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Company Links |
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Company Strategy |
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A full-service investment banking, institutional brokerage and asset management company. |
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Product/Services Portfolio |
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The Company’s business comprises the following four business lines: investment banking, research and institutional brokerage, asset management and private wealth and merchant banking.
The Company provides investment banking services in the following broad industry sectors: consumer, diversified industrials, energy and natural resources, financial institutions, healthcare, insurance, real estate and TMT.
The Company focuses on providing research and institutional sales and trading services to equity and high-yield investors in the United States, Europe and elsewhere. The Company executes securities transactions for institutional investors such as banks, mutual funds, insurance companies, hedge funds, money managers and pension and profit-sharing plans.
The Company’s asset management business currently offers three main services: mutual funds, alternative asset management and private wealth advisory.
The mutual funds the Company currently manages seek to achieve returns through a fundamental, research-based investment selection approach that relies on many of the principles used throughout the Company as the basis for investment advice.
The Company’s alternative asset management group currently manages hedge funds, including funds of funds, as well as private equity and venture capital funds.
The Company’s private wealth advisory practice intends to capture a larger market share of the increasing number of high net worth individuals in the U.S.
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Investment Analysis |
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Net income increased from $4.8 million during the first quarter of 2006 to $11.0 million during the first quarter of 2007.
Net revenues increased 29.4% from $110.7 million in the first quarter of 2006 to $143.2 million in the first quarter of 2007.
Net interest income from non-brokerage fixed income trading activities increased from $0.4 million for the first quarter of 2006 to $6.5 million for the first quarter of 2007.
Total non-interest expenses increased 13.6% from $103.3 million in the first quarter of 2006 to $117.3 million in the first quarter of 2007.
Business development expenses decreased 8.9% from $12.4 million in the first quarter of 2006 to $11.3 million in the first quarter of 2007.
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Income Data (Thousand $ Except EPS) |
| Year |
Revenues |
Costs |
Oper Income |
Taxes |
Net Income |
EPS |
| 2003
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392,405 |
0.00 |
0.00 |
44,474 |
71,424 |
1.55 |
| 2004
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582,397 |
0.00 |
0.00 |
59,516 |
89,754 |
1.95 |
| 2005
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575,439 |
0.00 |
0.00 |
45,934 |
48,085 |
1.05 |
| 2006
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295,457 |
0.00 |
0.00 |
-13,885 |
-16,800 |
-0.33 |
| *As of period ended September 30, 2006
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Balance Sheet Data
(Thousand $) |
Year |
Cash |
Acct Recv. |
Inventory |
Total Cur Assets |
Total Cur Liability |
PPE |
Total Assets |
LT Debt |
SH Equity |
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2004 |
199,111 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
686,713 |
0.00 |
245,065 |
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2005 |
162,434 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
1,682,987 |
0.00 |
248,986 |
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2006 |
309,457 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
1,308,176 |
0.00 |
476,098 |
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| Cash
Flow Summary
(Thousand $) |
Year |
Net Cash-Ops |
Net Cash-Inv |
Net Cash-Fin |
Net Change |
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2003 |
47,430 |
-115,196 |
63,074 |
-4,692 |
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2004 |
137,161 |
-175,837 |
176,746 |
138,070 |
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2005 |
-119,073 |
118,461 |
-36,065 |
-36,677 |
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2006 |
24,139 |
78,609 |
44,276 |
147,024 |
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*As of period ended September 30, 2006
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- Value Gap 
- Short-Term Growth
- Long-Term Growth 
- Long-Term Value 