group)
Mike Henkel (President, Ibbotson Associates, Morningstar)
Lisa Henrichsen (Chief Marketing Officer, Ever Bank Financial)
Christopher Henson (Chief Financial Officer, BB&T Corporation)
James Herbert (CEO, First Republic Bank, Merrill Lynch)
Don Herrema (CEO, Private Wealth Management, Morgan Stanley)
Jim Herrington (CEO, The Financial Services Network (FSN))
Bob Herrmann (CEO, Loring Ward Group)
Thomas Hexner (Executive Vice President, Bernstein Global Wealth Management, Axa Group)
Jan Hier-King (Executive Vice President, Human Resources, The Charles Schwab Corporation)
Daryl Hill (Executive Director, Oklahoma Society of CPAs)
Charles Hindmarsh (Executive Vice President, State Street Corporation)
Hirofumi Hirano (Chairman, Nikko Principal Investments Japan, Nikko Cordial Corporation)
Asiff Hirji (President, Private Client Group, TD Ameritrade, TD Bank Financial Group)
Thomas Hirsch (Chief Financial Officer, Fiserv)
James Hirschmann (Chief Operating Officer, Legg Mason)
Mellody Hobson (President, Ariel Capital Management)
Tim Hockey (Co-Chairman, TD Canada Trust, TD Bank Financial Group)
Christopher Hodgson (Executive Vice President, Domestic Personal Banking, Scotia Bank)
Marten Hoekstra (CEO, Wealth Management US, UBS)
Gary Hoffman (Group Vice Chairman, Barclays)
Steve Hohenrieder (Partner, Think Wealth Management, Think Equity Partners)
Jeff Holley (Chief Financial Officer, CUNA Mutual Group)
Elliott Holtz (Executive Vice President, Marketing & Firm Operations, National Financial Partners)
Paul Hondros (President, NWD Investment Group, Nationwide)
Sheila Hooda (Senior Managing Director, Strategy, TIAA-CREF)
Joseph Hooley (Vice Chairman, Investment Servicing and Investment Research & Trading, State Street Corporation)
Thomas Hopkin (Chairman, Waterstone Financial Group, Pacific Life Insurance Company)
Andy Hopping (Chief Financial Officer, Jackson National Life Insurance Company, The Prudential)
Julie Howard (Chief Operating Officer, Navigant Consulting)
Tao Huang (Chief Operating Officer, Morningstar)
Fred Hubbell (Executive Vice President, Insurance, America & Netherlands, ING Group)
Calvin Hudson (Executive Vice President, Property & Casualty Business, The Hartford)
William Hunt (CEO, State Street Global Advisors, State Street Corporation)
Bob Huret (Partner, FT Ventures)
Patty Hurley (Associate Executive Director, Oklahoma Society of CPAs)
John Iachello (Chief Operating Officer, Pershing Advisor Solutions, Pershing, The Bank of New York Mellon Corporation)
Paul Idzik (Group Chief Operating Officer, Barclays)
Brad Iversen (Chief Marketing Officer, H&R Block)
Chandresh Iyer (Managing Director, Citigroup Global Transaction Services, Citigroup)
John Jacobs (Chief Operating Officer, Unifi Mutual Holding Company)
Douglas Jamieson (Chief Financial Officer, CI Financial)
Ben Jenkins (President, General Bank, Wachovia Corporation)
Thomas Jenkins (Executive Chairman, Open Text Corporation)
Dieter Jentsch (Executive Vice President, Domestic Commercial Banking, Scotia Bank)
Alistair Jessiman (CEO, Wallace & Mackenzie, Navigant Consulting)
Brion Johnson (Executive Vice President, Portfolio Management, PPM America, Jackson National Life Insurance Company, The Prudential)
David Johnson (Partner, Harpeth Partners)
David Johnson (Chief Financial Officer, The Hartford)
Greg Johnson (CEO, Franklin Templeton Investments)
Richard Johnson (Chief Financial Officer, PNC)
Shawn Johnson (Chairman, Investment Committee, State Street Global Advisors, State Street Corporation)
Charles Johnston (CEO, Global Private Client Group, Global Wealth Management, Citigroup)
Colleen Johnston (Chief Financial Officer, TD Bank Financial Group)
William Johnstone (CEO, Davidson Companies)
Alan Jones (Co-Head, Private Equity Business, Morgan Stanley Investment Management, Morgan Stanley)
Alton Jones (Chairman, Pershing, The Bank of New York Mellon Corporation)
Bob Jones (President, Retail Distribution, Axa Advisors, Axa Financial, Axa Group)
Michael Jones (Chief Distribution Officer, Columbia Management, Bank of America Corporation)
Pete Jones (Executive Vice President, Western Banking Group, Wachovia Corporation)
Peter Jones (President, Sales Group, Franklin Templeton Investments)
Jerry Joondeph (Chief Financial Officer, Think Equity Partners)
Robert Joseph (Chief Financial Officer, Alliance Bernstein, Axa Group)
Tif Joyce (President, Joyce Financial Management)
Jeffrey Julien (Chief Financial Officer, Raymond James)
Bill Jurika (Chairman, Jurika, Mills, & Keifer)
Lewis Kaden (Chief Administrative Officer, Citigroup)
Tom Kalaris (Chief Executive, Barclays Wealth, Barclays)
Andy Kalbaugh (President, Retail Broker/Dealer Group, American General, American International Group (AIG))
Michael Kalen (Executive Vice President Individual Life Division, The Hartford)
Atul Kamra (President, First Clearing Correspondent Services, Wachovia Corporation)
Deane Kanaly (Chairman, Kanaly Trust Company)
Drew Kanaly (Vice Chairman, Kanaly Trust Company)
Steve Kanaly (Vice Chairman, Kanaly Trust Company)
Steven Kandarian (Chief Investment Officer, Metropolitan Life)
Keith Kane (Vocals & Guitar, Boys Gone Wild)
Richard Kane (Chairman, Albridge Solutions)
Bernard Kantor (Managing Director, Investec)
Robert Kaplan (Executive Vice President, State Street Corporation)
Tim Keaney (Co-CEO, Asset Servicing, The Bank of New York Mellon Corporation)
Kathryn Kearney (Executive Vice President, Corporate Development, Boston Private Financial Holdings)
Patrick Kelleher (Chief Financial Officer, Genworth Financial)
Anastasia Kelly (General Counsel, American International Group, (AIG))
David Kelly (Senior Economic Advisor, Putnam Investments, Marsh & McLennan)
Stan Kelly (President, Wealth Management, Wachovia Corporation)
William Kelly (President, PFS Investments, Primerica, Citigroup)
William Kennedy (Managing Director, Citigroup Investment Research, Global Wealth Management, Citigroup)
Russell Kennett (Executive Vice President, State Street Corporation)
Jerry Kenney (Managing Director, Financial Institutions Group, Investment Banking, Merrill Lynch)
Ed Keon (Chief Mark Strategist, Prudential Financial)
Dallas Kersey (Principal, Marketing, Edward Jones & Company)
Naguib Kheraj (Group Finance Director, Barclays)
Ahmed Khizer-Khan (Chief Executive, New Markets, Barclays)
Kevin Kiley (Chief Operating Officer, Massachusetts Bankers Association)
Mike Kiley (Managing Director, Morgan Stanley)
Bill King (Executive Vice President, State Farm)
Kelly King (Chief Operating Officer, BB&T Corporation)
Bryant Kirk (Chief Operating Officer, The Newport Group)
Elizabeth Kirscher (President, Data Services Business, Morningstar)
James Klescewski (Chief Financial Officer, RS Investments, Guardian Life Insurance Company of America)
Roger Kline (Director, McKinsey & Company)
Leandra Knes-Johnson (CEO, PPM America, Jackson National Life Insurance Company, The Prudential)
Jeffrey Knight (Managing Director, Capital Markets Committee, Putnam Investments, Marsh & McLennan)
Peter Knitzer (Head of Customer Franchise Management, Global Consumer Group, Citigroup)
Richard Knott (President, Oppenheimer Funds Distributor, Oppenheimer Funds, Mass Mutual Financial Group)
Eric Kobren (CEO, Kobren Associates, E*Trade Financial)
Harvey Koeppel (Chief Investment Officer, Global Consumer Group, Citigroup)
Ellen Koplow (General Counsel, TD Ameritrade, TD Bank Financial Group)
Stephen Koseff (CEO, Investec)
Merrillyn Koiser (Executive Vice President, Mutual Fund Marketing & Investor Services, Ariel Capital Management)
Michael Koster (Executive Vice President, Mortgage Operations & Servicing, Ever Bank Financial)
Roberta Kotkin (Chief Operating Officer, New York Bankers Association)
Susan Kozik (Chief Technology Officer, TIAA-CREF)
Damian Kozlowski (CEO, The Citigroup Private Bank, Citigroup)
Darell Krasnoff (Managing Director, Bel Air Investment Advisors, State Street Global Advisors, State Street Corporation)
Sallie Krawcheck (CEO, Global Wealth Management, Citigroup)
Elizabeth Krentzman (General Counsel, Investment Company Institute)
Barbara Krumsiek (CEO, Calvert, Unifi Mutual Holding Company)
Arkadi Kuhlmann (CEO, ING Direct USA, ING US Financial Services, ING Group)
Russell Labrasca (Executive Vice President, Private Client Services, Wells Fargo Bank)
Marianne Laing-Hay (CEO, Europe, Global Wealth Management, Citigroup)
Dave Lamere (CEO, Private Wealth Management, The Bank of New York Mellon Corporation)
Jeff Lancaster (Managing Principal, Bingham, Osborn, & Scarborough, Boston Private Financial Holdings)
Bill Landman (Partner, CMS Companies)
Ronald Lang (Group Chief Executive Officer, Sungard)
Pierre Lapomme (CEO, BNP Paribas Asset Management, BNP Paribas)
Todd Larsen (Chief Operating Officer, Consumer Media Group, Dow Jones & Company)
Leland Launer (President, Institutional Business, Metropolitan Life)
Rodger Lawson (Vice Chairman, International Insurance & Investments Division, Prudential Financial)
Mark Lazberger (Executive Vice President, State Street Corporation)
Peter Leahy (Chief Product Officer, State Street Global Advisors, State Street Corporation)
Steve Lebow (Partner, Global Retail Partners)
Vincent Lecomte (Chief Operating Officer, BNP Paribas)
Greg Leekley (CEO, Phoenix Bay Partners, Open Finance Network)
Eli Leenaars (Executive Vice President, Retail Banking, ING Group)
Bernard Lemee (Executive Vice President, Group Human Resources, BNP Paribas)
Derek Lemke-Von Ammon (Partner, FT Ventures)
Gary Lenderink (Executive Vice President, Risk Management Products, Guardian Life Insurance Company of America)
Janet Levaux (Managing Editor; Research; Highline Media; Summit Business Media; Wind Point Partners)
Tobias Levkovich (Chief Market Strategist, Citigroup)
Mickey Levy (Chief Economist, Bank of America Corporation)
Vivien Levy-Garboua (Executive Vice President, Compliance, BNP Paribas)
Chuck Lewis (CEO, My Vest Corporation)
Kenneth Lewis (Interim Chief Financial Officer, Franklin Templeton Investments)
Matt Lewis (Executive Vice President, Electronic Commerce Division, Check Free)
Jerry Lieberman (Chief Operating Officer, Alliance Bernstein, Axa Group)
Jarrett Lilien (Chief Operating Officer, E*Trade Financial)
Karl Lindberg (CEO, ING Financial Partners, ING Group)
Richard Lindsey (Co-Head, Bear, Stearns Securities Corporation, The Bear Stearns Companies)
James Lipscomb (General Counsel, Metropolitan Life)
Bruce Lisman (Head of Institutional Equities, The Bear Stearns Companies)
Jon Little (Executive Vice President, Asset Management, The Bank of New York Mellon Corporation)
Jim Livingston (Executive Vice President, Operations, Jackson National Life Insurance Company, The Prudential)
Suzanne LoBiondo (Tax Partner, Marcum & Kliegman)
Steve Lockshin (CEO, Lydian Wealth Management, Lydian Trust Company)
Bruce Long (Executive Vice President, Equity Products, Guardian Life Insurance Company of America)
Mark Lopez (Managing Director, Strategic Planning, LPL Financial Services)
Joseph LoRusso (President, Fidelity Investments Institutional Services Company (FIIS), Fidelity Investments)
Mark Lotke (Partner, FT Ventures)
Nancy Loucks (Executive Vice President, State Street Corporation)
Edward Loughlin (Executive Vice President, SEI Investments)
Chris Lucas (Group Finance Director, Barclays)
Danny Ludeman (CEO, Wachovia Securities, Wachovia Corporation)
David Lundgren (Chief Products Officer, CUNA Mutual Group)
John Lusk (Executive Vice President, Portfolio Operations, Franklin Templeton Investments)
Art Lutschaunig (President, Morningstar Investment Services, Morningstar)
Tom Lydon (President, Global Trends Investments)
Gary Lynch (General Counsel, Morgan Stanley)
Joe Lyons (Senior Principal, State Street Global Advisors, State Street Corporation)
Cees Maas (Chief Financial Officer, ING Group)
Lynne Mabry (Executive Vice President, 1st Global)
Randy MacDonald (Chief Operating Officer, TD Ameritrade, TD Group)
Joanne Mack (CEO, Park Avenue Securities, Guardian Life Insurance Company of America)
Mary Mack (President, Investment Services Group, Wachovia Securities, Wachovia Corporation)
Garry Mackrell (Group Executive, International Financial Services, Commonwealth Bank)
Stephen MacPhail (Chief Operating Officer, CI Financial)
George Madison (General Counsel, TIAA-CREF)
Phil Mahoney (CEO, Legacy Wealth Planning)
Phil Maisano (Chief Investment Officer, The Dreyfus Corporation, The Bank of New York Mellon Corporation)
Georges Makhoul (President, Middle East & North Africa, Morgan Stanley)
Norman Malo (CEO, National Financial Services Corporation, Fidelity Investments)
Kevin Malone (President, Greenrock Research)
David Mangum (Chief Financial Officer, Check Free)
Clark Manning (CEO, Jackson National Life Insurance Company, The Prudential)
Philipe Marchesseaux (Senior Executive, BNP Paribas Asset Management, BNP Paribas)
Jean-Paul Marchetti (Group Chief Financial Officer, IXIS Asset Management Group, Groupe Caisse D'Epargne)
Pierre Mariani (Executive Vice President, International Retail & Financial Services, BNP Paribas)
Frank Marinangeli (Executive Vice President, Corporate Development, TD Bank Financial Group)
Mark Marinella (Executive Vice President, State Street Corporation)
Ann Marks (Chief Marketing Officer, Dow Jones & Company)
David Marks (Chief Investment Officer, CUNA Mutual Group)
Maura Markus (President, Citibank North America, Global Consumer Group, Citigroup)
Thomas Marra (CEO, Hartford Life, The Hartford)
Stephen Marshall (Principal, State Street Global Advisors, State Street Corporation)
Erwin Martens (Executive Vice President, Risk Management, TIAA-CREF)
JoAnn Martin (Chief Financial Officer, Unifi Mutual Holding Company)
Rodney Martin (Executive Vice President, Life Insurance, American International Group (AIG))
Joe Martinetto (Chief Financial Officer, The Charles Schwab Corporation)
Gary Martinez (Executive Vice President, Phoenix Leasing Portfolio Services, Phoenix American)
Sabi Marwah (Chief Administrative Officer, Scotia Bank)
Paul Masi (CEO, Australia, Merrill Lynch)
Barb Mason (Executive Vice President, Wealth Management, Scotia Bank)
Mark Mason (Chief Financial Officer & Head of Strategy and Mergers & Acquisitions, Global Wealth Management, Citigroup)
Bharat Masrani (CEO, TD Banknorth, TD Bank Financial Group)
JC Massar (President, Capital International Asset Management, Capital Group Companies)
Pierre Mathe (Global Head of Private Banking, Societe Generale)
Jean-Louis Mattei (Head of International Retail Banking, Societe Generale)
Louis Mayberg (President, ProFund Advisors)
Charles Mayer (Managing Director, Bel Air Investment Advisors, State Street Global Advisors, State Street Corporation)
Jeffrey Mayer (Co-Head, Fixed Income, The Bear Stearns Companies)
Marc Mayer (Executive Vice President, Alliance Bernstein, Axa Group)
Carolyn Mazzenga (Tax Partner, Marcum & Kliegman)
John McArdle (Group Chief Executive Officer, Sungard)
Dan McAuliffe (Chief Operating Officer, Tribecca Global Management, Citigroup)
Bob McCann (President, Global Private Client Group, Merrill Lynch)
Tim McCarthy (CEO, Nikko Asset Management, Nikko Cordial Corporation)
Pat McClain (Senior Financial Advisor, Hanson McClain)
Dick McCloskey (Managing Partner, Tax & Financial Group)
Ellyn McColgan (Executive Vice President, Fidelity Investments)
James McCool (Executive Vice President, Schwab Corporate & Retirement Services, The Charles Schwab Corporation)
Glenn McCoy (Chief Financial Officer, Wealth Management, Wachovia Corporation)
Randy McCoy (Executive Vice President, Software Division, Check Free)
Ray McCulloch (Executive Vice President, BB&T Corporation)
Jack McDermott (CEO, LaSalle Street Securities)
Stephen McDonald (Co-CEO, Scotia Capital, Scotia Bank)
Eileen McDonnell (President, New England Financial, Metropolitan Life)
Patrick McEvoy (President, Multi Financial Services Corporation, ING Group)
Shannon McFayden (Senior Executive Vice President, Human Resources & Corporate Relations, Wachovia Corporation)
Liam McGee (President, Global Consumer & Small Business Banking, Bank of America Corporation)
Dennis McGonigle (Chief Financial Officer, SEI Investments)
Don McGrath (CEO, Banc West Corporation, BNP Paribas)
Tom McInerney (CEO, ING US Financial Services, ING Group)
Jim McInnis (President, Wholesale Distribution, ING Annuities, ING)
Frank McKenna (Deputy Chairman, TD Bank Financial Group)
Kim McKenzie (Executive Vice President, Information Technology & Solutions, Scotia Bank)
Fergus McKeon (Managing Director, Global Business Development, PFPC International, PFPC, PNC)
Michael McLintock (Chief Executive, M&G, The Prudential)
Tom McManus (Chief Market Strategist, Bank of America Corporation)
William McNabb (Managing Director, Institutional Investor Group, Vanguard Group)
Dan McNamara (Investment Products Group Executive, Bank of America Corporation)
Jack McNamara (President, The Japan Fund)
Henry McVey (Chief Market Strategist, Morgan Stanley)
Debby McWhinney (President, Schwab Institutional, The Charles Schwab Corporation)
Steve McWhorter (CEO, Securities America, Ameriprise Financial)
James Meany (CEO, Lydian Bank & Trust, Lydian Trust Company)
Manual Medina-Mora (CEO, Latin America Business, Citigroup)
Gary Meeks (Vice Chairman, Ever Bank Financial)
Barry Melancon (Executive Director, American Institute of Certified Public Accountants)
Jerry Melia (Chief Financial Officer, Loring Ward International, Loring Ward)
Mendel Melzer (President, Newport Group Securities, The Newport Group)
Ines Mercereau (Head of Corporate Strategy, Societe Generale)
Randy Merk (President, Schwab Financial Products, The Charles Schwab Corporation)
Jody Meth (Executive Vice President, Product Management & Development, National Financial Services Corporation, Fidelity Investments)
Rob Methven (President, Retirement Services Group, Genworth Financial)
Mark Mettleman (CEO, Triad Advisors)
Madge Meyer (Executive Vice President, State Street Corporation)
Kirk Michie (Managing Director, Lenox Advisors)
Douglas Miller (Executive Vice President, State Street Corporation)
James Miller (CEO, SII Investments, Jackson National Life Insurance Company, The Prudential)
Michael Miller (Chief Operating Officer, Scottsdale Insurance, Nationwide)
Michael Miller (Managing Director, Planning & Development Group, Vanguard Group)
Karl Mills (President, Jurika, Mills, & Keifer)
Michael Minikes (Co-Head, Bear, Stearns Securities Corporation, The Bear Stearns Companies)
Alex Moczarski (CEO, Europe, Middle East, & Africa Region, Marsh & McLennan)
Avid Modjtabai (Executive Vice President, Human Resources, Wells Fargo Bank)
Samuel Molinaro (Chief Financial Officer, The Bear Stearns Companies)
Don Monks (Co-Head, Integration, The Bank of New York Mellon Corporation)
David Monroe (General Counsel, Nikko Asset Management, Nikko Cordial Corporation)
Tom Monti (CEO, MML Investor Services, Mass Mutual Financial Group)
John Moody (President, Matrix Settlement & Clearing Services, MG Colorado Holdings)
Kristian Moor (Executive Vice President, Domestic General Insurance, American International Group (AIG))
William Moore (CEO, Met Life Auto & Home, Metropolitan Life)
Nicholas Moreau (CEO, Axa Investment Managers, Axa Group)
Bary Morgan (Chief Investment Officer, Baird Investment Management, RW Baird & Company)
Todd Morgan (Senior Managing Director, Bel Air Investment Advisors, State Street Global Advisors, State Street Corporation)
Tom Morgan (Managing Director, Bel Air Investment Advisors, State Street Global Advisors, State Street Corporation)
Tom Moriarty (President, Intersecurities, Aegon)
Osamu Morita (Chief Financial Officer, Nikko Cordial Corporation)
Aled Morris (Managing Director, Harris Interactive Europe, Harris Interactive)
James Morris (Chief Operating Officer, Pacific Life Insurance Company)
Ed Morrison (Chief Operating Officer, Albridge Solutions)
Russ Morton (Director, Global Private Client Branch System, Global Wealth Management, Citigroup)
Victor Moses (Chief Actuary, Genworth Financial)
Brian Moynihan (President Global Wealth & Investment Management, Bank of America Corporation)
Richard Mucci (Executive Vice President, Group Benefits Division, The Hartford)
William Mullaney (President, Institutional Business, Metropolitan Life)
Teresa Mullet-Ressel (CEO, UBS Securities)
Peter Mullin (CEO, Mullin TBG)
Michael Muratore (Executive Vice President, Sungard)
Brian Murphy (CEO, Woodbury Financial Services, The Hartford)
John Murphy (CEO, Oppenheimer Funds, Mass Mutual Financial Group)
Karen Muzi (Principal, State Street Global Advisors, State Street Corporation)
Glenn Myers (Chief Operating Officer, MDE Group)
David Nadler (Vice Chairman, Marsh & McLennan)
Ken Naehu (Managing Director, Bel Air Investment Advisors, State Street Global Advisors, State Street Corporation)
George Napoles (Chief Administrative Officer, Jackson National Life Insurance Company, The Prudential)
Robert Neeley (Managing Partner, Hanson McClain Retirement Network, Hanson McClain)
Thomas Neill (President, Credit Union & Industry Products Group, Fiserv)
Win Neuger (Chief Investment Officer, American International Group (AIG))
Jennings Newcom (General Counsel, Lovell Minnick Partners)
Lynn Niedermeier (CEO, Invest Financial Corporation, Jackson National Life Insurance Company, The Prudential)
Mike Niedermeyer (Executive Vice President, Asset Management, Wells Fargo Bank)
Don Niemann (CEO, Niemann Capital Management)
Keith Nixon (Executive Vice President, Federated Investors)
Frances Nolan (Executive Vice President, Individual Client Services, TIAA-CREF)
Peter Noris (Chief Investment Officer, Ivy Asset Management, The Bank of New York Mellon Corporation)
Kendall Nottingham (Executive Vice President, Life Insurance, American International Group (AIG))
Steve Novik (Chief Financial Officer, Edward Jones & Company)
Tony Nunes (Chief Financial Officer, Albridge Solutions)
Declan O'Beirne (Chief Financial Officer, Gunn Allen Financial)
Dermot O'Brien (Executive Vice President, Human Resources & Corporate Services, TIAA-CREF)
Patrick O'Brien (President, Evergreen Investments, Wachovia Corporation)
David Odenath (President, Prudential Annuities, Prudential Financial)
Noriyuki Ogasawara (Executive Deputy President, Nikko Cordial Securities, Nikko Cordial Corporation)
Jean-Jacques Ogier (CEO, SG Americas, Societe Generale)
Michael O'Keefe (Head of Global Private Client Investment Management & Guidance, Global Wealth Management Group, Merrill Lynch)
Thomas Oliver (CEO, United Planners' Financial Services of America, Pacific Life Insurance Company)
Steve Olsen (Chief Information Officer, Check Free)
Stan Ommen (CEO, State Farm Bank, State Farm)
Peter O'Neill (Executive Vice President, State Street Corporation)
Thomas O'Neill (President, Financial Institutions, Aegon USA, Aegon)
Deanna Oppenheimer (CEO, United Kingdom Retail Banking, Barclays)
Damian Ornani (Co-President, Fisher Investments)
Anthony Orsatelli (Executive Vice President, Investment Banking, Groupe Caisse D'Epargne)
Ed Osborn (Partner, Bingham, Osborn, & Scarborough, Boston Private Financial Holdings)
Clyde Ostler (President, Private Client & Internet Services, Wells Fargo Bank)
Brian O'Toole (CEO, Asset Mark Investment Services, Genworth Financial Asset Management, Genworth Financial)
Terry Otton (CEO, RS Investments, Guardian Life Insurance Company of America)
Frederic Oudea (Chief Financial Officer, Societe Generale)
Curt Overway (President, Managed Portfolio Advisors, IXIS Asset Management Advisors Group, Group Caisse D'Epargne)
Ralph Packard (Managing Director, Finance Group, Vanguard Group)
Edythe Pahl (Executive Director, Investment Management Consultants Association)
James Palermo (Co-CEO, Asset Servicing, The Bank of New York Mellon Corporation)
Vincent Paolucci (Tax Partner, Marcum & Kliegman)
Alain Papiasse (Executive Vice President, Asset Management & Services, BNP Paribas)
Purma Pareek (CEO, Advice America)
Jon Parker (President, Western Region, Boston Private Financial Holdings)
Stuart Parker (Executive Vice President, Jennison Associates, Prudential Financial)
Steffen Parratt (Head of Financial Planning & Analysis and Capital Allocation, Citigroup)
David Pauli (Chief Operating Officer, CI Investments, CI Financial)
Karen Peetz (Senior Executive Vice President, Corporate Trust, The Bank of New York Mellon Corporation)
John Peluso (President, Wachovia Securities Financial Network, Wachovia Securities, Wachovia Corporation)
Paul Perkins (President, American Securities Group, Open Finance Network)
Ben Perks (Chief Financial Officer, Navigant Consulting)
Joseph Perry (Tax Partner, Marcum & Kliegman)
Michael Perry (Executive Vice President, AIG Valic, American International Group (AIG))
Dave Petersen (President, Financial Services Advisory)
Grahame Petersen (Group Executive, Wealth Management, Commonwealth Bank)
Francois Petit-Jean (Head of Private Equity, BNP Paribas)
Michael Petronella (President, Dow Jones Indexes & Ventures, Dow Jones & Company)
Michael Petrullo (Chief Administrative Officer, Marsh & McLennan)
Rick Pfeiffer (CEO, AIG Consumer Finance Group, American International Group (AIG))
James Phalen (Executive Vice President, International Investment Servicing and Investment Research & Trading, State Street Corporation)
Don Phillips (Managing Director, Corporate Strategy, Research, & Communications, Morningstar)
Joyce Phillips (Head of International Retail Bank, Global Consumer Group, Citigroup)
Kevin Piccoli (Executive Vice President, Corporate Consulting Group, The Bank of New York Mellon Corporation)
Francois Pierson (CEO, France & Canada, Axa Group)
Steven Pisarkiewicz (Executive Vice President, BNY Asset Management, The Bank of New York Mellon Corporation)
Robert Pitfield (Executive Vice President, International Banking, Scotia Bank)
Jed Plafker (Executive Managing Director, International Retail, Franklin Templeton Investments)
William Plummer (Chief Financial Officer, Dow Jones & Company)
Jeffrey Plunkett (General Counsel, IXIS Asset Management Group, Groupe Caisse D'Epargne)
John Poff (Chief Operating Officer, Mutual Service Corporation, Pacific Life Insurance Company)
Christian Poirier (Head of Strategy & Marketing, Retail Banking, Societe Generale)
Gary Poliner (Chief Financial Officer, Northwestern Mutual)
Brian Porter (Chief Risk Officer, Scotia Bank)
Jeff Powell (Partner, Harpeth Partners)
Michael Powers (Managing Director, Bel Air Investment Advisors, State Street Global Advisors, State Street Corporation)
Joel Press (Managing Director, Prime Brokerage Division, Morgan Stanley)
Walter Pressey (President, Boston Private Financial Holdings)
Nick Prettejohn (Chief Executive, Prudential United Kingdom & Europe, The Prudential)
Joe Price (Chief Financial Officer, Bank of America Corporation)
Georganne Proctor (Chief Financial Officer, TIAA-CREF)
Jim Putnam (Managing Director, National Sales, LPL Financial Services)
Andy Putterman (President, Fortigent, Lydian Trust Company)
James Puzniak (President, Lending Solutions, Fiserv)
Deborah Quazzo (President, Think Equity Partners)
Christopher Quick (Chairman, Banc of America Specialist, Bank of America Corporation)
Raymond Quinlan (CEO, North American Retail Distribution, Global Consumer Group, Citigroup)
Alison Quirk (Executive Vice President, State Street Corporation)
Amy Radin (Chief Innovation Officer, Global Consumer Group, Citigroup)
Ernest Rady (Chairman, Wachovia Dealer Financial Business, Wachovia Corporation)
Samir Raslan (CEO, Investments, Asia/Pacific & Middle East Region, Global Wealth Management, Citigroup)
Marty Ratner (Chief Financial Officer, Niemann Capital Management)
Gary Reamey (Principal, Canadian Operations, Edward Jones & Company)
William Reed (Vice Chairman, Geographical Banking, Sun Trust)
Robert Reichert (Chief Financial Officer, Lydian Trust Company)
Alan Reid (President, Forward Management)
Brian Reid (Chief Economist, Investment Company Institute)
Frederick Reidenbach (Chief Financial Officer, Nikko Asset Management, Nikko Cordial Corporation)
Catherine Rein (Chief Administrative Officer, Metropolitan Life)
Len Reinhart (President, Lockwood, The Bank of New York Mellon Corporation)
Patrick Reinkemeyer (President, Morningstar Associates, Morningstar)
Alan Resler (Chief Financial Officer, CRA Rogers Casey)
Kathy Ricord (Chief Marketing Officer, Nationwide)
Jim Riepe (Retired Vice Chairman & Senior Advisor, T. Rowe Price Group)
Richard Riess (CEO, Eagle Asset Management, Raymond James)
Neal Ringquist (President, Advisor Software)
Alexander Rinnooy-Kan (Executive Vice President, Insurance, Asia/Pacific & Europe, ING Group)
John Rizzo (Tax Partner, Marcum & Kliegman)
Chuck Roame (Part-Time Database Manager, Tiburon Strategic Advisors)
Ray Robbins (Principal, Products & Services, Edward Jones & Company)
Chuck Robinson (Senior Vice President, Investment Products & Services, Northwestern Mutual)
Tony Rochte (Senior Managing Director, Intermediary Business, State Street Global Advisors, State Street Corporation)
Brian Rogan (Executive Vice President, Issuer & Treasury Services, The Bank of New York Mellon Corporation)
Bill Rogers (Executive Vice President, Wealth & Asset Management, Sun Trust)
James Rogers (Chief Operating Officer, Hilliard Lyons, PNC)
Michael Rogers (President, Investors Bank & Trust, State Street Corporation)
Barr Rosenberg (CEO, Axa Rosenberg, Axa Group)
David Rosenberg (Chief North American Economist, Merrill Lynch)
Robert Rosholt (Chief Financial Officer, Nationwide)
Jim Ross (Senior Managing Director, Intermediary Business, State Street Global Advisors, State Street Corporation)
Peter Ross (Chief Investment Officer, Northwestern Mutual)
Stephen Rossi (Chief Financial Officer, Borel Private Bank & Trust Company, Boston Private Financial Holdings)
Jane Rowe (Executive Vice President, Domestic Personal Lending & Insurance, Scotia Bank)
Sharon Rowlands (CEO, Thomson Financial, The Thomson Corporation)
Trevor Rozowski (CEO, Virtual Bank, Lydian Trust Company)
Peter Rubenovitch (Chief Financial Officer, Manulife Financial)
Billy Rubino (Chief Financial Officer, Envestnet Asset Management)
Andrew Rudd (CEO, Advisor Software)
Jim Ruff (President, Oppenheimer Funds Distributor, Oppenheimer Funds, Mass Mutual Financial Group)
Leonard Rush (Chief Financial Officer, RW Baird & Company)
George Russell (Executive Vice President, State Street Corporation)
Jim Rutrough (Chief Administrative Officer, State Farm)
Bill Ryan (Chairman, TD Banknorth, TD Bank Financial Group)
Neal Ryland (Executive Vice President, Risk Management, IXIS Asset Management Group, Groupe Caisse D'Epargne)
Gregory Salsbury (Executive Vice President, Jackson National Life Distributors, Jackson National Life Insurance Company, The Prudential)
Bill Salus (Executive Vice President, Global Business Development, PFPC, PNC)
Jean-Francois Sammarcelli (Head of Retail Banking, Societe Generale France, Societe Generale)
Robert Sandler (Executive Vice President, Domestic Personal Lines, American International Group (AIG))
Andy Saperstein (Chief Operating Officer, National Sales, Global Wealth Management, Morgan Stanley)
Michael Sapir (CEO, ProFund Advisors)
Gideon Sasson (Chief Information Officer, The Charles Schwab Corporation)
Gus Sauter (Chief Investment Officer, Vanguard Group)
Haruo Sawada (Senior Managing Director, Nikko Asset Management, Nikko Cordial Corporation)
Roger Sayler (Chief Operating Officer, Columbia Management, Bank of America Corporation)
John Scarborough (Partner, Bingham, Osborn, & Scarborough, Boston Private Financial Holdings)
Peter Scaturro (CEO, US Trust Corporation, Bank of America Corporation)
Paul Schaeffer (Managing Director, SEI Investments)
Ken Schapiro (President, Condor Capital Management)
Tim Scheve (Senior Executive Vice President, International Asset Management, Legg Mason)
John Schlifski (Senior Vice President, Investment Products & Services and Affiliates, Northwestern Mutual)
Dean Schmelzer (Group President, Marketing & Sales, Fiserv)
Paul Schott Stevens (CEO, Investment Company Institute)
Michael Schroeder (Chief Executive, Private Client Group, RW Baird & Company)
Bob Schulman (CEO, Tremont Group Holdings, Mass Mutual Financial Group)
Gail Schulman (Executive Vice President, Strategic Business Development, Advent Software)
Scott Schulman (President, Dow Jones Financial Information Services, Dow Jones & Company)
John Schumacher (Co-CEO, Scotia Capital, Scotia Bank)
Pam Schutz (CEO, Retirement Income & Investments, Genworth Financial)
Alan Schwartz (Co-Chief Operating Officer, The Bear Stearns Companies)
Mark Schwarzmann (President, Insurance, Annuitities, & Product Distribution, Ameriprise Financial)
Skip Schweiss (Executive Vice President, Fiserv Investment Support Services, Fiserv)
Bertram Scott (Executive Vice President, Strategy, Implementation, & Policy, TIAA-CREF)
William Seale (Chief Economist, ProFund Advisors)
Frits Seegers (Chief Executive, Global Retail & Commercial Banking, Barclays)
Mark Segal (President, Business & Financial Management, Loring Ward International, Loring Ward)
Beth Segers (Managing Director, Putnam Investments, Marsh & McLennan)
Pierre Servant (Executive Vice President, Finance & Risk Management, Groupe Caisse D'Epargne)
Jim Seuffert (Executive Vice President, Lockwood, The Bank of New York Mellon Corporation)
Frances Aldrich Sevilla-Sacasa (President, US Trust Corporation, Bank of America Corporation)
Timothy Shack (CEO, PFPC, PNC)
John Shackleton (CEO, Open Text Corporation)
Lisa Shalett (Executive Vice President, Sanford Bernstein, Axa Group)
Kim Sharan (Chief Marketing & Communications Officer, Ameriprise Financial)
Deepak Sharma (CEO, Asia Pacific & Middle East Region, Global Wealth Management, Citigroup)
Deven Sharma (Executive Vice President, Investment Services & Global Sales, Standard & Poor's, The McGraw Hill Companies)
Jeff Sharp (Investment Advisor Representative, Silverstone Group)
Kevin Sheehan (CEO, Investors Bank & Trust, State Street Corporation)
Stanley Shelton (Executive Vice President, State Street Global Markets, State Street Corporation)
Ken Shields (CEO, Raymond James International, Raymond James)
Yasuaki Shiraishi (Senior Managing Director, Nikko Asset Management, Nikko Cordial Corporation)
Zion Shohet (Head of Strategy and M&A Group, Citigroup)
Dave Short (Chairman, American Funds Distributors, Capital Group Companies)
David Sidwell (Chief Financial Officer, Morgan Stanley)
David Siegel (President, PFS Investments, Primerica, Citigroup)
Richard Silver (General Counsel, Axa Financial, Axa Group)
Ron Silverman (Managing Director, Bel Air Investment Advisors, State Street Global Advisors, State Street Corporation)
Robert Simmons (Chief Financial Officer, E*Trade Financial)
Evan Simonoff (Editor-in-Chief, Financial Advisor Magazine, Charter Financial Publishing Network)
Murray Simpson (Executive Vice President, Franklin Templeton Investments)
Arthur Sims (President, Davidson Trust Company, Davidson Companies)
John Sinnott (Vice Chairman, Marsh & McLennan)
Yves Sisteron (Partner, Global Retail Partners)
Claudia Slacik (Global Head of Trade Services & Finance, Global Transaction Services, Corporate & Investment Banking, Citigroup)
Peter Small (President, Pyramis Global Advisors, Fidelity Investments)
David Smilow (Chairman, Jefferson National Financial, Inviva Securities Corporation)
Catherine Smith (Chief Operating Officer, ING US Financial Services, ING Group)
David Smith (Group Publisher, Financial Advisor Magazine, Charter Financial Publishing Network)
Graham Smith (Chief Financial Officer, Advent Software)
Michael Smith (CEO, New York Bankers Association)
Bob Smoke (CEO, Seton Smoke Capital Management)
Mark Snyder (Executive Vice President, State Street Corporation)
Mark Solomon (CEO, CMS Companies)
Maurisa Sommerfield (Executive Vice President, Operations, The Charles Schwab Corporation)
William Sonneborn (Chief Operating Officer, Trust Company of the West (TCW), Societe Generale)
Daniel Sontag (Head of Americas Advisory Division, Global Private Client, Merrill Lynch)
Thomas Sorell (Chief Investment Officer, Guardian Life Insurance Company of America)
Martin South (CEO, United Kingdom Operations, Marsh, Marsh & McLennan)
Brooke Southall (Reporter, Investment News, Crain Communications)
Nicholas Spaeth (Chief Legal Officer, H&R Block)
Warren Spector (Co-Chief Operating Officer, The Bear Stearns Companies)
Frank Speno (Executive Vice President, Business Development, Alliance Bernstein, Axa Group)
Alan Spiegelman (Wealth Management Advisor, Northwestern Mutual)
Paul Spijkers (CEO, ABP Investments, State Street Corporation)
David Spiller (CEO, Guy Carpenter & Company, Marsh & McLennan)
John Spinney (Chief Financial Officer, Investors Bank & Trust, State Street Corporation)
Tom Spitzer (CEO, Summerville Advisors)
Raymond Sprague (Executive Vice President, Business Development Property & Casualty Business, The Hartford)
David Stafford (Assistant to the CEO, The McGraw Hill Companies)
Heidi Stam (General Counsel, Vanguard Group)
Clive Standish (Chief Financial Officer, UBS)
MaryEllen Stanek (Chief Investment Officer, Baird Advisors, RW Baird & Company)
Richard Stanley (CEO, China, Citigroup)
Diana Starcher (Senior Executive Vice President, Customer Service, Sales, & Operations, Wells Fargo Bank)
Clarke Stares (Executive Vice President, Specialized Lending, BB&T Corporation)
Greg Stark (Managing Director, US Individual Investor Services, Russell Investment Group, Northwestern Mutual)
Robert Stasik (Executive Vice President, Payment Solutions & Investor Services, The Bank of New York Mellon Corporation)
Philip Strassler (Tax Partner, Marcum & Kliegman)
Esther Stearns (Chief Operating Officer, LPL Financial Services)
Robert Steinberg (Executive Vice President, The Bear Stearns Companies)
Richard Steiny (President, Asset Mark Investment Services, Genworth Financial Asset Management, Genworth Financial)
Jim Stephenson (Managing Director, Bel Air Investment Advisors, State Street Global Advisors, State Street Corporation)
Milford Stern (CEO, ML Stern & Company, Pacific Life Insurance Company)
John Stewart (Managing Director, Citibank North America, Citigroup)
Paul Stewart (Chief Financial Officer, 1st Global)
David Steyn (Executive Vice President, Alliance Bernstein Institutional Investments, Axa Group)
Buck Stinson (President, Long-Term Care Insurance, Genworth Financial)
Floyd Stoner (Executive Director, Congressional Relations & Public Policy, American Bankers Association)
Brian Storms (CEO, Marsh, Marsh & McLennan)
Sam Stovall (Chief Investment Strategist, Standard & Poor's, The McGraw Hill Companies)
John Strangfeld (Vice Chairman, Investment Division, Prudential Financial)
John Straus (Head of Private Wealth Management, UBS)
Joseph Streppel (Chief Financial Officer, Aegon)
David Strickland (Executive Vice President, Community Banking, Ever Bank Financial)
Charlie Stroller (CEO, Charter Financial Publishing Network)
Hal Strong (Chief Financial Officer, Russell Investment Group, Northwestern Mutual)
Otello Sturino (Chief Operating Officer, State Street Global Advisors, State Street Corporation)
Barbara Stymiest (Chief Operating Officer, Royal Bank of Canada)
Norio Suda (Executive Deputy President, Nikko Cordial Securities, Nikko Cordial Corporation)
Wendy Suehrstedt (CEO, Mid-Atlantic Division, TD Banknorth, TD Bank Financial Group)
Hiriaki Sugioka (Vice Chairman, Nikko Cordial Securities, Nikko Cordial Corporation)
Siva Suresh (Non-Executive Chairman, Envestnet Asset Management)
John Surface (Executive Vice President, Corporate Development, Ever Bank Financial)
Cece Sutton (President, Retail Bank, Wachovia Corporation)
Mark Sutton (CEO, UBS Americas, UBS)
Joseph Sweeney (President, Financial Planning, Products, & Services, Ameriprise Financial)
Lawrence Szczech (Senior Advisor, TD Ameritrade, TD Bank Financial Group)
John Taft (CEO, RBC Dain Rauscher, Royal Bank of Canada)
Steve Tait (President, RSM McGladrey Business Services, H&R Block)
Eiichi Takahashi (Chief Administrative Officer, Nikko Asset Management, Nikko Cordial Corporation)
Dour Talir (General Manager, Advisor Services, Scottrade)
Anne Tangen (Executive Vice President, State Street Corporation)
Alan Tapnack (Executive Director, Investec)
Robert Tarter (Executive Vice President, State Street Corporation)
Anne Tatlock (CEO, Fiduciary Trust Company International, Franklin Templeton Investments)
Bill Taylor (President, Managed Assets, Evergreen Invesments, Wachovia Corporation)
George Terhanian (President, Harris Interactive Europe & Global Internet Research, Harris Interactive)
Thomas Territ (President, Federated Securities Corporation, Federated Investors)
John Thiel (Head of Private Banking & Investment Group, Global Wealth Management Group, Merrill Lynch)
Owen Thomas (Acting Chief Operating Officer, Investment Management, Morgan Stanley)
Robert Thompson (Senior Managing Director, Global Alternative Investments, AIG Global Investments Group, American International Group (AIG))
Alex Thomson (Partner, Russell Reynolds Associates)
Todd Thomson (CEO, Global Wealth Management, Citigroup)
Mark Thresher (Chief Operating Officer, Nationwide Financial, Nationwide)
Gary Thursby (Acting Group Executive, Finance & Risk Management, Commonwealth Bank)
Dan Timm (Principal, Sales Hiring & Training, Edward Jones & Company)
Michael Tipsord (Chief Financial Officer, State Farm)
Thomas Tizzio (Senior Vice Chairman, General Insurance, American International Group (AIG))
Carrie Tolstedt (Executive Vice President, Regional Banking, Wells Fargo Bank)
William Toppeta (President, International, Metropolitan Life)
Mark Torkos (Chief Information Officer, North America Consumer Group, Citigroup)
Christopher Toub (CEO, Alliance Bernstein Limited, Alliance Bernstein, Axa Group)
Khanh Tran (Chief Financial Officer, Pacific Life Insurance Company)
Mark Treanor (General Counsel, Wachovia Corporation)
Thomas Tremaine (Executive Vice President, Operations & Administration, Raymond James)
Mike Treske (President, Manulife Wood Logan, Manulife Financial)
Steve Trevor (Co-Head, Private Equity Business, Morgan Stanley Investment Management, Morgan Stanley)
James Tricarico (Principal, Legal, Edward Jones & Company)
Vincent Trosino (Chief Operating Officer, State Farm)
Frank Trotter (President, Ever Bank Direct, Ever Bank Financial)
Bill Trubeck (Chief Financial Officer, H&R Block)
Bob Trunzo (Chief Sales Officer, CUNA Mutual Group)
Ted Truscott (CEO, US Asset Management, Ameriprise Financial)
Don Truslow (Chief Risk Officer, Wachovia Corporation)
Edmund Tse (Senior Vice Chairman, Life Insurance, American International Group (AIG))
K. Tse (Executive Vice President, State Street Corporation)
Stanley Tulin (Vice Chairman, Axa Financial, Axa Group)
Ellen Turf (CEO, National Association of Personal Fianncial Advisors)
David Turner (Partner, West LB Mellon Asset Management, The Bank of New York Mellon Corporation)
John Tyers (Senior Managing Director, Broker/Dealer Clearing & Investment Advisor Services, The Bear Stearns Companies)
Craig Tyle (General Counsel, Franklin Templeton Investments)
Joe Ujobai (Executive Vice President, SEI Investments)
Bill Urban (Partner, Bingham, Osborn, & Scarborough, Boston Private Financial Holdings)
Nicholas Utton (Chief Marketing Officer, E*Trade Financial)
David Vaden (Chief Strategy Officer, Harris Interactive)
Christophe Vallee (Executive Vice President, Wealth Management, Bank of the West, BNP Paribas)
Jim Vallone (Chief Auditor, The Bank of New York Mellon Corporation)
Ruurd VanDenBerg (Executive Vice President, Group Finance & Information, Aegon)
Hans VanDerNoordea (Executive Program Member, ING Group)
J. VanDerWerf (Member, Executive Board, Aegon)
Edward VanDolsen (Executive Vice President, Institutional Client Services, TIAA-CREF)
Michiel VanKatwijk (Executive Vice President, Group Corporate Affairs & Investor Relations, Aegon)
Luc Vanneste (Chief Financial Officer, Scotia Bank)
Bruce VanSaun (Chief Financial Officer, The Bank of New York Mellon Corporation)
Alexander VanTienhoven (President, Latin America Region, The Citigroup Private Bank, Global Wealth Management, Citigroup)
Enrique Vasquez (President, Personal Advisor Network, Genworth Financial)
Ashok Vaswali (CEO, Asia Pacific, Global Consumer Group, Citigroup)
Joseph Velli (CEO, BNY Securities Group, The Bank of New York Mellon Corporation)
Robert Venable (Managing Director, Research, RW Baird & Company)
Carl Verboncoeur (CEO, Rydex Investments)
Hans Verkoren (CEO, ING Direct, ING Group)
Peter Voss (CEO, IXIS Asset Management Group, Groupe Caisse D'Epargne)
Terry Wade (President, Insurance Solutions Group, Fiserv)
Dennis Wallestad (Chief Financial Officer, Pershing, The Bank of New York Mellon Corporation)
Craig Waling (CEO, Private Bank, UBS Wealth Management US, UBS)
Brian Walsh (Executive Vice President, State Street Corporation)
John Walters (President, US Wealth Management, The Hartford)
Susan Waring (Chief Administrative Officer, Life, State Farm)
Jana Waring-Greer (President, SunAmerica Retirement Markets, American International Group (AIG))
Jeffrey Warren (Managing Director, Russell Reynolds Associates)
Tracey Warson (Managing Director, Western Region, US Trust Corporation, Bank of America Corporation)
Gib Watson (CEO, Prima Capital Management, Prima Capital Holding)
Wendy Watson (Executive Vice President, State Street Corporation)
John Watts (Vice Chairman, BNP Paribas Asset Management, BNP Paribas)
Lisa Weber (President, Individual Business, Metropolitan Life)
Raoul Weil (CEO, Wealth Management International, UBS)
Jeffrey Weiner (Managing Partner, Marcum & Kliegman)
Irv Weiser (Chairman, RBC Dain Rauscher, Royal Bank of Canada)
Jay Welker (Executive Vice President, Private Client Services, Wells Fargo Bank)
James Wells (Chief Operating Officer, Sun Trust)
Leo Wells (President, Wells Real Estate Funds)
Mike Wells (Chief Operating Officer, Jackson National Life Insurance Company, The Prudential)
Marc West (Chief Information Officer, H&R Block)
James Westlake (Group Head, Canadian Personal & Business, Royal Bank of Canada)
Tony Whatley (CEO, Accessor Capital Management)
William Wheeler (Chief Financial Officer, Metropolitan Life)
Robert Whelan (Chief Financial Officer, Boston Private Financial Holdings)
James Wienclaw (Tax Partner, Marcum & Kliegman)
Steven Wiggs (Chief Marketing Officer, BB&T Corporation)
George Wilbanks (Managing Director, Russell Reynolds Associates)
Bill Wilder (President, Nikko Asset Management, Nikko Cordial Corporation)
Stephen Wilhort (President, Lydian Data Services, Lydian Trust Company)
Jay Wilkinson (Executive Vice President, Group Management, AIG Valic, American International Group (AIG))
Jane Williams (CEO, Sandhill Advisors, Boston Private Financial Holdings)
Michael Williams (Executive Vice President, State Street Corporation)
Blake Wilson (President, Ever Bank Financial)
Chris Wilson (Head of Mutual Funds, Columbia Funds, Bank of America Corporation)
Leon Wilson (Senior Executive Vice President, Operations Division, BB&T Corporation)
Michael Wilson (Executive Vice President, State Street Corporation)
Donna Winn (CEO, OFI Investments, Oppenheimer Funds, Mass Mutual Financial Group)
Chris Winship (Partner, FT Ventures)
Matthew Winter (Executive Vice President, Individual Insurance Group, Mass Mutual Financial Group)
Jay Wintrob (Executive Vice President, Retirement Services, American International Group (AIG))
Peter Wissinger (CEO, Acordia, Wells Fargo Bank)
Kurt Woetzel (Chief Information Officer, The Bank of New York Mellon Corporation)
Robert Wolf (CEO, UBS Americas, UBS)
Chris Wolfe (Chief Investment Officer, Ultra High Net Worth Business, Global Wealth Management Group, Merrill Lynch)
Doug Woods (Chief Information Officer, Ever Bank Financial)
Amy Woods-Brinkley (Global Risk Executive, Bank of America Corporation)
Doreen Woo-Ho (President, Consumer Credit Group, Corporate Trust Services, Wells Fargo Bank)
Janine Wortheim (Chief Marketing Officer, Securities America, Ameriprise Financial)
Tom Wurtz (Chief Financial Officer, Wachovia Corporation)
Alexander Wynaendts (Member, Executive Board, Aegon)
David Wyss (Chief Economist, Standard & Poor's, The McGraw Hill Companies)
Jeff Yabuki (CEO, Fiserv)
Josh Yager (Principal, The Anodos Group)
Ed Yingling (CEO, American Bankers Association)
Arlene Yocum (Managing Executive, PNC Wealth Management, PNC)
Ron Yolles (President, Ronald Yolles Investment Management)
Raymundo Yu (Head of EMEA & Pacific Regions, Global Private Client, Merrill Lynch)
Dennis Zank (President, Raymond James & Associates, Raymond James)
Mary Zimmer (Chief Operating Officer, RBC Dain Rauscher, Royal Bank of Canada)
Michael Zink (President, Guangdong Development Bank, Citigroup)
George Zippel (CEO, Protection Products, Genworth Financial)
Lizabeth Zlatkus (President, International Wealth Management & Group Benefits, The Hartford)
Robert Zuccaro (Chief Accounting Officer, National Financial Partners)
David Zuercher (Executive Vice President, International & Insurance Services, Wells Fargo Bank)
Marcel Zutter (Executive Vice President, State Street Corporation)
David Zwiener (Chief Operating Officer, Property & Casualty Operations, The Hartford)



A I M Management Group Inc.
ABC arbitrage
Aberdeen Asset Management PLC
Aberforth Partners
ABN AMRO Asset Management Holding NV
ABN AMRO Mellon Global Securities Services B.V.
Adam & Company plc
Affiliated Managers Group, Inc. [AMG]
AGF International Advisors Co. Ltd.
AGF Management Limited
AGF Private Equity
AIG Global Investment Group
AIG Retirement Services, Inc.
Alexander Securities Group L.L.C.
Alliance Trust Savings Limited
AllianceBernstein Holding L.P. [AB]
AllianceBernstein L.P.
Allianz Global Investors AG
Allianz Global Investors of America L.P.
Allianz ROSNO Asset Management
Alps Mutual Funds Services, Inc.
Alternative Investment Strategies Ltd.
American Century Companies, Inc.
American Physicians Service Group, Inc. [AMPH]
Ameriprise Financial, Inc. [AMP]
AMP Limited
AMVESCAP PLC [AVZ]
Andor Capital Management, L.L.C.
Arbuthnot Latham & Co., Limited
Archon Group, L.P.
Ardsley Partners
Arnhold and S. Bleichroeder Advisers, LLC
Ashmore Group plc
Assante Corporation
Asset Alliance Corporation
Asset Management Advisors L.L.C.
AssetCo Ltd
Associated Third Party Administrators
Atalanta Sosnoff Capital, LLC
Atlantic Trust Group, Inc.
Avenue Financial Corporation
AWD Holding AG
AXA Advisors, LLC
AXA Financial, Inc.
AXA Rosenberg Group LLC



Baillie Gifford & Co.
Baird Holding Company
Banca Fideuram S.p.A.
Banca Intermobiliare di Investimenti e Gestioni S.p.A.
Bank of Scotland Investment Service
Bank of Scotland Trust Company (International) Limited
Barclays Global Investors, N.A.
Bear Stearns Asset Management Inc.
BKF Capital Group, Inc. [BKFG.PK]
Blue Planet Investment Management Ltd.
BNP Paribas Asset Management
BNP Paribas Banque Priv饼/a>
Board of Pensions of the Evangelical Lutheran Church in America
Brazos Capital Management, L.P.
Brookfield Asset Management Inc. [BAM]
Brown Brothers Harriman & Co.
Brown Shipley & Co. Limited
Butterfield Bank (UK) Limited



Caisse de d鰴t et placement du Qu颥c
Caisse des D鰴ts et Consignations
California Public Employees' Retirement System
California State Teachers' Retirement System
Calvert Group, Ltd.
Capital Hotel Management, LLC
Cardinal Capital Management, Inc.
Carter Financial Management
Caywood-Scholl Capital Management, LLC
CDC Group plc
China Cinda Asset Management Corporation
China Great Wall Asset Management Corporation
CI Financial Income Fund
CIBC Mellon
Citadel Investment Group, L.L.C.
Citigroup Private Bank
CitiStreet LLC
Clerical Medical Investment Group Limited
Clinton Group, Inc.
Coast Asset Management, L.P.
Cohen & Steers, Inc. [CNS]
Columbia Management Group, Inc.
Commonwealth of Pennsylvania State Employees' Retirement System
Computershare Limited [CMSQF.PK]
Conning & Company
Corporate Synergy Group Plc
Coutts Group
Custodial Trust Company



Davis Selected Advisers, L.P.
Delaware Management Holdings, Inc.
Deutsche Asset Management International GmbH
Dimensional Fund Advisors, Inc.
Diversified Investment Advisors, Inc.
Dodge & Cox
Domini Social Investment, LLC
Dresdner Bank Luxembourg S.A.
Duchy of Cornwall
Duff & Phelps Investment Management Co.
Duncan-Hurst Capital Management, L.P.
Dundee Corporation
Dundee Wealth Management Inc.
Dunham & Associates Investment Counsel, Inc.
DWS Scudder



E. ֨man J:or Fondkommission AB
Eaton Vance Corp. [EV]
Elliott Management Corporation
Engemann Asset Management
Enterprise North PLC
Envestnet Asset Management
Envision Capital Management, Inc.
Epoch Holding Corporation [EPHC]
Evercore Partners Inc. [EVR]
Evergreen Investment Management Company, LLC



F&C Asset Management plc
FAF Advisors, Inc.
Fauchier Partners LLP
Federated Investors, Inc. [FII]
Fidelity Investments Institutional Services Company, Inc
Fidelity Investments International
Fiduciary Trust Company International
First Investors Corporation
First Manhattan Co.
First Quadrant L.P.
FirstCity Financial Corporation [FCFC]
Fiserv Trust Company
Fisher Investments
FMR Corp.
Frank Russell Company
Franklin Resources, Inc. [BEN]
Fred Alger Management, Inc.
Froley, Revy Investment Company, Inc.




Gartmore Investment Management plc
General Board of Pension and Health Benefits of The United Metho
Gerrard Limited
Gilman + Ciocia, Inc. [GTAX.PK]
Global Development Resources, Inc.
Guardian Capital Group Limited
Gundaker/Jordan American Holdings, Inc. [JAHI.PK]
Guotai Junan Allianz Fund Management Co., Ltd.



H.D. Vest, Inc.
Hamon Investment Group Pte Limited
Hanseatic Group, Inc.
HBOS Insurance & Investment Group Ltd.
Henderson Global Investors Limited
Henderson Group plc
Hirtle, Callaghan & Co., Inc.
Hokanson Capital Management, Inc.
HSBC Asset Management (Australia) Limited
HSBC Private Bank




ICMA Retirement Corporation
IFG Group plc
IGM Financial Inc.
Ilmarinen Mutual Pension Insurance Company
Impax Group plc
Incam AG
ING Investment Management Americas
Insight Investment Management Limited
Insinger de Beaufort Holdings S.A.
Integrated Asset Management Corp.
Integrated Asset Management plc
International Assets Holding Corporation, Inc. [IAAC]
Intrepid Capital Corporation
INVESCO Institutional (N.A.), Inc.
INVESCO UK Ltd.
Invesmart, Inc.
Investec Limited
Investors Bank & Trust Company
Investors Financial Services Corp. [IFIN]
IPS Advisory, Inc.
IUPAT Industry Pension Fund
Ivy Investment Management Company




J. & W. Seligman & Co. Incorporated
J.J.B. Hilliard, W.L. Lyons, Inc.
Jacob Asset Management of New York LLC
James Brearley & Sons Ltd
Janus Capital Group Inc. [JNS]
JCB Finance Ltd.
JPMorgan Asset Management Holdings Inc.
JPMorgan Private Bank
JPMorgan Worldwide Securities Services
Julius Baer Holding Ltd.
Jupiter Unit Trust Managers Limited
JWM Partners, LLC




Kayne Anderson Rudnick Investment Management, LLC
Kelmoore Investment Company, Inc.
Kleinwort Benson (Channel Islands) Ltd.
Kleinwort Benson Private Bank Ltd.
Knightsbridge Advisers Incorporated
Kobren Insight Management



Laird Norton Tyee Trust Company
Lazard Ltd [LAZ]
LDI, Ltd.
Legg Mason Investment Counsel
Lighthouse Group plc
Liontrust Asset Management PLC
LM Capital Group, LLC
Lombard Odier Darier Hentsch & Cie
London and St Lawrence Investment Company plc
Loring Ward International Ltd.
Los Angeles County Employees Retirement Association
Lydian Trust Company




M&G Investment Management Limited
Mackenzie Financial Corporation
Mairs and Power, Inc.
Man Group plc
Martin Capital Advisors, LLP
Massachusetts Financial Services Company
MCF Corporation [MEM]
MEAG MUNICH ERGO AssetManagement GmbH
Mellon Capital Management Corporation
Mellon Global Investments Limited
Mesirow Financial Holdings, Inc.
Messner & Smith Investment Management, Ltd.
Metropolitan West Asset Management, LLC
Metropolitan West Securities, LLC
MLP AG
Montanaro Investment Managers Limited
Morgan Stanley Investment Management
Morley Fund Management Limited
Morningstar, Inc. [MORN]
MPC M?yer Petersen Capital AG
Multi-Fund Income Trust
Munder Capital Management
Mutual of America Life Insurance Company




National Electrical Benefit Fund
Neuberger Berman Inc.
New York State and Local Retirement System
New York State Teachers' Retirement System
Newton Investment Management Ltd.
NFJ Investment Group LP
Nicholas-Applegate Capital Management LLC
Nollenberger Capital Partners Inc.
Nuveen Investments, Inc. [JNC]
NWQ Investment Management Company, LLC




Oak Associates, ltd.
OAM Avatar, LLC
Octopus Asset Management
Ohio Public Employees Retirement System
Old Mutual (US) Holdings, Inc.
Ontario Teachers' Pension Plan
Operating Engineers Funds, Inc.
OppenheimerFunds, Inc.
Opus Investment Management, Inc.



Pacific Investment Management Company LLC
Pantheon Ventures Limited
Penson Worldwide, Inc. [PNSN]
Pequot Capital Management, Inc.
PFPC Worldwide Inc.
Phoenix Investment Partners, Ltd.
Pioneer Investment Management USA Inc.
Piper Jaffray Companies [PJC]
Premier Asset Management PLC
Principal Financial Group, Inc. [PFG]
Principal Global Investors, LLC
Progress Investment Management Company
Provident Investment Counsel, Inc.
Prudential Investment Management, Inc.
Putnam, LLC


RA Capital Advisors LLC
RAB Capital PLC
Rathbone Brothers Plc
Renaissance Technologies Corporation
Resource America, Inc. [REXI]
Rice Hall James & Associates, LLC
Rockwater Capital Corporation
Rothschild North America Inc.
Roxbury Capital Management, LLC
RS Investment Management, Inc.



Safra National Bank of New York
Sage Advisory Services, Ltd. Co.
Sagitta Asset Management Limited
Sanders Morris Harris Group Inc. [SMHG]
School Employees Retirement System of Ohio
Schroders plc
Scottish Provident International Life Assurance Limited
SEAMARK Asset Management Ltd.
Seneca Capital Management, LLC
Sinopia Asset Management
Skandia Life Assurance Company Limited
Solium Capital Inc.
Soros Fund Management LLC
St. James's Place Bank
St. James's Place plc
Standish Mellon Asset Management Company LLC
Starbuck, Tisdale & Associates
State of Wisconsin Investment Board
State Teachers Retirement System of Ohio
Stichting Pensioenfonds voor de Gezondheid, Geestelijke en Maats
Suffolk Life Group plc


T. Rowe Price Group, Inc. [TROW]
Teacher Retirement System of Texas
Teachers Insurance and Annuity Association - College Retirement
Teachers' Retirement System of the State of Illinois
tecis Holding AG
Terry McDaniel & Company
The 401(k) Companies, Inc.
The Affinity Group, Inc.
The Bank of Bermuda Limited
The Bessemer Group, Incorporated
The Boston Company Asset Management, LLC
The Capital Group Companies, Inc.
The Dreyfus Corporation
The TCW Group, Inc.
The Vanguard Group, Inc.
Thrivent Investment Management Inc.
Trainer Wortham & Company, Inc.
Transamerica Investment Management LLC
Treasury Bank, National Association
Tremont Capital Management, Inc.
Trusco Capital Management, Inc.


U.S. Global Investors, Inc. [GROW]
U.S. Trust Corporation
UMWA Health and Retirement Funds
Unified Financial Services, Inc.
Union Financi貥 de France Banque SA


Value Line, Inc. [VALU]
Van Kampen Investments Inc.


W.P. Stewart & Co. Ltd. [WPL]
Wall Street Associates
Weatherly Asset Management, Inc.
Wellington Management Company, LLP
Wells Capital Management
Westwood Holdings Group, Inc. [WHG]
Winmill & Co. Incorporated [WNMLA.PK]
Winterthur Life UK Limited
WQN, Inc. [WQNI.PK]
 

[Asset Management] Philosophy, process and people
The 3-P's (Philosophy, Process and People) are often used to describe the reasons why the manager is able to produce above average results.

Philosophy refers to the over-arching beliefs of the investment organisation. For example, does the manager buy growth or value shares (and why), does he believe in market timing (and on what evidence), does he rely on external research or does he employ a team of researchers. It is helpful if any and all of such fundamental beliefs are supported by proof-statements.
Process refers to the way in which the overall philosophy is implemented. For example, which universe of assets is explored before particular assets are chosen as suitable investments; how does the manager decide what to buy and when; how does the manager decide what to sell and when; who takes the decisions and are they taken by committee; what controls are in place to ensure that a rogue fund (one very different from others and from what is intended) cannot arise;
People refers to the staff, especially the fund managers. The question is who are they, how are they selected, how old are they, who reports to whom, how deep is the team (and do all the members understand the philosophy and process they are supposed to be using), and most important of all how long has the team been working together. This last question is vital because whatever performance record was presented at the outset of the relationship with the client may or may not relate to (have been produced by) a team that is still in place. If the team has changed greatly (high staff turnover), then arguably the performance record is completely unrelated to the existing team (of fund managers).

[Asset Management] Investment managers and portfolio structures
At the heart of the investment management industry are the managers who invest and divest client investments.

A certified company investment advisor should conduct an assessment of each client's individual needs and risk profile. The advisor then recommends appropriate investments.


[Asset Management] Asset allocation
The different asset classes are stocks, bonds, real-estate, derivatives, and commodities. The exercise of allocating funds among these assets (and among individual securities within each asset class) is for what investment management firms are paid. Asset classes exhibit different market dynamics, and different interaction effects; thus, the allocation of monies among asset classes will have a significant effect on the performance of the fund. Some research suggests that allocation among asset classes has more predictive power than the choice of individual holdings in determining portfolio return. Arguably, the skill of a successful investment manager resides in constructing the asset allocation, and separately the individual holdings, so as to outperform certain benchmarks (e.g., the peer group of competing funds, bond and stock indices).


[Asset Management] Long-term returns
It is important to look at the evidence on the long-term returns to different assets, and to holding period returns (the returns that accrue on average over different lengths of investment). For example, over very long holding periods (eg. 10+ years) in most countries, equities have generated higher returns than bonds, and bonds have generated higher returns than cash. According to financial theory, this is because equities are riskier (more volatile) than bonds which are themselves more risky than cash.


[Asset Management] Diversification
Against the background of the asset allocation, fund managers consider the degree of diversification that makes sense for a given client (given its risk preferences) and construct a list of planned holdings accordingly. The list will indicate what percentage of the fund should be invested in each particular stock or bond. The theory of portfolio diversification was originated by Markowitz and effective diversification requires management of the correlation between the asset returns and the liability returns, issues internal to the portfolio (individual holdings volatility), and cross-correlations between the returns.


[Asset Management] Investment styles
There are a range of different styles of fund management that the institution can implement. For example, growth, value, market neutral, small capitalisation, indexed, etc. Each of these approaches has its distinctive features, adherents and, in any particular financial environment, distinctive risk characteristics. For example, there is evidence that growth styles (buying rapidly growing earnings) are especially effective when the companies able to generate such growth are scarce; conversely, when such growth is plentiful, then there is evidence that value styles tend to outperform the indices particularly successfully.


[Asset Management] Performance measurement
Fund performance is the acid test of fund management, and in the institutional context accurate measurement is a necessity. For that purpose, institutions measure the performance of each fund (and usually for internal purposes components of each fund) under their management, and performance is also measured by external firms that specialise in performance measurement. The leading performance measurement firms (e.g. Frank Russell in the USA) compile aggregate industry data e.g showing how funds in general performed against given indices and peer groups over various time periods.

In a typical case (let us say an equity fund), then the calculation would be made (as far as the client is concerned) every quarter and would show a percentage change compared with the prior quarter (e.g. +4.6% total return in US dollars). This figure would be compared with other similar funds managed within the institution (for purposes of monitoring internal controls), with performance data for peer group funds, and with relevant indices (where available) or tailor-made performance benchmarks where appropriate. The specialist performance measurement firms calculate quartile and decile data and close attention would be paid to the (percentile) ranking of any fund.

Generally speaking it is probably appropriate for an investment firm to persuade its clients to assess performance over a longer periods (e.g. 3 to 5 years) to smooth out very short term fluctuations in performance and the influence of the business cycle. This can be difficult however and, industrywide, there is a serious pre-occupation with short-term numbers and the effect on the relationship with clients (and resultant business risks for the institutions).

An enduring problem is whether to measure before-tax or after-tax performance. After-tax represents the benefit to the investor, but investors tax positions vary. Before tax measurement can mislead, especially in regimens that tax realised capital gains (and not unrealised). A successful active manager, measured before tax, can thus produce a miserable after tax result. One possible solution is to report the after-tax position of some standard tax-payer.


[Asset Management] Absolute versus relative performance
In the USA and the UK, two of the world's most sophisticated fund management markets, the tradition is for institutions to manage client money relative to benchmarks. For example, an institution believes it has done well if it has generated a return of 5% when the average manager has achieved 4%. In other markets however, e.g. Switzerland, the mentality is different and clients and fund managers focus on absolute return management, i.e. returns relative to cash (e.g. Swiss franc or Yen cash) where (performance) fees are payable only if the return exceeds some absolute figure (e.g. 10% per annum).


[Asset Management] Education or Certification
Increasingly, international business schools are incorporating the subject into their course outlines and some have formulated the title of 'Investment Management' conferred as specialist bachelors degrees. (i.e. Cass Business School, London). Due to global cross-recognition agreements with the 2 major accrAsset Managementing agencies AACSB and ACBSP which accrAsset Management over 560 of the best business school programs, the Certification of MFP Master Financial Planner Professional from the American Academy of Financial Management is available to AACSB and ACBSP business school graduates with finance or financial services related concentrations. For people with aspirations to become an investment manager, further education may be needed beyond a B.S. in business, finance, or economics. A graduate degree or Chartered Financial Analyst certification may be required to move up in the ranks of investment management.[citation needed]


[Asset Management] See also
Corporate governance
Investment
Portfolio
List of asset management firms
Active management
Passive management
Exchange Fund
Government financial reports
Risk and capital management in non-life insurance
Kelly Criterion For Stock Market

Portfolio
From Wikipedia, the free encyclopedia
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Look up portfolio in
Wiktionary, the free dictionary.Portfolio may refer to:

Contents [hide]
1 Finance
2 Management and marketing
3 Education and learning
4 The Arts
5 Various



[Asset Management] Finance
Portfolio (finance), a collection of investments held by an institution or a private individual. Holding a portfolio is often part of an investment and risk-limiting strategy called diversification. By owning several assets, certain types of risk (in particular specific risk) can be reduced.

[Asset Management] Management and marketing
In strategic management and marketing, a portfolio is a collection of products, projects, services, or brands that are offered for sale by a company. In building up a product portfolio a company can use various analytical techniques including B.C.G. Analysis, contribution margin analysis, G.E. Multi Factoral analysis,and Quality Function Deployment. Typically a company tries to achieve both diversification and balance in their portfolio of product offerings.
Many portfolio optimization algorithms are based on MPT or Modern Portfolio Theory. The most commonly used method is Mean-Variance optimization where portfolio allocations aim at maximizing the profit while constraining the risk. see also: Product management, strategic management, project management, marketing, problems with portfolio models


[Asset Management] Education and learning
In education, portfolio refers to a personal collection of information describing and documenting a person’s achievements and learning. There is a variety of portfolios ranging from learning logs to extended collections of achievement evidence. Portfolios are used for many different purposes such as accrAsset Managementation of prior experience, job search, continuing professional development, certification of competences.
Tens of millions of people across the world have already used some kind of portfolio. Alone in the UK, more than 4 million people have got a qualification (NVQ) through accrAsset Managementation of prior learning or accrAsset Managementation of work experience, and most of them have built a portfolio to collect the evidence required to get their certificate. The recent explosion of knowledge, information and learning technologies has led to the development of digital portfolios or electronic portfolios, commonly referred as ePortfolios. For example, all participants in the Mississippi Teacher Corps are required to create "digital portfolios" upon the completion of the two-year program. You can also visit the digital portfolio (or ePortfolio) of Thibault Ducret, french student in ENSSEIHT, which is a good example of what is currently done nowadays.


[Asset Management] The Arts
An artist, architect, or fashion model seeking work will be expected to present a portfolio of their prior work, along with recommendations of clients. The work will often consist of photographs, magazine clippings ("tearsheets"), blueprints or mock-ups, or other physical evidence of the trade.
Portfolio, an album by Grace Jones

[Asset Management] Various
A type of briefcase
Electronic portfolio, a collection of electronic documents
Atari Portfolio, a palmtop computer
Extensis Portfolio, a digital asset manager

Corporate title
From Wikipedia, the free encyclopedia
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Publicly and privately held for-profit corporations confer corporate titles or business titles on company officials as a means of identifying their function in the organization. In addition, many non-profit organizations, educational institutions, partnerships, and sole proprietorships also confer corporate titles. The following is a list of common titles for corporate executives.


[Asset Management] Variations
Note that there are considerable variations in the responsibilities of the titles.

Some companies have a Chairman and CEO, while the number two is the President and COO; other companies have a President and CEO but no official deputy.

Corporate titles are sometimes given more for prestige than out of any differentiation in job function. For example, at CIBC and BMO Financial Group, the position of Chief Operating Officer (COO) was created solely to facilitate the transition, as a means of grooming the future CEO before the current CEO retired. The division head (perhaps Executive Vice President or CEO of a division) is promoted to COO and takes over day-to-day and strategic planning, while the outgoing CEO is relegated to advisory duties. Once the new CEO formally takes power, the COO position is not replaced.

Executive Vice President is most frequently used to refer to a division head, however this position can also be know as Vice Chairman, or even President and CEO of the division, depending upon corporation structure, especially in the latter case when it is operated as a wholly-owned subsidiary instead of an internal division.


[Asset Management] Corporate titles
Executive or Non-Executive Chairperson, Chairman or Chairman of the Board – presiding officer of the corporate Board of Directors. The Chairman influences the board of directors, which in turn elects and removes the officers of a corporation and oversees the human, financial, environmental and technical operations of a corporation. The CEO also often takes on the role of Executive Chairman. Recently, though, many companies have separated the roles of Chairman and CEO, resulting in a non-executive chairman, in order to improve corporate governance.
Chief accounting officer
Chief administrative officer
Chief Analytics Officer or CAO – high level corporate manager with overall responsibility for the analysis and interpretation of data relevant to a company's activities; generally reports to the CEO, or COO.
Chief Business Development Officer or CBDO.
Chief Communications Officer or CCO.
Chief Compliance Officer - in charge of regulatory compliance, especially Sarbanes-Oxley.
Chief Creative Officer
Chief CrAsset Management Officer or CCO.
Chief Data Officer or CDO
Chief Engineering Officer or CEO
Chief Executive Officer or CEO (United States), Chief Executive or Managing director (United Kingdom, Commonwealth and some other English-speaking countries) – The CEO of a corporation is the highest ranking management officer of a corporation and has final decisions over human, financial, environmental, technical operations of the corporation. The CEO is also a visionary, often leaving day-to-day operations to the President, COO or division heads. Other corporate officers such as the COO, CFO, CIO, and division heads report to the CEO. The CEO is also often the Chairman of the Board, especially in closely held corporations and also often in public corporations. Recently, though, many public companies have separated the roles of Chairman and CEO, resulting in a non-executive chairman, in order to improve corporate governance. President and CEO is a popular combination if there is a non-executive chairman.
Chief Financial Officer or CFO – high level corporate officer with oversight of corporate finances; reports to the CEO. May concurrently hold the title of Treasurer or oversee such a position; it must be noted that Finance deals with accounting and audits, while Treasurer deals with company funds.
Chief Information Officer or CIO – high level corporate manager with overall responsibility for the company's information resources and processing environment; generally reports to the CEO or COO.
Chief Information Security Officer or CISO.
Chief Intellectual Property Officer or CIPO - responsible for the management of the IP assets and potential IP-related liabilities of the enterprise.
Chief Knowledge Officer or CKO – high level corporate officer responsible for ensuring that the organization maximizes the value it achieves through "knowledge".
Chief Legal Officer or CLO, the CLO is traditionally referred to as the General Counsel, of GC; or CLO could also stand for Chief Learning officer.
Chief Marketing Officer or CMO.
Chief Medical Officer or CMO; especially in a pharmaceutical company, the person responsible for scientific and medical excellence of the company's research, development and products.
Chief Networking Officer or CNO – responsible for the social capital within the company and between the company and its partners
Chief Operating Officer or COO – high level corporate officer with responsibility for the daily operation of the company; reports to the CEO. The COO often also carries the title of President, especially if the number one is the Chairman and CEO.
Chief Performance Officer
Chief Privacy Officer
Chief Process Officer or CPO.
Chief Risk Officer (Chief Risk Management Officer) or CRO. Common in financial institutions.
Chief Security Officer or CSO.
Chief Scientific Officer or CSO.
Chief Strategy Officer (Chief Strategic Planning Officer) or CSO (CSPO).
Chief Technical Officer or CTO – (sometimes Chief Technology Officer) high level corporate officer responsible for the company's technical direction; in non-technology companies usually reports to the CIO but in technology companies, may report directly to the CEO.
Chief visionary officer
Director or Member of the Board of Directors - a high level official with a fiduciary responsibility of overseeing the operation of a corporation and elects or removes officers of a corporation; nominally, Directors, other than the Chairman are usually not considered to be employees of the company per se, although they may receive compensation, often including benefits; in publicly held companies. A Board of Directors is normally made up of members (Directors) who are comprised of a mixture of corporate officials who are also management employees of the company (inside directors) and members who are not employed by the company in any capacity (outside directors or non-executive directors). In privately held companies, the Board of Directors often only consists of the statutory corporate officials, and in sole proprietorships and partnerships, the board is entirely optional, and if it does exist, only operates in an advisory capacity to the owner or partners. Non-profit corporations are governed by a Board of Trustees instead of a Board of Directors
Director - manager of managers within an organization who is often responsible for a major business function and often reports to a Vice President. Often used with name of a functional area; Finance Director, Director of Finance, Marketing Director, etc. Not to be confused with a Member of the Board of Directors who is also referred to as a Director. Alternatively, a manager of managers is often referred to as a senior manager or associate vice president, depending upon levels of management.
President - legally recognized highest "titled" corporate officer outside of the CEO (who ranks highest). The President works directly for the Board of Directors and usually a member of the Board of Directors. The office of President can be limited by the Chairman/CEO to represent only one division within a corporation, such as the President of Sales. In the event there is no CEO, the President is the highest ranking officer but is not normally the Chairperson. There is much variation; often the CEO also holds the title of President, while a Chairman and CEO's deputy is often the President and COO. The President is often considered to be more focused upon daily operations compared to the CEO which is supposed to be the visionary.
Secretary or Company secretary - legally recognized "titled" corporate officer who reports to the Board of Directors and is responsible for keeping the records of the Board and the company. This title is often concurrently held by the treasurer in a dual position called secretary-treasurer; both positions may be concurrently held by the CFO. Note, however, that the Secretary has a reporting line to the Board of Directors, regardless of any other reporting lines conferred by concurrent titles.
Secretary-Treasurer - in many cases, the offices of Secretary and Treasurer are held by the same person. In this case, the position is commonly referred to by the combined title Secretary-Treasurer
Treasurer - legally recognized corporate officer entrusted with the fiduciary responsibility of caring for company funds. Often this title is held concurrently with that of Secretary in a dual role called secretary-treasurer. It can also be held concurrently with the title of CFO or fall under the jurisdiction of one, though the CFO tends to oversee the Finance Department instead, which deals with accounting and audits, while the Treasurer deals directly with company funds. Note, however, that the Treasurer has a reporting line to the Board of Directors, regardless of any other reporting lines conferred by concurrent titles.
Statutory agent
Superintendent
Supervisor
Foreman
General manager or GM
Manager
Owner
Partner
Vice Chair or Vice Chairman - officer of the Board of Directors who stands in for the Chairman in his/her absence. An unrelated definition of Vice Chair describes an executive who is higher ranking or has more seniority than Executive Vice President. Sometimes, EVPs report to the Vice Chair who in turn reports directly to the CEO (so Vice Chairs in effect constitute an additional layer of management), other Vice Chairs have more responsibilities but are otherwise on an equal tier with EVPs. Executive vice chairman may not necessarily be on the board of directors.
Vice President - Middle or upper manager in a corporation. Depending on the corporate structure Vice Presidents report to the President, who will in turn report to the Chief Officer of their respective division, who will then report to the CEO. They often appear in various hierarchical layers such as Executive Vice President, Senior Vice President, Associate Vice President, or Assistant Vice President, with EVP usually considered the highest. Many times, corporate officers such as the CFO, COO, CIO, CTO, Secretary, or Treasurer will concurrently hold Vice President titles, commonly EVP or SVP. Vice Presidents in small companies are also referred to as chiefs of a certain division, such as VP of Finance, or VP of Administration. These titles are the same as CFO and such titles. It is not necessary to have a Vice President in most corporations.
Other corporate employee classifications include:

Exempt - Meaning that they're exempt from the FLSA. In a corporation, this generally applies to salaried professional staff, and executives, earning in excess of $23,660 annually.
Non-exempt - Generally an employee paid by the hour who is entitled to a minimum wage, overtime pay at the rate of time and one-half the regular rate for all hours worked in excess of 40 hours per week, as well as other protections under child labor and equal pay laws.
Most modern corporations also have non-employee workers. These are usually 'temps' (temporary workers) or consultants who, depending on the project and their experience, might be brought on to lead a task for which the skill-set did not exist within the company, or in the case of a temp, in the vernacular sense, to perform busy-work or an otherwise low-skilled repetitive task for which an employee is deemed too valuable to perform. Non-employees generally are employed by outside agencies or firms, but perform their duties within a corporation or similar entity. They do not have the same benefits as employees of that company, such as pay-grades, health insurance, or sick days. Some high-skilled consultants, however, may garner some benefits such as a bonus, sick leave, or food and travel expenses, since they usually charge a high flat-fee for their services, or otherwise garner high hourly wages. An example of high-skilled consultants include lawyers and accountants who may not be employed by a corporation, but have their own firms or practices. Most temps, however, are compensated strictly for the hours they work, and are generally non-exempt.


[Asset Management] See also
Corporate governance
Corporate liability
Identification with corporation
Retrieved from "http://en.wikipedia.org/wiki/Corporate_title"
Categories: Chief executives | Management


Financial services
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Financial services is a term used to refer to the services provided by the finance industry. Financial services is also the term used to describe organizations that deal with the management of money. Banks, investment banks, insurance companies, crAsset Management card companies and stock brokerages, are examples of the types of firms comprising the industry, which provides a variety of money and investment related services. Financial services is the largest industry (or industry category) in the world, in terms of earnings; as of 2004, the industry represents 20% of the market capitalization of the S&P 500.[1]

Contents [hide]
1 History of financial services
1.1 United States: Gramm-Leach-Bliley Act
2 Banking Services: What do banks do?
2.1 Virtual banking
3 Commercial bank
3.1 Top ten banking groups in the world ranked by tier 1 capital
3.2 Private banking
3.3 Investment Banks
3.4 Bank cards
3.5 CrAsset Management card machine services and networks
4 Investment Services
4.1 Asset Management
4.2 Hedge Fund Managers
4.3 Custody services
5 Insurance related
5.1 Insurance Brokerage
5.2 Insurance Underwriting
5.3 Reinsurance
6 Intermediation or advisory services
6.1 Stock brokers (private client services) and discount brokers
7 Market share
7.1 2004
7.2 1999
8 Brand equity
9 Glossary
10 Acronyms
11 Companies
12 See also
13 References



[Asset Management] History of financial services

[Asset Management] United States: Gramm-Leach-Bliley Act
The term financial services became more prevalent in the United States partly as a result of the Gramm-Leach-Bliley Act of the late 1990s, which enabled different types of companies in the US financial services industry to merge. Critics of this act say the term financial services attempts to make the unison of these operations sound natural, ignoring the history of problems that have arisen from combining them, such as conflicts of interest and monopolization. Others, noting that many of the restrictions abolished by the Gramm-Leach-Bliley Act had never existed in other countries or had been abolished earlier than in the US, say the term financial services is a natural one, in long term use, which means nothing more than its constituent words.

In the USA almost every company now which previously described themselves as a bank, insurance company, or brokerage house, now describes themselves in some way as a financial services institution. Allstate Insurance, for example, now provides CDs and investment brokerage services. Bank of America offers full-featured brokerage products, while E*TRADE has expanded into offering bank accounts and loans. Companies usually have two distinct approaches to this new type of business. One approach would be a bank which simply buys an insurance company or an investment bank, keeps the original brands of the acquired firm, and adds the acquisition to its holding company simply to diversify its earnings. Outside the U.S., e.g., in Japan, non-financial services companies are permitted within the holding company. In this scenario, each company still looks independent, and has its own customers, etc. This is essentially the style of Citigroup and JP Morgan Chase.

In the other style, a bank would simply create its own brokerage division or insurance division and attempt to sell those products to its own existing customers, with incentives for combining all things with one company. This is the style of Washington Mutual and Wells Fargo.


[Asset Management] Banking Services: What do banks do?
Main article: Bank
The primary operations of banks include:

Keeping money safe while also allowing withdrawals when needed
Issuance of checkbooks so that bills can be paid and other kinds of payments can be delivered by post
Provision of loans and mortgages (typically loans to purchase a home, property or business)
Issuance of crAsset Management cards
Allow financial transactions at branches or by using Automatic Teller Machines (ATMs)
Facilitation of standing orders and direct debits, so payments for bills can be made automatically

[Asset Management] Virtual banking
Banking from home is called virtual banking, because it allows transactions that bypass branches and ATMs; in the case of Internet banking, there is no need to contact a bank staff member. Virtual banking has changed the way people bank in many ways. In the past, people opened a bank account when they first started work and stayed with that bank for their whole lives; now, it is much easier to move an account, mortgage or loan from one banking institution to another. Many customers look at what other banks are offering and change their account if they find a better deal, so banks now have fewer loyal customers. It is common for crAsset Management card companies to entice new customers with offers such as zero per cent interest for the first six months.


[Asset Management] Commercial bank
A commercial bank is what is commonly considered a 'bank'. The term 'commercial' is used to distinguish it from an 'investment bank', a type of financial services entity which, instead of lending money directly to a business, helps businesses raise money from other firms in the form of bonds (debt) or stock (equity). Major commercial banks include:


[Asset Management] Top ten banking groups in the world ranked by tier 1 capital
Top ten banks in the world (as at end-2004) according to The Economist:[2]

Rank Company Tier 1 Capital
(US$ billions) Country
1. Citigroup 73 US
2. JPMorgan Chase 69 US
3. HSBC 67 UK
4. Bank of America 64 US
5. CrAsset Management Agricole Group 63 France
6. Royal Bank of Scotland 43 UK
7. Mitsubishi Tokyo Financial Group 40 Japan
8. Mizuho Financial Group 39 Japan
9. HBOS 36 UK
10. BNP Paribas 35 France


[Asset Management] Private banking
The term private bank is simply a marketing term for a bank or a division of a financial services company targeted towards wealthy individuals. Often it is used to describe specifically the lending services targeted towards this group, such as large margin loans.

This table displays the results of the Ultra high new worth (US$30m+) category of the 2006 private banking awards:[3]

Rank 06 Company Rank 05
1. JPMorgan Private Bank 1
2. Goldman Sachs 3
3. UBS 2
4. Citigroup Private Bank 4
5. CrAsset Management Suisse Private Banking 5
6. HSBC Private Bank 7
7. Pictet & Cie 6
8. Merrill Lynch n
9. Rothschild 8
10. ABN Amro Private Banking 10

Ranking: 'n' denotes 'nominated'


[Asset Management] Investment Banks
Investment banks (capital market banks) underwrite debt and equity, assist company deals (advisory services, underwriting and advisory fees), and restructure debt into structured finance products. Prominent investment banks include:

A.G. Edwards
Barclays Capital
Bear Stearns
Citigroup Global Markets (formerly Salomon Brothers)
CrAsset Management Suisse First Boston
Goldman Sachs
ING
JPMorgan Chase
Lazard
Lehman Brothers
Merrill Lynch
Morgan Stanley
Nomura
UBS
See also: Mergers & acquisitions


[Asset Management] Bank cards
Bank cards include both crAsset Management cards and debit cards. Bank Of America is the largest issuer of bank cards.

American Express
Barclaycard
Capital One
Discover Card
HSBC
Intelligent Finance
MasterCard
Washington Mutual
VISA

[Asset Management] CrAsset Management card machine services and networks
Companies which provide crAsset Management card machine and payment networks call themselves "merchant card providers". These include:

US Bank
First Data Corporation
Heartland Payment Systems

[Asset Management] Investment Services

[Asset Management] Asset Management
Main article: Investment management
Asset management is the term usually given to describe companies which run collective investment funds.

The following is Global Investor’s 2005 ranking of the top 10 investment managers by assets under management:[4]

Rank Company Assets under management
(US$million) Country
1. Barclays Global Investors 1,400,491 UK
2. State Street Global Advisors 1,367,269 US
3. Fidelity Investments 1,299,400 US
4. Capital Group Companies 1,050,435 US
5. The Vanguard Group 852,000 US
6. Allianz Global Investors 790,513 Germany
7. JPMorgan Asset Management 782,646 US
8. Mellon Financial Corporation 738,294 US
9. Deutsche Asset Management 723,366 Germany
10. Northern Trust Global Investments 589,800 US


[Asset Management] Hedge Fund Managers
Andor Capital Management
BlackRock, Inc.
Cargill
Citadel Investment Group
Greenlight Capital
Man Group
Mellon Financial Corporation
Mizuho Holdings
Pequot Capital Management
RAB Capital
Renaissance Technologies
Soros Fund Management
UBS Investment Bank

[Asset Management] Custody services
Custody services and securities processing is a kind of 'back-office' administration for financial services. Assets under custody in the world was estimated to $65 trillion at the end of 2004.[5] Firms engaged in custody services include:

The Bank of New York
Mellon Financial Corporation
State Street Corporation
Investors Bank and Trust
JP Morgan Chase

[Asset Management] Insurance related
Main article: Insurance

[Asset Management] Insurance Brokerage
Insurance brokers shop for insurance (generally corporate property and casualty insurance) on behalf of customers. Significant companies in this sector of the financial services market include:

Aon Corporation
Marsh & McLennan Companies
Wachovia
Wells Fargo
Willis

[Asset Management] Insurance Underwriting
Personal lines insurance underwriters actually underwrite insurance for individuals, a service still offered primarily through agents, insurance brokers, and stock brokers. Underwriters may also offer similar commercial lines of coverage for businesses. Activities include insurance and annuities, life insurance, retirement insurance, health insurance, and property & casualty insurance. Some well known insurers include:

Allianz
Allied Insurance
Allstate
AIG
AXA
Berkshire Hathaway
Chubb Corporation
CGNU
Independent Order of Foresters
Geico
MetLife
Mutual of Enumclaw
Safeco
Scor
State Farm
Zurich Financial Services

[Asset Management] Reinsurance
Reinsurance is insurance sold to insurers themselves, to protect them from catastrophic losses. Firms in this sector include:

Berkshire Hathaway
Lloyd's of London
Munich Re
Swiss Re
See also: Underwriting


[Asset Management] Intermediation or advisory services

[Asset Management] Stock brokers (private client services) and discount brokers
Stock brokers assist people in investing, online only companies are called 'discount brokerages', companies with a branch presence are called 'full service brokerages' or 'private client services. Some of these are:

A.G. Edwards
Ameritrade
Ameritrade IZone - a subsidiary of Ameritrade
Charles Schwab
E*TRADE
Edward Jones
Merrill Lynch
Morgan Stanley
Smith Barney
Other low-cost brokerages that function in a similar way to a dividend reinvestment program include:

BUYandHOLD
Edgar, Dunn & Company (Edgar, Dunn & Company is a financial services consultancy)
FolioFN
General Electric (GE is one of the largest financial companies)
Sharebuilder

[Asset Management] Market share
The financial services industry constitutes the largest group of companies in the world in terms of earnings and equity market cap. However it is not the largest category in terms of revenue or number of employees. It is also a slow growing and extremely fragmented industry, with the largest company (Citigroup), only having a 3 % US market share.[6]

In contrast, the largest home improvement store in the US, Home Depot, has a 30 % market share, and the largest coffee house Starbucks has a 32 % market share, etc. Despite this fragmentation, financial service companies as a group are by far the most profitable in the world, and if any grew to the same market share percentages as any other retail industry, the potential profit would be large.


[Asset Management] 2004
S&P 500 index market capitalization in 2004:[7]

Financial Services: 20.30%
(Computer hardware & software: 15.30%) (as comparison to 1999)
Healthcare: 13.40%
Industrial Materials: 12.20%
Hardware (computer hardware): 10.80%
Consumer Goods: 9.70%
Consumer Services: 8.80%
Energy: 6.50%
Software: 4.50%
Business Services: 3.90%
Media: 3.90%

[Asset Management] 1999
S&P 500 index (500 large American companies) market cap in 1999:[8]

Technology (hardware, software): 29.8%
Financial: 13.1
Consumer Staples: 11
Consumer Cyclicals: 9.2
Healthcare: 9
Capital Goods: 8.4
Communication Services: 8
Energy : 5.5
Basic Materials: 3.00%
Utilities: 2.3
Transportation: 0.7

[Asset Management] Brand equity
Each year, BusinessWeek and Interbrand publish their 100 Best Global Brands study, ranking the financial value of brands. The following are the financial services companies in this list, ranked by this study for 2006:[9]

Rank Brand Brand value
(US$billion) Annual
change 2005
Rank Country
of origin
11 Citigroup 21.46 7% 12 U.S.
14 American Express 19.64 6% 14 U.S.
21 Merrill Lynch 13.00 8% 25 U.S.
28 HSBC 11.62 11% 29 U.K.
33 J.P. Morgan 10.21 8% 34 U.S.
36 Morgan Stanley 9.76 0% 33 U.S.
37 Goldman Sachs 9.64 13% 37 U.S.
42 UBS 8.73 15% 44 Switzerland
87 ING 3.47 9% 87 Netherlands


[Asset Management] Glossary
Glossary for reading financial services reports:

Asset sensitive - a financial institution that has a negative duration of equity may also be described as having a positive gap or as being asset sensitive.
Charge-offs - written off debt
Cost of funds - the cost of loan capital, the cost of funding assets; free liabilities include interest free checking accounts
Liability sensitive - the inverse of asset sensitive.
Operating leverage - a simple indication of a firm' s earnings strength; usually measuring the operating income as a percentage of gross income

[Asset Management] Acronyms
NCL - net crAsset Management losses - cost of charge-offs, written off debt[10]
NCL rate - net crAsset Management loss rate - the percentage of the lending portfolio that is not expected to be repaid[11]
NII - net interest income - interest income less interest cost
NIM - net interest margin - margin between interest income and interest cost
NPA - non performing assets - interest bearing assets not paying interest




[Asset Management] Companies
Ameriprise Financial, Inc.
American International Group
Fidelity Investments
The Hartford
Prudential
Linsco/Private Ledgers
Merrill Lynch
Metlife
World Financial Group

[Asset Management] See also
Accounting scandals
European Financial Services Roundtable
Financial analyst
Financial markets
Government sponsored enterprise
International Monetary Fund
Investment management
Misleading financial analysis
Thomson Financial League Tables

[Asset Management] References
^ Contrary Investor
^ The Economist: The world's biggest banks, List of the world's ten largest banks by tier 1 capital at the end of 2004
^ Euromoney
^ Barclays Global Investors
^ Prudential: Securities Processing Primer
^ The Opportunity: Small Global Market Share, Page 11, from the Sanford C. Bernstein & Co. Strategic Decisions Conference - 6/02/04
^ Street Authority
^ Contrary Investor
^ BusinessWeek/Interbrand 2006 Global Brand Survey
^ CardReport: Charge-off
^ The Street
Retrieved from "http://en.wikipedia.org/wiki/Financial_services"

Financial analyst
From Wikipedia, the free encyclopedia
Jump to: navigation, search
A financial analyst (or securities analyst, research analyst, equity analyst, investment analyst) works with financial analysis. Equity is a financial security used for financing business. It differs from debt in that it pays no set interest. It is a claim on future earnings.

Contents [hide]
1 Job
2 Education
3 Skills
4 Controversies about financing
5 Scandals
6 See also
7 Further reading



[Asset Management] Job
An analyst will write reports on the companies they are supposed to cover, trying to describe the businesses and their opinion of the company's investment potential, usually from a fundamental analysis standpoint. They also summarize that report with a rating, such as "buy", "sell", "market perform", "overweight", "hold", etc.

The analysts get their information by studying public records of the company and by participating in public conference calls where they can ask direct questions to the management. Previously, analysts were said to obtain lots of information (especially from clients of their investment bank), via exclusive meetings with upper management. Regulation FD (Fair Disclosure), is said to prevent most of this from happening at present.

Financial analysts, also called securities analysts and investment analysts, work for banks, insurance companies, mutual and pension funds, securities firms, and other businesses, helping these companies or their clients make investment decisions. Financial analysts employed in Commercial lending perform "balance sheet analysis," examining the audited financial statements and corollary data in order to assess lending risks. In a stock brokerage house or in an investment bank, they read company financial statements and analyze commodity prices, sales, costs, expenses, and tax rates in order to determine a company's value and project future earnings. In any of these various institutions, the analyst often meets with company officials to gain a better insight into a company's prospects and to determine the company's managerial effectiveness. Usually, financial analysts study an entire industry, assessing current trends in business practices, products, and industry competition. They must keep abreast of new regulations or policies that may affect the industry, as well as monitor the economy to determine its effect on earnings.

Financial analysts use spreadsheet and statistical software packages to analyze financial data, spot trends, and develop forecasts. On the basis of their results, they write reports and make presentations, usually making recommendations to buy or sell a particular investment or security. Senior analysts may actually make the decision to buy or sell for the company or client if they are the ones responsible for managing the assets. Other analysts use the data to measure the financial risks associated with making a particular investment decision.

Financial analysts in investment banking departments of securities or banking firms often work in teams, analyzing the future prospects of companies that want to sell shares to the public for the first time. They also ensure that the forms and written materials necessary for compliance with Securities and Exchange Commission regulations are accurate and complete. They may make presentations to prospective investors about the merits of investing in the new company. Financial analysts also work in mergers and acquisitions departments, preparing analyses on the costs and benefits of a proposed merger or takeover. There are buy-side analysts and sell-side analysts.

Some financial analysts, called ratings analysts (who are often employees of ratings agencies), evaluate the ability of companies or governments that issue bonds to repay their debt. On the basis of their evaluation, a management team assigns a rating to a company's or government's bonds. Other financial analysts perform budget, cost, and crAsset Management analysis as part of their responsibilities.


[Asset Management] Education
It is often required for analysts to earn an MBA or a professional qualification such as Chartered Financial Analyst designation (CFA) in the United States of America, or Certified International Investment Analyst designation (CIIA) in Europe and Asia, to advance beyond a certain level within a firm. Alternatively, analysts may earn a Master of Science in Finance MSF.


They should be fashionable as well..


[Asset Management] Skills
Some analysts will advance to become a part of senior management in a "Wall Street" firm.


[Asset Management] Controversies about financing
The research department sometimes doesn't have the ability to bring in enough money to be a self-sustaining research company.

The research analysts department is therefore sometimes a unit of an investment, investment brokerage, or investment advisory firm.

Since 2002 there has been extra effort to overcome perceived conflicts of interest between the investment part of the firm and the public and client research part of the firm (see accounting scandals). For example, research firms are sometimes separated into two categories, "brokerage" and "independent"; the independent researchers are not part of an investment firm and don't have the same incentive to issue overly favorable views on companies.

But that might not be sufficient to avoid all conflicts of interest. The debate is still about the way sell-side analysts are paid. Usually brokerage fees pay for their research. But this creates a temptation for analysts to act as stock sellers and to lure investors into "overtrading".

Some consider that it would be sounder if investors had to pay financial research separately and directly to fully independent research firms.


[Asset Management] Scandals
The 2002 Wall Street scandal arose from perceived biased research analysis. See also the "global settlement" of late 2002.

Tad LaFountain, a Wells Fargo Securities analyst, dropped coverage of Altera (stock symbol: ALTR) because Altera executives informed him that they will no longer take his phone calls, allow him to ask questions about conference calls or give him any data, according to The New York Times. According to LaFountain, the company objected to his research -- more specifically, to his sell rating on Altera shares. The issue of analyst intimidation continues to dog the industry. Source: FierceFinance, The New York Times


[Asset Management] See also
Institute of Chartered Financial Analysts of India
CFA Institute
American Academy of Financial Management
Financial services
Research report
whisper number
Investment Analysts Society of Southern Africa
Association of Certified International Investment Analysts

Value investing is a style of investment strategy from the so-called "Graham & Dodd" School. Followers of this style, known as value investors, generally buy companies whose shares appear underpriced by some forms of fundamental analysis; these may include shares that are trading at, for example, high dividend yields or low price-to-earning or price-to-book ratios.

The main proponents of value investing, such as Benjamin Graham and Warren Buffett have argued that the essence of value investing is buying stocks at less than their intrinsic value[1]. The discount of the market price to the intrinsic value is what Benjamin Graham called the "margin of safety". The intrinsic value is the discounted value of all future distributions.

However, the future distributions and the appropriate discount rate can only be assumptions. Warren Buffett has taken the value investing concept even further as his thinking has evolved to where for the last 25 years or so his focus has been on "finding an outstanding company at a sensible price" rather than generic companies at a bargain price.

Contents [hide]
1 History
1.1 Benjamin Graham
1.2 Further evolution
2 Value Investing Performance
2.1 Performance, value strategies
2.2 Performance, value investors
3 Well Known Value Investors
4 Other Notable Value Investors
5 References
6 See also
7 Formative Value Investing Books
8 Value Investors at Wikiquote
9 External links



[Asset Management] History

[Asset Management] Benjamin Graham

Benjamin GrahamValue investing was established by Benjamin Graham and David Dodd, both professors at Columbia University and teachers of many famous investors. In Graham's book The Intelligent Investor, he advocated the important concept of margin of safety — first introduced in Security Analysis, a 1934 book he coauthored with David Dodd — which calls for a cautionary approach to investing. In terms of picking stocks, he recommended defensive investment in stocks trading not far from their tangible book value as a safeguard to adverse future developments often encountered in the stock market.


[Asset Management] Further evolution
However, the concept of value (as well as "book value") has evolved significantly since the 1970s. Book value is meaningful only in some traditional stable industries where the value of an asset is well defined. When an industry is going through fast technological advancements, the value of its assets is not easily estimated. Sometimes, the production power of an asset can be significantly reduced due to competitive disruptive innovation and therefore its value can suffer permanent impairment. One good example of decreasing asset value is a personal computer. An example of where book value does not mean much is the service and retail sectors. One modern model of calculating value is the discounted cash flow model (DCF). The value of an asset is the sum of its future cash flows, discounted back to the present.


[Asset Management] Value Investing Performance

[Asset Management] Performance, value strategies
Value investing has proved to be a successful investment strategy. There are several ways to evaluate its success. One way is to examine the performance of simple value strategies, such as buying low PE ratio stocks, low price-to-cash-flow ratio stocks, or low price-to-book ratio stocks. Numerous academics have published studies investigating the effects of buying value stocks. These studies have consistently found that value stocks outperform growth stocks and the market as a whole.[2] [3] [4]


[Asset Management] Performance, value investors
Another way to examine the performance of value investing strategies is to examine the investing performance of well-known value investors. Simply examining the performance of the best known value investors would not be instructive, because investors do not become well known unless they are successful. This introduces a selection bias. A better way to investigate the performance of a group of value investors was suggested by Warren Buffett, in his May 17, 1984 speech that was published as The SuperInvestors of Graham and Doddsville. In this speech, Buffett examined the performance of those investors who worked at Graham-Newman Corporation and were thus most influenced by Benjamin Graham. Buffett's conclusion is identical to that of the academic research on simple value investing strategies--value investing is, on average, successful in the long run.


[Asset Management] Well Known Value Investors
Benjamin Graham is regarded by many to be the father of value investing. Along with David Dodd, he wrote Security Analysis, first published in 1934. The most lasting contribution of this book to the field of security analysis was to emphasize the quantifiable aspects of security analysis (such as the evaluations of earnings and book value) while minimizing the importance of more qualitative factors such as the quality of a company's management. Graham later wrote The Intelligent Investor, a book that brought value investing to individual investors. Many of Graham's students, such as William J. Ruane, Irving Kahn, Walter Schloss, and Charles Brandes went on to become successful investors in their own right.

Image:RTN3.jpg
Charlie MungerGraham's most famous student, however, was Warren Buffett, who ran successful investing partnerships before closing them in 1969 to focus on running Berkshire Hathaway. Charlie Munger joined Buffett at Berkshire Hathaway in the 1970s and has since worked as Vice Chairman of the company. Buffett has crAsset Managemented Munger with encouraging him to focus on long-term sustainable growth rather than on simply the valuation of current cash flows or assets.[5]

Image:Templeton.gif
John TempletonAnother famous value investor is John Templeton. He first achieved investing success by buying shares of a number of companies in the aftermath of the stock market crash of 1929. He went on to become famous for investing in global equity markets.

Many successful value investors have gained fame recently. Joel Greenblatt is widely renowned for achieving annual returns at the hedge fund Gotham Capital of over 50% per year for 10 years from 1985 to 1995 before closing the fund and returning his investors' money. He is known for investing in special situations such as spin-offs, mergers, and divestitures. Edward Lampert is the chief of ESL Investments. He is best known for buying large stakes in Sears and Kmart and then merging the two companies.

[Asset Management] Other Notable Value Investors

Mario Gabelli
Michael PriceScott Black
Shelby Davis
Shai Dardashti
David Dreman
Mario Gabelli
Benjamin Graham
Joel Greenblatt
Mason Hawkins
Irving Kahn
Irwin Michael
Bill Miller
John Neff
Monish Pabrai
Michael Price
Eric Schleien
Martin J. Whitman
John Burr Williams

[Asset Management] References
^ The Intelligent Investor, Benjamin Graham, Ch.20
^ The Cross-Section of Expected Stock Returns, by Fama & French, 1992, Journal of Finance
^ Firm Size, Book-to-Market Ratio, and Security Returns: A Holdout Sample of Financial Firms, by Lyon & Barber, 1997, Journal of Finance
^ Overreaction, Underreaction, and the Low-P/E Effect, by Dreman & Berry, 1995, Financial Analysts Journal
^ Warren Buffett's 1989 letter to Berkshire Hathaway shareholders

[Asset Management] See also
Index investing
Growth investing
Socially responsible investing
Ethical investing
Appreciation
Capital accumulation
Financial economics
Magic Formula Investing
Investment management
Investor profile
Investor relations
Return on investment
Saving
Speculation
Stock investor
Value (economics)
Value averaging
List of Marketing Topics List of Management Topics
List of Economics Topics List of Accounting Topics
List of Finance Topics List of Economists
 

Firm
McGladrey & Pullen, LLP
UBS Financial Services Inc.
MassMutual Life Insurance Compan
Morgan Stanley
Banif Securities, Inc.
Goldman, Sachs & Co.
NASD
Department of Homeland Security
BNY Brokerage Inc.
Pershing
Goldman, Sachs & Co.
Prudential Financial
Hilliard (J. J. B.), W. L. Lyons
Oppenheimer & Co. Inc.
Deloitte
Deloitte
Barclays Capital
UBS International, Inc.
MetLife Securities, Inc.
Goldman, Sachs & Co.
Goldman, Sachs & Co.
Interactive Brokers LLC
Park Avenue Securities LLC
Thrivent Investment Management,
Amherst Securities Corp.
Securities Industry Association

Fidelity Investments
Rydex Investments
Oppenheimer & Co. Inc.
Citigroup, Inc.
Friedman, Billings, Ramsey & Co.
UBS Securities LLC
Independence Community Bank
Deutsche Bank Securities Inc.
Alliance Capital Management L.P.
John Hancock Funds, LLC
ING Financial Markets LLC
MassMutual Life Insurance Compan
Lehman Brothers Inc.
NASD
Deloitte Financial Advisory Services
Investment Dealer Assn of Canada
Oppenheimer & Co. Inc.
Woodbury Financial Services, Inc
Schulte Roth & Zabel LLP
TD Bank Financial Group
Fidelity Brokerage Services, LLC
LaBranche & Co Inc.
Amherst Securities Corp.
W.J. Bonfanti, Inc.
RBS Securities Corp.
New York Stock Exchange, Inc.
U.S. Securities & Exchange Commission
Securities Industry Association
HSBC Securities (USA) Inc.
Raymond James Financial, Inc.
Keefe, Bruyette & Woods, Inc.
Digital Harbor, Inc
Sankaty Advisors, LLC
Merrill Lynch & Co., Inc.
Lehman Brothers Holdings Inc.
ADP Brokerage Services Group
Franklin Templeton Investmen Services, LLC
First Manhattan Co.
Bear, Stearns & Co. Inc.
Midi Inc.
NASD
Natexis Bleichroeder Inc.
Primerica Financial Services
Legg Mason, Inc.
New York Stock Exchange, Inc.
Franklin/Templeton Distributors
Nomura Securities International, Inc.
U.S. Securities & Exchange Commission
Deutsche Bank
Janney Montgomery Scott LLC
Merrill Lynch & Co., Inc.
Great Hill Partners
Fortis Financial Services LLC
National Futures Association
Legg Mason, Inc.
Goldman, Sachs & Co.
Credit Suisse
Banc of America Securities LLC
Interactive Brokers Group LLC
Legg Mason & Co., LLC
Merrill Lynch Pierce Fenner etal
Ernst & Young LLP (NY)
Merrill Lynch
Independence Community Bank
Deloitte
John Hancock Funds, LLC
Dresdner Kleinwort Wasserstein Services, LLC
Southwest Securities Group, Inc.
Wilmer Cutler Pickering Hale Dor
Independence Community Bank
National Financial Services LLC
BNP Paribas
Merrill Lynch & Co., Inc.
Merrill Lynch & Co., Inc.

First Albany Capital Inc.
Legg Mason, Inc.
Protiviti Inc.
ABN AMRO Securities LLC
J.P. Morgan Chase & Co.
Banco Santander Central Hispano
Nomura Securities International, Inc.
HSBC Securities (USA) Inc.
Park Avenue Securities LLC
U.S. Bancorp Investments, Inc.
Daiwa Securities America Inc.
Fidelity Investments
ING (U.S.) Financial Services Co
Barclays Capital
Northwestern Mutual Life
Wachovia Securities
Morgan Keegan & Company, Inc.
Pershing LLC
Immigration and Customs Enforcem
Kalorama Partners, LLC
Fimat USA, LLC
Burnham Securities, Inc.
Willkie Farr & Gallagher
Dun & Bradstreet
Goldman Sachs
SunGard Institutional Brokerage, Inc.
Balance Consulting Inc.
William Blair & Company, L.L.C.
Depository Trust & Clearing Corp
AIG Advisor Group
LEXIS-NEXIS Services
Atticus Capital LP
Depository Trust & Clearing Corp
Deloitte
Merrill Lynch
Bear, Stearns & Co. Inc.
Commerzbank AG
Deutsche Bank Alex. Brown
Alacra, Inc.
Wachovia Corporation (NC)
World-Check
E*Trade Financial
Deloitte Financial Advisory Services
BANKERSalmanac.com
Deutsche Bank
Ameriprise Financial, Inc
First Southwest Company
Charles Schwab & Co., Inc.
TD Securities (USA) LLC
Scott & Stringfellow, Inc.
Deloitte
First Clearing Correspondent Services
Mass Mutual Life Insurance Company
RBC Dain Rauscher Corp.
Franklin/Templeton Distributors,
Financial Crimes Enforcement Net
UBS International, Inc.
Banco Santander Central Hispano
Barclays Capital
Fidelity Investments
Schulte Roth & Zabel LLP
Goldman, Sachs & Co.
Overture Financial Services LLC
Digital Harbor, Inc.
J.P. Morgan Chase & Co.
ABN AMRO Incorporated
Fidelity Investments
Liquidnet, Inc.
Franklin/Templeton Distributors,
Independence Community Bank
Securities Industry Association
UBS Securities LLC
Morgan Stanley
Cowen & Co., LLC
Credit Suisse
Oppenheimer & Co. Inc.
MFS Investment Management
Merrill Lynch & Co., Inc.
Clifford Chance US LLP
Banco De Brasil Securities LLC
UBS International, Inc.
Deloitte
Alacra, Inc.
Deloitte
Synovus Financial Corp.
Citigroup, Inc.
TD Securities (USA) LLC
Equifax Information Services LLC
HSBC Securities (USA) Inc.
MetLife Securities, Inc.
Citigroup, Inc.
U.S. Department of Treasury
Securities Industry Association
New York Stock Exchange, Inc.
Citigroup
CIBC World Markets Corp.
ABN AMRO Securities (USA) Inc.
Carlin Financial Group
Barclays Capital
Accuity
Citigroup Global Markets Holding Inc.
UBS Securities LLC
Morgan Stanley & Co. Incorporate
State Farm VP Management Corp.
Legent Clearing LLC
Steptoe & Johnson LLP
Goldman, Sachs & Co.
IXIS Capital Markets North Ameri
A.G. Edwards & Sons, Inc.
The D&B Corporation
Chorus Call, Inc.
Stifel, Nicolaus & Company, Inco
Lehman Brothers Holdings Inc.
Oppenheimer & Co. Inc.
Franklin Templeton Investment
Clearstream Banking
Northwestern Mutual Investment
Citigroup
Global Investment Technology
Calyon Securities (USA) Inc.
Morgan Stanley
Deutsche Bank
Lehman Brothers Inc.
A.G. Edwards & Sons, Inc.
A.G. Edwards & Sons, Inc.
NASD
BNP Paribas Securities Corp.
Depository Trust & Clearing Corporation
Deloitte
ABN AMRO Bank
Citigroup Global Markets Inc.
Schulte Roth & Zabel LLP
Citigroup, Inc.
Ameriprise Financial, Inc
SyntelliRead, Inc.
BNP Paribas Securities Corp.
NASD
Balance Consulting Inc.
Robert W. Baird & Co. Inc.
Wells Fargo Investments, LLC
Wachovia Securities, LLC
Piper Jaffray Companies
U.S. Government Accountability Office
Credit Suisse Securities (USA) LLC
Deloitte
Bloomberg Tradebook LLC
U.S. Department of Justice
NASD
Deloitte Financial Advisory Services
Goodwin Procter LLP
Goldman Sachs Asset Management
Morgan Stanley
BD Solutions Consulting
Prime Associates, Inc.
Tudor Investment Corporation
Lehman Brothers Inc.
U.S. Government Accountability
Merrill Lynch & Co., Inc.
LEXIS-NEXIS Services
TD Ameritrade Holding Corporation
Goldman, Sachs & Co.
Morgan Stanley & Co. Incorporate
Lehman Brothers Inc.
Morgan Lewis & Bockius LLP
Ryan Beck & Co., Inc.
Deloitte
Smith Barney, Citigroup Global M
Goodwin Procter & Hoar LLP
Wells Fargo Investments, LLC
Merrill Lynch
Bloomberg Tradebook LLC
McDonald Investments Inc.
Twenty-First Securities Corp.
Merrill Lynch & Co., Inc.
TD Securities (USA) LLC
McDonald Investments Inc.
Goldman, Sachs & Co.
UBS International, Inc.
Stralem & Company, Inc.
Bear Stearns Asset Management
Lazard Capital Markets LLC
Ernst & Young LLP (NY)
Securities Industry Association
Exane, Inc.
Goldman, Sachs & Co.
U.S. Department of Treasury
Chicago Board Options Exchange
Goldman Sachs & Co.
A.G. Edwards & Sons, Inc.
Harris Nesbitt Corp.
The Bank of New York
Credit Suisse
Fortress Global Investigations
Depository Trust & Clearing Corp
Deloitte
Deutsche Bank
Barclays Capital
AXA Equitable
Jefferson Pilot Securities Corporation
CIBC World Markets Corp.
Montauk Financial Group
Banc of America Securities LLC
TD Securities (USA) LLC
Goldman Sachs Execution & Clearing
Swiss American Securities, Inc.
Nomura Securities International,
Hughes Hubbard
Morgan Stanley
J.P. Morgan Chase & Co.
Morgan Stanley
Financial Crimes Enforcement Net
UBS Financial Services Inc.
Abbey National Securities Inc.
Goldman, Sachs & Co.
Morgan Stanley
Commerzbank Capital Markets Corp
Wachovia Corporation (NC)
H&R Block Financial Advisors, In
CIBC World Markets Corp.
PricewaterhouseCoopers LLP (NY)
Scottrade Inc.
Fidelity Investments
State Street Global Markets, LLC
UBS Securities LLC
Citigroup, Inc.
UBS International, Inc.
Goldman Sachs Execution & Clearing, L.P.
Institutional Investor
Wealth Manager
Davenport & Company LLC
Infosys Technologies Limited
Prudential Investments
Jefferies & Company, Inc.
Depository Trust & Clearing Corp
ADP Brokerage Services Group
Ryan Beck & Co., Inc.
Smith Barney
Law Debenture Corporate Services
Royal Bank of Canada
Ameriprise Financial, Inc
New York Stock Exchange, Inc.
Resrv Partners, Inc.
Citicorp Investment Services
Depository Trust & Clearing Corporation
Nikkei News
MetLife Securities, Inc.
RBC Capital Markets
Financial News
Depository Trust & Clearing Corp
ING Financial Markets LLC
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Pershing
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Pershing LLC
Neuberger Berman Inc.
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Reuters America Inc.
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Crowe Chizek and Company LLC
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BD Week
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efinancialcareers.com
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IJL Wachovia
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Canaccord Adams
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Wedbush Morgan Securities
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Marcus Schloss & Co. Inc.
ING Financial Markets LLC
Legg Mason, Inc.
Florida International Bankers Association
TD Securities (USA) LLC
Independence Community Bank
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Citibank, N.A.
Independence Community Bank
Institutional Investor News
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Global Investment Technology
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Nationwide Mutual Insurance Company
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Goldman, Sachs & Co.
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Fortress Global Investigations
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Forbes
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Smith Barney, Citigroup Global Markets
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Digital Harbor, Inc
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Royal Bank of Canada
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InterSecurities, Inc.
Citigroup Global Markets Inc.
Russell Investment Group
BH Clearing, LLC
J. J. B. Hilliard, W. L. Lyons, Inc.
FIA
Deutsche Bank Securities Inc.
Wilmer, Cutler & Pickering Hale
The D&B Corporation
Royal Bank of Canada
BNP Paribas
OppenheimerFunds, Inc.
Accuity
HSBC Securities (USA) Inc.
Complinet, Inc.
EquiLend LLC
Securities & Exchange Commission
ING Financial Markets LLC
Prudential Financial
TD Securities (USA) LLC
MetLife Securities, Inc.
BNP Paribas Securities Corp.
Galleon Group
Citigroup, Inc.
Deutsche Bank
Fimat USA, LLC
MassMutual Life Insurance Company
Commodity Futures Trading Commission
RSM McGladrey, Inc.
Morgan Stanley Asset Management
Credit Agricole Cheuvreux North
Independence Community Bank
Bloomberg Tradebook LLC
Deloitte
CIBC World Markets Corp.
First Albany Capital Inc.

[Asset Management] Formative Value Investing Books
The Theory of Investment Value (1938), by John Burr Williams. ISBN 0-87034-126-X
The Intelligent Investor (1949), by Benjamin Graham. ISBN 0-06-055566-1
Security Analysis (1934), by Benjamin Graham. ISBN 0-07-144820-9
The Essays of Warren Buffett (2001), Asset Managemented by Lawrence A. Cunningham. ISBN 0-9664461-1-9.
You Can Be a Stock Market Genius (1997), by Joel Greenblatt. ISBN 0-684-84007-3.
The Little Book That Beats the Market (2006), by Joel Greenblatt. ISBN 0-471-73306-7.
Contrarian Investment Strategies: The Next Generation (1998), by David Dreman. ISBN 0-684-81350-5.
The Little Book of Value Investing (2006), by Chris Browne. ISBN 0-470-05589-8.

[Asset Management] Value Investors at Wikiquote
Warren Buffett
Benjamin Graham
Joel Greenblatt

[Asset Management] External links
Warren Buffett's Letters to his Shareholders
Superinvestors of Graham and Doddsville
The Evolution of the Idea of "Value Investing": From Benjamin Graham to Warren Buffett
What has Worked in Investing
Retrieved from "http://en.wikipedia.org/wiki/Value_investing"

Stock trader
From Wikipedia, the free encyclopedia
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A stock trader or a stock investor is an individual or firm who buys and sells financial instruments (such as stocks or bonds) in the financial markets.

Contents [hide]
1 Stock trader versus stock investor
2 Methodology
3 Expenses, costs and risk
4 Stock Picking
4.1 Dart Board Method
5 Miscellaneous
6 Famous stock traders or stock investors
7 References
8 See also



[Asset Management] Stock trader versus stock investor

Stock traders in the trading floor of the New York Stock Exchange.Stock investors purchase stocks with the intention of holding for an extended period of time, usually several months to years. They rely primarily on fundamental analysis for their investment decisions and fully recognize stock shares as part-ownership in the company. Many investors believe in the Buy-and-Hold strategy, which as the name suggests, implies that investors will hold stocks for the very long term, generally measured in years. This strategy was made popular in the equity bull market of the 1980s and 90s where buy-and-hold investors rode out short-term market declines and volatility and continued to hold as the market returned to its previous highs and beyond. However, during the 2001-2003 equity bear market, the buy-and-hold strategy lost some followers as broader market indexes like the NASDAQ saw their values decline by over 60%. On the other hand, stock traders usually try to profit from short-term price volatility with trades lasting anywhere from several seconds to several weeks. Some try to rely upon the psychology of other stock market agents (buyers and sellers), and privileged or confidential information, in order to take their capital gain (see speculation and insider trading). In modern days, a number of truly committed full time traders are usually technical analysis (or charting) experts.


Charting is the use of graphical and analytical patterns and data to attempt to predict future prices.Individuals or firms trading as their principal capacity are called stock traders or simply traders. The stock trader is usually a professional. However, many people across the world can call themselves stock traders/investors or part-time stock traders/investors, despite having another profession in parallel with their regular trading activities in the financial markets. When a stock trader/investor has clients, and acts as a money manager or adviser with the intention of adding value to his clients finances, he is also called a financial adviser or manager. In this case, the financial manager could be an independent professional or a large bank corporation employee. This may include managers dealing with investment funds, hedge funds, mutual funds, and pension funds, or other professionals in equity investment, fund management, and wealth management. A very active stock trader who holds positions for a very short time and makes several trades each day is a day trader.

Several different types of stock trading or investing exist including day trading, swing trading, market making, trend following, scalping (trading), momentum trading, short-term countertrend trading, trading the news, and arbitrage. In the case of longer-term trend following, some trades may last longer than several months.


[Asset Management] Methodology
Stock traders/investors usually need a stock broker, such as a bank or a brokerage firm, as an intermediate. Since the spread of the Internet banking, it is usual to use an Internet connection to manage their own financial portfolios, including ordering the sell/buying orders, set stop losses prices and define buying/selling prices. Using the Internet, specialized software and a personal computer, stock traders/investors make use of technical analysis and fundamental analysis to help them in the decision process. They utilize also several advising and information resources based on the Internet and the media, such as financial/business news and data firms (Reuters, Bloomberg, Financial Times, Yahoo! Finance, MSN Money, AFX News, Newratings, Forbes, BusinessWeek, Hoover's). They exclusively trade on their own behalf, as a principal, investing money on a share or other financial instrument, which they believe will increase in price aiming to sell it later with earnings.


[Asset Management] Expenses, costs and risk
Trading activities are not free. First of all, they have a considerably high level of risk, uncertainty and complexity, especially for unwise and inexperienced stock traders/investors seeking for an easy way to make money quickly. In addition, stock traders/investors face several costs such as commissions, taxes and fees to be paid for the brokerage and other services, like the buying/selling orders placed at the stock exchange. According to each National or State legislation, a large array of fiscal obligations must be respected, and taxes are charged by the State over the transactions and earnings. Beyond these costs, the opportunity costs of money and time, the currency risk, the financial risk, and all the Internet Service Provider, data and news agency services and electricity consumption expenses must be added.


[Asset Management] Stock Picking
Although many companies offer courses in stock picking, and numerous experts report success through Technical Analysis and Fundamental Analysis, many economists and academics state that because of Efficient market theory it is unlikely that any amount of analysis can help an investor make any gains above the stock market itself. In a normal distribution of investors, many academics believe that the richest are simply outliers in such a distribution (e.g. in a game of chance, they have flipped heads twenty years in a row).

For this reason most academics and economists recommend that investors invest in funds that follow an index in the market, i.e. long-term and well-diversified investments.


[Asset Management] Dart Board Method
Financial journals and newspapers such as the Wall Street Journal have done articles on stock picking in the past. One famous article involved a stock picking contest between a panel of Wall Street experts, the public and a dart board. One member was elected to throw darts at the Journal's stock page in order to select a portfolio. At the end of the experiment, the public and the dart board both beat the board of Wall Street experts. Was the dart board more savvy? The dart board's triumph over the Wall Street experts can be attributed to chance (one could also attribute the dart board losing to the experts to chance as well).


[Asset Management] Miscellaneous
Jules Verne, the famous writer, was a stock trader and broker at the Paris Stock Exchange (La Bourse de Paris).
Isaac Newton, the famous physicist lost some of his money due to speculation in The South Sea Company stock in the 1720s. Isaac Newton lost over 20,000 pounds (£1.68 million in today's money) of his fortune. As a result of this crisis, he stated "I can calculate the motions of heavenly bodies, but not the madness of people".[1][2][3][4]
John Maynard Keynes, the famous economist, was a very successful stock investor.
David Ricardo, the famous political economist joined his father at the London Stock Exchange, where he began to learn about the workings of finance. This beginning set the stage for Ricardo's later success in the stock market.

[Asset Management] Famous stock traders or stock investors
Warren Buffett
William O'Neil
Nicolas Darvas
Philip Fisher
Bernard Baruch
Benjamin Graham
John W. Henry
Jesse Lauriston Livermore
Peter Lynch
John Templeton
Martin Zweig
George Soros
Jim Rogers

[Asset Management] References
^ The Damn'd South Sea, Harvard Magazine (1999), accessed January 2007
^ South Sea Bubble, Stock Market Crash! (2006), accessed January 2007
^ FAMOUS FIRST BUBBLES? The South Sea Bubble, Erasmus School of Economics - Erasmus University Rotterdam (2006), accessed January 2007
^ The South Sea Bubble, History House Inc. (2006), accessed January 2007

[Asset Management] See also
Value investing
Fundamental analysis
Scottrade
Shareholder
Stock
Stock exchange
Stock market
Technical analysis
Technical Analysis Software (Finance)
Trader (finance)
Kelly Criterion For Stock Market
Retrieved from "http://en.wikipedia.org/wiki/Stock_trader"


Market trends
From Wikipedia, the free encyclopedia
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Bull and bear statues in front of the Frankfurt Stock ExchangeIn investing, financial markets are commonly believed to have market trends that can be classified as primary trends, secondary trends (short-term), and secular trends (long-term). This belief is generally consistent with the non-scientific practice of technical analysis and broadly inconsistent with the efficient markets hypothesis.

A bull market is a prolonged period of time when prices are rising in a financial market faster than their historical average, in contrast to a bear market which is a prolonged period of time when prices are falling.

Investors can be described as having bullish or bearish sentiments. Market trends are witnessed when bulls (buyers) outnumber bears (sellers), or vice versa, consistently over time. In general, a bull or bear market refers to the market and sentiment as a whole but it can also be used to refer to specific securities, sectors, or similar ("bullish on IBM", "bullish on technology stocks" or "bearish on gold", for example).

Contents [hide]
1 Primary market trends
1.1 Bull market
1.2 Bear market
2 Secondary market trends
2.1 Correction
2.2 Bear market rally
3 Secular market trends
4 Market events
5 Causes
6 Technical analysis
7 Etymology
8 Historic examples
9 See also
10 External links



[Asset Management] Primary market trends

[Asset Management] Bull market
A bull market tends to be associated with increasing investor confidence, motivating investors to buy in anticipation of further capital gains. The longest and most famous bull market was in the 1990s when the U.S. and many other global financial markets grew at their fastest pace ever [1].

In describing financial market behavior, the largest group of market participants is often referred to, metaphorically, as a herd. This is especially relevant to participants in bull markets since bulls are herding animals. A bull market is also described as a bull run. Dow Theory attempts to describe the character of these market movements.


[Asset Management] Bear market
A bear market tends to be accompanied by widespread pessimism. Investors anticipating further losses are motivated to sell, with negative sentiment feeding on itself in a vicious circle. The most famous bear market in history was the Great Depression of the 1930s [2].

Prices fluctuate constantly on the open market; a bear market is not a simple decline, but a substantial drop in the prices of a range of issues over a defined period of time. By one common definition, a bear market is marked by a price decline of 20% or more in a key stock market index from a recent peak over at least a two-month period. [citation needed] However, no consensual definition of a bear market exists to clearly differentiate a primary market trend from a secondary market trend.


[Asset Management] Secondary market trends
A secondary trend is a temporary change in price within a primary trend. These usually last a few weeks to a few months. A temporary decrease during a bull market is called a correction; a temporary increase during a bear market is called a bear market rally.

Whether a change is a correction or rally can be determined only with hindsight. When trends begin to appear, market analysts debate whether it is a correction/rally or a new bull/bear market, but it is difficult to tell. A correction sometimes foreshadows a bear market.


[Asset Management] Correction
A market correction is a sometimes defined as a drop of at least 10%, but not more than 20% (25% on intraday trading).

Major disasters or negative geopolitical events can spark a correction. One example is the performance of the stock markets just before and after the September 11, 2001 attacks. On September 7, 2001, the Dow fell 234.99 points to 9,605.85, thoroughly pushing the Dow into a correction. On September 17, 2001, the first day of trading after the attacks, the Dow Jones Industrial Average plunged 684.81 points to 8,920.70. That loss officially pushed the Dow, not just even further into a correction, but a bear market. (Although unless investors had prior knowledge of the events of September 11, 2001, it would be impossible for the attacks to have had an effect on the markets ahead of time.)

Because of depressed prices and valuation, market corrections can be a good opportunity for value-strategy investors. If one buys stocks when everyone else is selling, the prices fall and therefore the P/E ratio goes down. In addition, one is able to purchase undervalued stocks with a highly probable upside potential.


[Asset Management] Bear market rally
A bear market rally is sometimes defined as a rise of at least 10%, but no more than 20%.

Notable bear market rallies occurred in the Dow Jones index after the 1929 stock market crash leading up to the market bottom in 1932, as well as throughout the late 1960s and early 1970s. The Japanese Nikkei stock average has been typified by a number of bear market rallies since the late 1980s while experiencing an overall downward trend.


[Asset Management] Secular market trends
A secular market trend is a long-term trend that lasts 5 to 20 years, and consists of sequential primary trends. In a secular bull market the bear markets are smaller than the bull markets. Typically, each bear market does not wipe out the gains of the previous bull market, and the next bull market makes up the losses of the bear market. Conversely, in a secular bear market, the bull markets are smaller than the bear markets and do not wipe out the losses of the previous bear market.

An example of a secular bear market was seen in gold over the period between January 1980 to June 1999, over which the nominal gold price fell from a high of $850/oz to a low of $253/oz [3], which formed part of the Great Commodities Depression. Conversely, the S&P 500 experienced a secular bull market over a similar time period [4].

These secular bull and bear market trends are also termed "super cycles". "Grand supercycles" of 50 to 300 years have also been proposed by Nikolai Kondratiev and Ralph Nelson Elliott.


[Asset Management] Market events
Main articles: Stock market boom, Stock market crash, and Stock market bubble
An exaggerated bull market fueled by overconfidence and/or speculation can lead to a stock market bubble. At the other extreme, an exaggerated bear market, that tends to be associated with falling investor confidence and panic selling, can lead to a stock market crash and a recession.


[Asset Management] Causes
Both bull and bear markets may be fueled by sound economic considerations and/or by speculation and/or investors cognitive biases and emotional biases. The stock market is controlled by people and, as a result, by emotions, among them collective emotions.

Expectations play a large part in financial markets and in the changes from bull to bear environments. More precisely, attention should be paid to reactions to information, chiefly positive surprises and negative surprises. The tendency is for positive surprises to fuel a bull market (when the news continually tends to exceed investor's expectations) and conversely negative surprises tend to feed a bear market (with expectations disappointed). Also, some behavioral finance studies show the role of underreaction - adjustment - overreaction in the formation of market trends.


[Asset Management] Technical analysis
Main article: Technical analysis
Technical analysis attempts to determine whether a market or security is in a bull or bear phase and to generate trading strategies to exploit this phase. Many technical analysts believe that financial markets are cyclical and move in and out of bull and bear market phases regularly.


[Asset Management] Etymology
The precise origin of the phrases "bull market" and "bear market" is obscure. The most common etymology points to London bearskin "jobbers" (brokers),[citation needed] who would sell bearskins before the bears had actually been caught in contradiction of the proverb ne vendez pas la peau de l'ours avant de l’avoir tué ("don't sell the bearskin before you've killed the bear")—an admonition against over-optimism [citation needed]. By the time of the South Sea Bubble of 1721, the bear was also associated with short selling; jobbers would sell bearskins they did not own in anticipation of falling prices, which would enable them to buy them later for an additional profit.

Some analogies that have been drawn, but are likely false etymologies:

It relates to the common use of these animals in blood sport, i.e bear-baiting and bull-baiting.
It refers to the way that the animals attack: a bull attacks with its horns from bottom up; a bear attacks with its paw from above, downward.
It relates to the speed of the animals: bulls usually charge at very high speed whereas bears normally are lazy and cautious movers.
They were originally used in reference to two old merchant banking families, the Barings and the Bulstrodes.
Bears hibernate, while Bulls do not.
Bears keep their chin up, while Bulls keep their chin down.
Bear neck points down while Bull's points upwards.
Another plausible origin is from the word "bulla" which means bill, or contract. When a market is rising, holders of contracts for future delivery of a commodity see the value of their contract increase. In a falling market, the counterparties--the "bearers" of the commmodity to be delivered, win because they have locked in a price higher than the present for future delivery.


[Asset Management] Historic examples
In May 2006, emerging markets including India witnessed a correction. Indices fell as much as 20% before resuming the secular Bull Run.
The most recent example of a correction preceding a bear market was the stock market performance during the 3rd quarter of 2001. Dismal job, labor, and retail numbers in addition to the September 11 attacks pushed the stock market into a correction and later a bear market by September 2001 that lasted until December 2002.
The Black Monday crash of 1987 did not push the markets into a bear market. It was a sharp, dramatic correction within an upward trend.
The October 27, 1997 mini-crash is considered a somewhat more minor stock market correction when compared to Black Monday, but, like the 1987 crash, it was a correction during an upward trend.

[Asset Management] See also
Trend following
Business cycle
Financial markets
List of finance topics
Stock market
Technical analysis

Investor profile
From Wikipedia, the free encyclopedia
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An investor profile or style defines an individual's preferences in investment decisions, for example:

Short term trading (active management) or long term holding (buy and hold)
Risk averse or risk tolerant / seeker
All classes of assets or just one (stocks for example)
Value stock or growth stocks, defensive or cyclical stocks...
Big cap or small cap stocks,
Use or not of derivatives
Home turf or international diversification
Hands on, or via investment funds
and so on.

[Asset Management] See also
Value investing
Index investing
Growth investing
Socially responsible investing
Ethical investing
Appreciation
Capital accumulation
Financial economics
Investor relations
Return on investment
Saving
Speculation
Stock investor
Stock profile
Styles of investment strategy


Capital accumulation
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Most generally, the accumulation of capital refers simply to the gathering or amassment of objects of value; the increase in wealth; or the creation of wealth. Capital can be generally defined as assets invested for profit.

In economics, accounting and Marxian economics, capital accumulation is often equated with investment, especially in real capital goods.

But capital accumulation can refer variously to

real investment in tangible means of production.
financial investment in paper assets.
investment in non-productive physical assets such as residential real estate that appreciate in value.
"human capital accumulation," i.e., new education and training increasing the skills of the (potential) labour force.
Non-financial capital accumulation is an essential factor for economic growth, since additional investment is essential to enlarge the scale of production and increase employment opportunities. Without this, the total amount of tangible wealth that can be traded would not increase.

In modern macroeconomics and econometrics the term capital formation is often used in preference to "accumulation", though UNCTAD refers nowadays to "accumulation".

Contents [hide]
1 Harrod-Domar model
2 The measurement of accumulation
3 Psychology, sociology and ethics of capital accumulation
4 Marxian concept of capital accumulation
4.1 The rate of accumulation
4.2 The origin of capital accumulation in trade
4.3 The circuit of capital accumulation from production
4.4 Simple and expanded reproduction
4.5 Capital accumulation as social relation
5 Different forms of capital accumulation
6 Regime of accumulation
7 Environmental criticism of capital accumulation
8 Capital accumulation and risk
9 Capital accumulation and military wars
10 New developments in capital accumulation
11 A few references to works of theory
12 See also
13 External links



[Asset Management] Harrod-Domar model
In macroeconomics, following the Harrod-Domar model, the savings ratio (s) and the capital coefficient (k) are regarded as critical factors for accumulation and growth, assuming that all saving is used to finance fixed investment. The rate of growth of the real stock of fixed capital (K) is:


where Y is the real national income. If the capital-output ratio or capital coefficient () is constant, the rate of growth of Y is equal to the rate of growth of K. This is determined by s (the ratio of net fixed investment or saving to Y) and k.

A country might for example save and invest 12% of its national income, and then if the capital coefficient is 4:1 (i.e. $4 billion must be invested to increase the national income by 1 billion) the rate of growth of the national income might be 3% annually. However, as Keynesian economics points out, savings do not automatically mean investment (as liquid funds may be hoarded for example).

Assuming that the turnover of total production capital invested remains constant, the proportion of total investment which just maintains the stock of total capital, rather than enlarging it, will typically increase as the total stock increases. The growth rate of incomes and net new investments must then also increase, in order to accelerate the growth of the capital stock. Simply put, the bigger capital grows, the more capital it takes to keep it growing and the more markets must expand.


[Asset Management] The measurement of accumulation
Accumulation can be measured as the monetary value of investments, or as the change in the value of assets owned. Using company balance sheets, tax data and direct surveys as a basis, government statisticians estimate total investments and assets for the purpose of national accounts, Input-output tables national balance of payments and Flow of funds statistics. Usually the Reserve Banks and the Treasury provide interpretations and analysis of this data. Standard indicators include Capital formation, Gross fixed capital formation, fixed capital, household asset wealth, and foreign direct investment.

Organisations such as the International Monetary Fund, UNCTAD, the World Bank Group, the OECD, and the Bank for International Settlements used national investment data to estimate world trends. The Bureau of Economic Analysis, Eurostat and the Japan Statistical Office provide data on the USA, Europe and Japan respectively.

Other useful sources of investment information are business magazines such as Fortune, Forbes, The Economist, Business Weekly etc. as well as various corporate "watchdog" organisations and NGO publications. A reputable scientific journal is the Review of Income & Wealth. In the case of the USA, the "Analytical Perspectives" document (an annex to the yearly budget) provides useful wealth and capital estimates applying to the whole country.





[Asset Management] Psychology, sociology and ethics of capital accumulation
There have been numerous psychological and sociological studies of the motivations of investment behaviour by individuals. Most of these suggest that the propensity to accumulate capital is associated with qualities such as an intelligent understanding of property ownership, a positive attitude towards money, the ability to seize a money-making opportunity, and a desire to acquire more wealth. These are not innate or genetic qualities, but learnt through social experience.

However, even if a strong motivation for enrichment exists, the business climate, local culture or social instability may prevent this motivation from being realised. Hernando de Soto for example argues that the reason why poor countries are poor is mainly because of the absence of a legal-cultural infrastructure of "asset management" and of formalised and enforced private property rights. However the most popular argument in this respect remains the vicious cycle of poverty: the poor are poor because they are poor. Critics of this argument object it is an uninformative tautology.

Greed and desire can play a very important role in capital accumulation, but are not a necessary requirement. Indeed according to Max Weber's study of capitalism and the Protestant ethic, frugality, sobriety and saving were among the key values of the rising bourgeoisie in the age of the Reformation.

Some economic historians (e.g. David Landes) refer to national psychology and argue that some nations or cultures (e.g. Europe) are inherently better equipped for capital accumulation, due to cultural habits, customs and values.

Other economic historians (e.g. Paul A. Baran) have argued that psychological factors explain very little, because a nation which previously had a low level of accumulation can suddenly "take off". In that case, the causes must be sought in the prevailing social relations.

Controversies about the ethics of accumulation have occurred ever since commercial trade began. If informal and formal prostitution is regarded as the oldest profession, the first ethical debate about accumulation must have occurred tens of thousands of years ago at the very least. The problem is that trade or market forces do not create any particular morality of their own, beyond the requirement to meet contractual obligations that settle transactions. Some forms of trade may be accepted, others rejected, but there exists no general moral principle for this which can be derived from the trade itself.

A good contemporary illustration of this problem is the gigantic increase in total reported crime and the grey economy or shadow economy after the deregulation of world markets from the 1980s, and the marketisation of the USSR and China. But ancient philosophers and theologians already knew about the problem, which is why they were intensely preoccupied with the politics of the “rule of law” and its enforcement.

The main ethical questions concern which routes to wealth are morally justifiable, and what entitles individuals and groups to appropriate amounts of wealth, in particular wealth which they have not themselves created. The medieval economists invented theories of a just price and the moral debate surfaces again these days e.g. in the controversies about fair trade, imperialism and Islamic banking. Neo-liberal theory emphasises that a "good" person is one who creates new wealth, while socialist theory says a "good" person shares the wealth. The most popular moral theories are similar to that of John Rawls.

Karl Marx illustrated his analysis with sarcastic comments about “Christian accumulation”; some forms of accumulation were believed to be compatible with Jesus Christ, while other were not; some forms of accumulation were forgiven by God afterwards, others were not. Martin Luther for example raged against usury and extortion. For another example, the famous christian hymn Amazing Grace was written by the captain of a slave ship.

Marxism-Leninism is hostile to private property and market activity. It must be kept in mind that the "private property" that Marx refers to is the ownership of the means of production by a generally small elite of wealthy entrepreneurs, a type of oligarchy also in command of the bourgeois state, and not any aspect of personal property per se such as homes, cars, or other assets of personal use. Ideological enemies of Marxism have made much of this confusion, creating fears in the general population that communism is about sharing everything, down to the last towel, toothbrush, and even wives. In fact the original doctrine of Christ is far more radical in its demand for the sharing of property and wealth redistribution than Marx.

But because capital accumulation does not presuppose any particular or specific "moral system", accumulation can also continue regardless of any particular morality advocated by popes, presidents, queens, journalists, pop stars, business tycoons or anybody else. All that is required is (1) the ability to own assets and trade in them and (2) sufficient income beyond subsistence to be able to afford accumulation.

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[Asset Management] Marxian concept of capital accumulation
In Karl Marx's critique of political economy, capital accumulation refers to the chrematistic operation whereby a sum of money is transformed into a larger sum of money (capitalism is this money-making activity, although Marx often equates capitalism with the capitalist mode of production). Here, capital is defined essentially as economic or commercial asset value in search of additional value or surplus-value. This requires property relations which enable objects of value to be appropriated and owned.

According to Marx, capital accumulation has a double origin, namely in trade and in expropriation, both of a legal or illegal kind. The reason is that a stock of capital can be increased through a process of exchange or "trading up" but also through directly taking an asset or resource from someone else, without compensation. David Harvey calls this accumulation by dispossession. Marx does not discuss gifts and grants as a source of capital accumulation, nor does he analyze taxation in detail. Nowadays the tax take is so large (i.e. 25-40% of GDP) that some authors refer to state capitalism.

The continuation and progress of capital accumulation depends on the removal of obstacles to the expansion of trade, and this has historically often been a violent process. As markets expand, more and more new opportunities develop for accumulating capital, because more and more types of goods and services can be traded in. But capital accumulation may also confront resistance, when people refuse to sell, or refuse to buy (for example a strike by investors or workers, or consumer resistance). What spurs accumulation is competition; in business, if you don't go forward, you go backward, and unless the law prevents it, the strong will exploit the weak.

In general, Marx's critique of capital accumulation is that the human chase after wealth and self-enrichment leads to inhuman consequences. The enrichment of some is at the expense of the immiseration of others, and competition becomes brutal. The basis of it all is the exploitation of the labour effort of others. When the "economic cake" expands, this may be obscured because all can gain from trade. But when the "economic cake" shrinks, then capital accumulation can only occur by taking income or assets from other people, other social classes, or other nations. The point is that to exist, capital must always grow, and to ensure that it will grow, people are prepared to do almost anything.


[Asset Management] The rate of accumulation
In Marxian economics, the rate of accumulation is defined as (1) the value of the real net increase in the stock of capital in an accounting period, (2) the proportion of realised surplus-value or profit-income which is reinvested, rather than consumed. This rate can be expressed by means of various ratios between the original capital outlay, the realised turnover, surplus-value or profit and reinvestments (see e.g. the writings of the economist Michal Kalecki).

Other things being equal, the greater the amount of profit-income that is disbursed as personal earnings and used for consumptive purposes, the lower the savings rate and the lower the rate of accumulation is likely to be. However, earnings spent on consumption can also stimulate market demand and higher investment. This is the cause of endless controversies in economic theory about "how much to spend, and how much to save".

In a boom period of capitalism, the growth of investments is cumulative, i.e. one investment leads to another, leading to a constantly expanding market, an expanding labor force, and an increase in the standard of living for the majority of the people.

In a stagnating, decadent capitalism, the accumulation process is increasingly oriented towards investment on military and security forces, real estate, financial speculation, and luxury consumption. In that case, income from value-adding production will decline in favour of interest, rent and tax income, with as a corollary an increase in the level of permanent unemployment.

As a rule, the larger the total sum of capital invested, the higher the return on investment will be. The more capital one owns, the more capital one can also borrow and reinvest at a higher rate of profit or interest. The inverse is also true, and this is one factor in the widening gap between the rich and the poor.

Ernest Mandel emphasized that the rhythm of capital accumulation and growth depended critically on (1) the division of a society's social product between "necessary product" and "surplus product", and (2) the division of the surplus product between investment and consumption. In turn, this allocation pattern reflected the outcome of competition among capitalists, competition between capitalists and workers, and competition between workers. The pattern of capital accumulation can therefore never be simply explained by commercial factors, it also involved social factors and power relationships.


[Asset Management] The origin of capital accumulation in trade
In the simplest circuit of commercial trade, a sum of money M is loaned and returned with interest as the larger sum M'. Or, as a variation, M is traded for another currency, which rises in value. In counter-trade (a form of barter in which money may be used only to value goods and services), a commodity C exchanges for another commodity C', which may also result in a larger sum of value. Marx calls the additional value surplus-value.

In a slightly more complex trading circuit, a sum of money M buys a commodity C which upon sale yields a larger sum of money M', which can be reinvested. Alternatively, the circuit C − M − C' could substitute for M − C − M' but in this case the enlarged value consists of commodities rather than of money. These circuits are basic to merchant trade.

In the more developed trading circuit of capitalism, however, M buys inputs C (means of production and labour-power) which through new production creates outputs C' and upon sale yield a larger sum of money M'. In this case, we are no longer dealing with merchant capitalism, but with capitalist industry (the capitalist mode of production: all or most of the inputs and outputs of production are available as marketed commodities, and the costs & benefits of total production are rationally calculated in price terms.

In modern capitalism, the circuits of finance, commerce and production have become exceedingly complex, often lack transparency and may involve multilateral exchanges or a lot of fictitious capital. The daily trading volume in the world's foreign exchange markets was estimated at $1.88 trillion in 2004, as against $590 billion in 1989 (current dollars) (Der Spiegel, special Asset Managemention 4/2005, p. 107). By comparison, the New York Stock Exchange daily volume is said to be around $25 billion a day, and the international futures markets are said to trade about $35 billion worth of contracts a day. Speculative trading makes up the bulk of the daily trading volumes. Most rich people do not want to bother with the financial management of most of their wealth, and know little about it. Investment specialists make their money from investing the money of the rich using their superior market knowledge, contacts, networks and commercial skills.


[Asset Management] The circuit of capital accumulation from production
Strictly speaking, capital has accumulated only when realised profit income has been reinvested in capital assets. But the process of capital accumulation in production has, as suggested in the first volume of Marx's Das Kapital, at least 7 distinct but linked moments:

The initial investment of capital (which could be borrowed capital) in means of production and labor power.
The command over surplus-labour and its appropriation.
The valorisation of capital through production.
The appropriation of the new output produced by employees, containing the added value.
The realisation of surplus-value through output sales.
The appropriation of realised surplus-value as (profit) income after deduction of costs.
The reinvestment of profit income in production.
All of these moments do not refer simply to an "economic" or commercial process. Rather, they assume the existence of legal, social, cultural and economic power conditions, without which creation, distribution and circulation of the new wealth could not occur. This becomes especially clear when the attempt is made to create a market where none exists, or where people refuse to trade.

In fact Marx suggests that the original or primitive accumulation of capital often occurs through violence, plunder, slavery, robbery, extortion and theft. He argues that thecapitalist mode of production requires that people must be forced to work in value-adding production for someone else, and for this purpose, they must be cut off from sources of income other than selling their labor power.


[Asset Management] Simple and expanded reproduction
In volume 2 of Das Kapital, Marx continues the story and shows that, with the aid of bank crAsset Management, capital in search of growth can more or less smoothly mutate from one form to another, alternately taking the form of money capital (liquid deposits, securities, etc.), commodity capital (tradeable products, real estate etc.), or production capital (means of production and labor power).

His discussion of the simple and expanded reproduction of the conditions of production offers a more sophisticated model of the parameters of the accumulation process as a whole. At simple reproduction, a sufficient amount is produced to sustain society at the given living standard; the stock of capital stays constant. At expanded reproduction, more product-value is produced than is necessary to sustain society at a given living standard (a surplus product; the additional product-value is available for investments which enlarge the scale and variety of production.

Yet there is no economic law according to which capital is necessarily re-invested in the expansion of production; that depends on anticipated profitability, market expectations and perceptions of investment risk. All that Marx proves is that in capitalism production of output is conditional on capital accumulation, i.e. at least in the longer term, if production is not profitable, it will close down.

Ernest Mandel introduced the additional concept of contracted economic reproduction, i.e. reduced accumulation where business operating at a loss outnumbers growing business, or economic reproduction on a decreasing scale, for example due to wars, natural disasters or devalorisation.

Balanced economic growth requires that different factors in the accumulation process expand in appropriate proportions. But markets themselves cannot spontaneously create that balance, in fact what drives business activity is precisely the imbalances between supply and demand: inequality is the motor of growth. This partly explains why the worldwide pattern of economic growth is very uneven and unequal, even although markets have existed almost everwhere for a very long time. It also explains government regulation of market trade and protectionism.


[Asset Management] Capital accumulation as social relation
"Accumulation of capital" sometimes also refers in Marxist writings to the reproduction of capitalist social relations (institutions) on a larger scale over time, i.e., the expansion of the size of the proletariat and of the wealth owned by the bourgeoisie.

This interpretation emphasizes that capital ownership, predicated on command over labor, is a social relation: the growth of capital implies the growth of the working class (a "law of accumulation"). In the first volume of Das Kapital Marx had illustrated this idea with reference to Edward Gibbon Wakefield's theory of colonisation:

"...Wakefield discovered that in the Colonies, property in money, means of subsistence, machines, and other means of production, does not as yet stamp a man as a capitalist if there be wanting the correlative — the wage-worker, the other man who is compelled to sell himself of his own free-will. He discovered that capital is not a thing, but a social relation between persons, established by the instrumentality of things. Mr. Peel, he moans, took with him from England to Swan River, West Australia, means of subsistence and of production to the amount of £50,000. Mr. Peel had the foresight to bring with him, besides, 3,000 persons of the working-class, men, women, and children. Once arrived at his destination, “Mr. Peel was left without a servant to make his bed or fetch him water from the river.” Unhappy Mr. Peel, who provided for everything except the export of English modes of production to Swan River!" - [1]

In the third volume of Das Kapital, Marx refers to the "fetishism of capital" reaching its highest point with interest-bearing capital, because now capital seems to grow of its own accord without anybody doing anything. In this case,

"The relations of capital assume their most externalised and most fetish-like form in interest-bearing capital. We have here M − M', money creating more money, self-expanding value, without the process that effectuates these two extremes. In merchant's capital, M − C − M', there is at least the general form of the capitalistic movement, although it confines itself solely to the sphere of circulation, so that profit appears merely as profit derived from alienation; but it is at least seen to be the product of a social relation, not the product of a mere thing. (...) This is obliterated in M − M', the form of interest-bearing capital. (...) The thing (money, commodity, value) is now capital even as a mere thing, and capital appears as a mere thing. The result of the entire process of reproduction appears as a property inherent in the thing itself. It depends on the owner of the money, i.e., of the commodity in its continually exchangeable form, whether he wants to spend it as money or loan it out as capital. In interest-bearing capital, therefore, this automatic fetish, self-expanding value, money generating money, are brought out in their pure state and in this form it no longer bears the birth-marks of its origin. The social relation is consummated in the relation of a thing, of money, to itself. - Instead of the actual transformation of money into capital, we see here only form without content." [2]


[Asset Management] Different forms of capital accumulation
Essentially, in capitalism the production of output depends on the accumulation of capital. The propensity to invest in production therefore depends a lot on expectations of profitability and sales volume, and on perceptions of market risk. If production stops being profitable, or if sales drop sharply, or if there is social instability, capital will exit more and more from the sphere of production. Or if it cannot or does not, rationalisation investments will be undertaken, to amalgamate unprofitable enterprises into profitable units.

As a corollary, capital accumulation may be the accumulation of production capital (industrial assets), or the accumulation of money capital (financial assets), or the accumulation of commodity capital (products, real estate etc. which can be traded).

But irrespective of whether the additional capital value (or surplus-value happens to take the form of profit, interest, rent, or some kind of tax impost or royalty income, what drives the accumulation process is the perpetual search for more surplus-value, for added value as such.

This requires a constant supply of a labor force which can conserve and add value to inputs and capital assets, and thus create a higher value. Normally, the socio-economic compulsion to work for a living in capitalist society is legally enforced and regulated by the state, for example through workfare and strict conditions for receiving an unemployment benefit.

Although capital accumulation does not necessarily require production, ultimately the basis for it is value-adding production which makes net additions to the stock of wealth. Capital can accumulate by shifting the ownership of assets from one place to another, but ultimately the total stock of assets must increase. Other things being equal, if production fails to grow sufficiently, the level of debt will increase, ultimately causing a breakdown of the accumulation process when debtors cannot pay crAsset Managementors.

Capital accumulation does not necessarily require trade either, although capital presupposes trade, and the ability to exchange goods for money. The reason is that wealth can be amassed through illegal or legalised expropriation (robbery, plunder, theft, piracy, slavery, embezzlement, fraud and so on). However, a continuous and cumulative accumulation process always presupposes that capital ownership is secure. Consequently, military and police forces have typically been necessary for capital accumulation on a larger scale, to protect property.

In medieval society, typically the bourgeoisie could not protect its capital assets permanently from attacks, which meant that the accumulation process was interrupted, and remained limited in scope. Today however, capitalists can own billions of dollars worth of assets which are well-protected against crime (see the annual Merrill-Lynch survey of the world's wealthy). With the aid of private banking it is easier to obscure or hide the wealth that one owns.


[Asset Management] Regime of accumulation
Both the Regulation School of French Marxist economists, inspired by the original writings of Michel Aglietta and developed by Robert S. Boyer, as well as the American social structure of accumulation school founded by the economists Samuel Bowles and David Gordon have emphasized that the processes of capital accumulation occur within a social regime of accumulation.

In other words, a specific political and socio-economic environment is required that enables sustained investment and economic growth. This environment is created partly by state policy, but partly by also by technological innovations, changes in popular culture, commercial developments, the media, and so on. An example of such a regime often cited here is that of Fordism, named after the enterprise of Henry Ford. As the pattern of accumulation changes, the regime of accumulation also changes.

Similar ideas also surface in institutional economics. The main insight here is that market trade cannot flourish without regulation by a legal system plus the enforcement of basic moral conduct and private property by the state. But the regime of accumulation responds to the total experience of living in capitalist society, not just market trade.


[Asset Management] Environmental criticism of capital accumulation
The environmental criticism of capital accumulation focuses on four main ideas.

Firstly, there is the problem of externalities. This means that privately owned industry incurs costs, including environmental and health costs, which are not charged or priced. This happens for example when effluents are discharged on land, water or in the air, which can cause pollution or despoilation of terrains. In recognition of this, environmental taxes are sometimes imposed.

Secondly, commercial activities which may be rational from the point of view of a private enterprise may not be rational from the point of view of society as a whole, or from the point of view of the biosphere, especially when they involve the destruction of natural habitats of flora and fauna, pollution and entropy.

Because a natural resource happens to be a freely available good (for example fish in the open sea), it may be plundered for profit. Or, a lot of energy may be wasted producing and transporting a good to the consumer, to which business people are indifferent because they do not pay for it. Or, the disturbance of subsistence economics by commerce may cause overpopulation.

Thirdly, goods and services may be produced for profit in ways which are directly or indirectly harmful to human life, either because of the nature of the use-value involved, or because of the techniques used to produce them, or because they encourage consumer habits with harmful effects.

Finally, business ethics may often not be reconcilable with human ethics or environmental ethics. This means for example that the imputation of a price to an environmental cost, or imposing an environment tax may be insufficient as a policy, because some things which have value simply have no price.

Nowadays environmental concerns are an essential part of so-called socially responsible business and corporate governance. However, opinion is divided about whether a capitalist market economy can be ecologically sustainable. Some argue that the experience of environmental destruction in the Soviet Union and China proves that state socialism or command economy is ecologically worse than capitalism. Others argue that the ultimate result of capital accumulation must be the destruction of the biosphere, unless drastic steps are taken to control pollution, population growth, and consumerism, and that the examples of the former Soviet Union and China are not exculpatory of Western capitalism since these nations were, in essence, copying within severe economic and strategic constraints, the production and consumerist models of the West, especially those found in the United States. They had simply bought into a false model of the good life.

In the 1970s, many environmentalists argued for a policy of "zero economic growth" in "affluent" Western societies. However, when a long recession began in that decade, halving economic growth rates, most people became more concerned about mass unemployment. Thus, the proponents of zero growth lost popularity. Nowadays, the popular concept is sustainable economic development or growth. But interpretations of what that means can differ wildly. One difficulty is that predictions of future resource scarcity are usually based on extrapolation from the past, "assuming present trends will continue", but they may not.

Today [2005] many serious environmentalists consider capitalism, or the "market system" as it is usually called, incapable of complying with the basic requisites of a sustainable and respectful habitation of planet earth. A major problem, inherent in corporate dynamics, and amply represented in its executive sociology, is the constant compulsion to expand production without limits of any kind, disregarding the irrefutable fact that it is irrational to seek infinite expansion in a finite world. In this particular regard, critics point to the corporate penchant to plan in short-term cycles, and with a purview that is only concerned with the fortunes of a single firm or business entity, thereby ignoring the cumulative effect brought to bear on the biosphere by the entire commercial production system.


[Asset Management] Capital accumulation and risk
Most capital accumulation involves risk, because capital is committed to an investment without perfect certainty about future earnings. A capital asset could gain value, but it could also lose value in the future. Owners of capital (investors) therefore typically diversify their investment portfolio, and try to minimise the risks involved in investments by every possible means.

In the course of two centuries of capital accumulation based on industrialisation the intensive economising and exploitation of human labour, and technological innovation,

the value of the assets that are invested in has become very large
the markets traded in extend around the globe
the deregulation of markets has increased the level of market uncertainty
the volume of speculative capital has grown enormously
the banking industry dominates the ownership of capital assets.
This has led to an enormous expansion of the insurance industry and of the profession of risk management. As a corollary, this powerfully stimulates the construction of mathematical models which aim to assess how probable it is that particular "risky events" will occur. Some sociologists such as Frank Furedi claim that an exaggerated and unhealthy preoccupation or anxiety about risks has infiltrated the whole of modern society.

Speculation is justified as follows: "The roles of speculators in a market economy are to absorb risk and to add liquidity to the marketplace by risking their own capital for the chance of monetary reward."


[Asset Management] Capital accumulation and military wars
Capitalist competition for profits, markets and spheres of influence, pushed to an extreme, culminates in military wars. In that sense, the theatre of war expresses the frontline of the accumulation process. Military wars typically cause the destruction of capital assets. But at the same time wars have been a powerful stimulus for the accumulation of capital and market expansion outside the theatre of war. Often this has induced laws against war profiteering.

War destruction can be illustrated by looking at World War 2. Industrial war damage was heaviest in Japan, where 1/4 of factory buildings and 1/3 of plant & equipment were destroyed; 1/7 of electric power-generating capacity was destroyed and 6/7 of oil refining capacity. The merchant fleet lost 80% of the ships. In Germany in 1944, when air attacks were heaviest, 6.5% of machine tools were damaged or destroyed, but around 90% were repaired. About 10% of steel production capacity was lost.

Germany's total war damage was estimated at about 17.5% of the pre-war total capital stock by value, i.e. about 1/6. In the Berlin area alone, there were 8 million refugees lacking basic necessities. In 1945, less than 10% of the railways were still operating. 2395 rail bridges were destroyed and a total of 7500 bridges, 10,000 locomotives and more than 100,000 goods wagons were destroyed. Less than 40% of the remaining locomotives were operational.

However, by the first quarter of 1946 European rail traffic regained its prewar operational level. At the end of the year, 90% of Germany's railway lines were operating again. In retrospect, the rapidity of social reconstruction appears astonishing.

Initially, in May 1945, Harry S. Truman's directive had been that no steps would be taken towards economic rehabilitation of Germany. In fact, the industry plan of 1946 prohibited production in excess of half of the 1938 level; the iron and steel industry was allowed to produce only less than a third of pre-war output. In 1946, 2% of Germany's physical capital stock (plant & equipment) was also dismantled and confiscated, about a quarter of it going to the USSR. By 1947, industrial production in Germany was at 1/3 of the 1938 level, and industrial investment at about 1/2 the 1938 level.

The first big strike wave in the Ruhr occurred in early 1947 - it was about food rations and housing, but soon there were demands for nationalisation. The US Governor (Newman) however stated at the time that he had to power to break strikes by withholding food rations. The clear message was: "either back to work, or you starve". By 1951, German industrial production had overtaken the prewar level. The Marshall Aid dollars were important, but, after the currency reform (which permitted German capitalists to revalue their assets) and the establishment of a new political system, much more important was the commitment of the USA to rebuilding German capitalism, rather than keeping Germany in a weak position. Average real wages remained low, lower even than in 1938, until the early 1950s, while profitability was unusually high. So the total investment fund, aided by crAsset Managements, was also high, resulting in a high rate of accumulation. This was called the German Economic Miracle or "Wirtschaftswunder"(Source: Armstrong, Glyn & Harrison 1984).

In modern times, it has often been possible to rebuild physical capital assets destroyed in wars completely within the space of about 10 years, except in cases of severe pollution by chemical warfare or other kinds of irrepairable devastation. However, damage to human capital has been much more devastating, in terms of fatalities (in the case of world war 2, about 55 million deaths), permanent physical disability, enduring ethnic hostility and psychological injuries which have effects for at least several generations.


[Asset Management] New developments in capital accumulation
New trends in capital accumulation include:

financialisation (the extraordinarily strong growth of the international financial markets. This is trade in financial claims to current and future income. As a corollary, the proportion of national income which consists of interest income and rentier income increases. The International Swaps and Derivatives Association reported in September 2006 that the outstanding nominal value of swaps and derivatives at the end of June 2006 was $283 trillion - nearly ten times the combined GDP of the US, Canada, the EU, Japan, and China; or ten times the value of total US home equity (each being valued at about $34 trillion). According to Standard & Poor's, world stock market capitalization is about $41 trillion. Of total swaps and derivatives, some $26 trillion was in the fastest growing area, crAsset Management default swaps.
Modern information technology makes it possible to engage in very complex investment projects and shift funds extremely quickly from one placement to another in space and time. This increases the rotation speed of capital and raises the profit rate, but can also increase potential financial risks.
the growing controversies about intellectual property rights and the protection (or security) of ideas which can make money for the owner. Increasingly, the basic conditions necessary for a good, service or idea to become a tradeable commodity are theoretically defined.
ongoing privatisation of assets which were previously under public ownership. The IMF estimates suggest that in two decades since 1985 more than $2 trillion US dollars (in 2005 values) worth of state assets were privatised worldwide. Typically, these assets also rise sharply in value within a few years, because they involve enterprises occupying monopoly positions (e.g. utilities) which thus provide guaranteed profits. If profits dry up in the private sector, capitalists plunder public assets paid for by all citizens, with the argument that if they run them, supply will be more efficient.
The enormous increase in capital gains from rising property values in the richer countries, especially in the housing market. US tax data for fiscal 2000 showed that realised capital gains in the USA peaked at an estimated $644.3 billion worth of income while US GDP in 2000 was at US$9,817.0 billion, in other words realised capital gains assessed for tax purposes were equal to 6.5% of GDP at that point (total capital gains would be larger). Yet GDP, being a measure of value added in production, does not even include this "hidden" personal and business income.
A growing proportion of capital assets which is not productively invested (overcapitalisation), together with an increase in the amount of consumer debt and liabilities. Some observers see the cause as being an increase in the gap between rich and poor, which causes only sluggish demand growth. "Debt management" has become a distinct and profitable business.
The crisis of numerous pension funds providing a large amount of investment capital, which are alleged to be badly managed.
An international "competition of currency values" strongly influenced by speculative capital, which has a big effect on the pattern of international trade. The magnitudes involved can be gauged e.g. from the currency conversion ratios used to establish purchasing power parity. For example, India's GDP valued at "ppp" becomes five times larger. This tends to stimulate counter-trade.
The acceleration of the concentration and centralisation of capital internationally in very large corporations. The Fortune Magazine "Global 500" largest corporations in 2004 employed more people than the whole workforce of Germany. The after-tax profit volume of the Fortune Global 500 was said to be $731 billion, the combined asset value was $60.8 trillion, gross income (revenues) $14.8 trillion, and stockholders equity $6.8 trillion. For comparison, world GDP in 2004 was valued at $40.9 trillion (World Bank).
The Merrill lynch/CapGemini World Wealth Report 2005 covering High Net Worth Individuals (HNWI) claims the fortunes of the world's millionaires and billionaires grew strongly in 2004, increasing by 8.2% to US$30.8 trillion in one year. Driven by North America & Asia–Pacific, this represents "the highest growth of HNWI wealth in more than three years".
Dollarisation - more US currency now circulates outside the US than inside it, and some countries such as Ecuador and El Salvador have adopted the US dollar as national currency. "Dollar hegemony" is maintained by large Asian, Arab and European investments in the United States.
the tendency for corporate investment to orient towards activities which secure good short-term returns for shareholders. This is called "value-based management". Most corporate executive officers (CEO's) cite profitability as their prime concern.
an increasing preoccupation with the conditions for extending crAsset Management, and with all sorts of risk factors. World markets are increasingly sensitive to events and disturbances which might cause social instability or panics.
the declining overall significance of business start-ups, in the sense of enterprises creating new products and services, rather than being just tax-shelters or secondary employment (whether this is a permanent trend remains to be seen).
the growth of criminal (or illegal) accumulation as measured by crime reports, including business crime and corruption such as fraud, embezzlement, money laundering, insider trading, smurfing and theft, but also prostitution, forced labour, slavery, war plunder etc. The volume of illegal international transactions is now said to be around $1 trillion a year, equal to the GDP of Spain or Canada. National Geographic has reported there are about 27 million slaves in the world. ILO estimates of forced labor are a little over a dozen million. There are possibly 70 million people involved around the world in prostitution of one form or another. But there are many more, employed or unemployed, in "intermediate" positions. Traditional sociological categories may not describe their situation accurately, but a growing "underclass" (which may not be an accurate label) is a policy concern for many governments.
the most ignored aspect is the changing structure of the international workforce in its totality, specifically the number employed by specific employment status and by income, in different sectors. But just as Marx's Law of Accumulation predicted, the working class has grown enormously within 2 centuries. Deon Filmer estimated that 2,474 million people participated in the worldwide non-domestic labour force in the mid-1990s. Of these around a fifth, 379 million people, worked in industry, 800 million in services, and 1,074 million in agriculture. The majority of workers in industry and services were wage & salary earners - 58 percent of the industrial workforce and 65 percent of the services workforce. But a big portion were self-employed or involved in family labour. Filmer suggests the total of employees worldwide in the 1990s was about 880 million, compared with around a billion working on own account on the land (mainly peasants), and some 480 million working on own account in industry and services.

[Asset Management] A few references to works of theory
Karl Marx, Das Kapital Vol. 1, Part 7 and Vol. 2, Part 3.
Rosa Luxemburg, The Accumulation of Capital.
Joan Robinson, Essays in the Theory of Economic Growth.
Henryk Grossman, The Law of Accumulation and Collapse of the Capitalist System.
Paul A. Baran, The Political Economy of Growth.
Ernest Mandel, Marxist Economic Theory.
Samir Amin, Accumulation on a world scale.
Seymour Melman, Profits without production.
Michel Aglietta, A Theory of Capitalist Regulation.
Andre Gunder Frank, World accumulation, 1492 - 1789. New York 1978
Harry Rothman, Murderous providence; A study of pollution in industrial societies.
Vaclav Smil, China's Environmental Crisis: An Inquiry into the Limits of National Development. Armonk: M.E. Sharpe, 1992.
Elmar Altvater, Gesellschaftliche Produktion und ökonomische Rationalität; Externe Effekte und zentrale Planung im Wirtschaftssystem des Sozialismus.
Hernando de Soto, The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else.
Philip Armstrong, Andrew Glyn and John Harrison, Capitalism since World War II.
Michael Perelman, Steal this Idea: the Corporate Confiscation of Creativity.
Milton Friedman & Rose Friedman, Free to choose.
Manual Velasquez, Business Ethics: Concepts and Cases.
William J. Bernstein, The Birth of Plenty: How the Modern World of Prosperity was Launched.
Deon Filmer, Estimating the World at Work, a background report for World Bank's World Development Report 1995 (Washington DC, 1995).
Willem van Schendel and Itty Abraham (eds), Illicit Flows and Criminal Things. States, Borders, and the Other Side of Globalization. Bloomington, Indiana University Press, 2005; ISBN 0-253-34669-X

[Asset Management] See also
Accumulation by dispossession
Business cycle
Capital formation
Capital
Capitalism
Capitalist mode of production
Commodity fetishism
Culture of capitalism
Das Kapital
DEMOLOGOS
Fixed capital
Gross fixed capital formation
History of theory of capitalism
Investment
Investment-specific technological progress
Law of accumulation
Prices of production
Primitive accumulation of capital
Productive and unproductive labour
Proletarianization
Relations of production
Return on capital
Simple commodity production
Surplus value
Unequal exchange
Value investing
Kelly Criterion For Stock Market
 

Ranking is the process of positioning items such as individuals, groups or businesses on an ordinal scale in relation to others. A list arranged in this way is said to be in rank order.

A ranking can be obtained by evaluating each item in the collection in such a way that any two items can then be compared to see which should come higher in the ranking. In mathematical terms, this is known as an ordering. By reducing detailed measures to a sequence of ordinal numbers, rankings make it possible to evaluate complex information according to certain critera. Thus, for example, an Internet search engine may rank the pages it finds according to an evaluation of their relevance, making it possible for the user quickly to select the pages they are likely to want to see.

Ranking is a technique commonly used in non-parametric statistics.

Contents [hide]
1 Examples of ranking
2 Strategies for assigning rankings
2.1 Standard competition ranking ("1224" ranking)
2.2 Modified competition ranking ("1334" ranking)
2.3 Dense ranking ("1223" ranking)
2.4 Ordinal ranking ("1234" ranking)
3 Ranking in statistics
4 External links



ranking Examples of ranking
In many sports, individuals or teams are given rankings, generally by the sport's governing body
In football (soccer), national teams are ranked in the FIFA World Rankings and, unofficially, in the World Football Elo Ratings.
In snooker, players are ranked using the Snooker world rankings
In ice hockey, national teams are ranked in the IIHF World Ranking
In golf, the top male golfers are ranked using the Official World Golf Rankings
In relation to credit standing, the ranking of a security refers to where that particular security would stand in a wind up of the issuing company. For instance, capital notes are subordinated securities; they would rank behind senior debt in a wind up. In other words the holders of senior debt would be paid out before subordinated debt holders received any funds.
Search engines rank web pages depending on their relevance to a user's query. See HITS algorithm, PageRank, TrustRank.
In video gaming, players may be given a ranking. To "rank up" is to achieve a higher ranking relative to other players, especially with strategies that do not depend on the player's skill.
A bibliogram ranks common noun phrases in a piece of text.
See also: ordinal measurement

ranking Strategies for assigning rankings
It is not always possible to assign rankings uniquely. For example, in a race or competition two (or more) entrants might tie for a place in the ranking. When computing an ordinal measurement, two (or more) of the quantities being ranked might measure equal. In these cases, one of the strategies shown below for assigning the rankings may be adopted.

A common short-hand way to distinguish these ranking strategies is by the ranking numbers that would be produced for four items, with the first item ranked ahead of the second and third (which compare equal) which are both ranked ahead of the fourth. These names are also shown below.


ranking Standard competition ranking ("1224" ranking)
In competition ranking, items that compare equal receive the same ranking number, and then a gap is left in the ranking numbers. The number of ranking numbers that are left out in this gap is one less than the number of items that compared equal. Equivalently, each item's ranking number is 1 plus the number of items ranked above it. This ranking strategy is frequently adopted for competitions, as it means that if two (or more) competitors tie for a position in the ranking, the position of all those ranked below them is unaffected (ie, a competitor only comes second if exactly one person scores better than them, third if exactly two people score better than them, fourth if exactly three people score better than them, etc).

Thus if A ranks ahead of B and C (which compare equal) which are both ranked ahead of D, then A gets ranking number 1 ("first"), B gets ranking number 2 ("joint second"), C also gets ranking number 2 ("joint second") and D gets ranking number 4 ("fourth"). In this case, nobody would get ranking number 3 ("third") and that would be left as a gap.


ranking Modified competition ranking ("1334" ranking)
Sometimes, competition ranking is done by leaving the gaps in the ranking numbers before the sets of equal-ranking items (rather than after them as in standard competition ranking). The number of ranking numbers that are left out in this gap remains one less than the number of items that compared equal. Equivalently, each item's ranking number is equal to the number of items ranked equal to it or above it. This ranking ensures that a competitor only comes second if they score higher than all but one of their opponents, third if they score higher than all but two of their opponents, etc.

Thus if A ranks ahead of B and C (which compare equal) which are both ranked ahead of D, then A gets ranking number 1 ("first"), B gets ranking number 3 ("joint third"), C also gets ranking number 3 ("joint third") and D gets ranking number 4 ("fourth"). In this case, nobody would get ranking number 2 ("second") and that would be left as a gap.

ranking Dense ranking ("1223" ranking)
In dense ranking, items that compare equal receive the same ranking number, and the next item(s) receive the immediately following ranking number. Equivalently, each item's ranking number is 1 plus the number of items ranked above it that are distinct with respect to the ranking order.

Thus if A ranks ahead of B and C (which compare equal) which are both ranked ahead of D, then A gets ranking number 1 ("first"), B gets ranking number 2 ("joint second"), C also gets ranking number 2 ("joint second") and D gets ranking number 3 ("third").

ranking Ordinal ranking ("1234" ranking)
In ordinal ranking, all items receive distinct ordinal numbers, including items that compare equal. The assignment of distinct ordinal numbers to items that compare equal can be done at random, or arbitrarily, but it is generally preferable to use a system that is arbitrary but consistent, as this gives stable results if the ranking is done multiple times. An example of an arbitrary but consistent system would be to incorporate other attributes into the ranking order (such as alphabetical ordering of the competitor's name) to ensure that no two items exactly match.

With this strategy, if A ranks ahead of B and C (which compare equal) which are both ranked ahead of D, then A gets ranking number 1 ("first") and D gets ranking number 4 ("fourth"), and either B gets ranking number 2 ("second") and C gets ranking number 3 ("third") or C gets ranking number 2 ("second") and B gets ranking number 3 ("third").

In computer data processing, ordinal ranking is also referred to as "row numbering".

ranking Ranking in statistics
Some kinds of statistical tests employ the use calculations based on ranks. Examples:

Wilcoxon signed-rank test
Mann-Whitney U test

[Asset Management] External links
Growth, Accumulation, Crisis: With New Macroeconomic Data for Sweden 1800-2000 by Rodney Edvinsson
The Crises caused by Capital Accumulation - Oxford University publication
Retrieved from "http://en.wikipedia.org/wiki/Capital_accumulation"