Financial Services >> Sector Roundtables >> April 29, 2002

Roundtable Forum: Brokers & Asset Managers

MARK CONSTANT is a Senior Vice President/Senior Equity Research Analyst at Lehman Brothers. He was formerly associated with Merrill Lynch where he was the Senior Analyst responsible for covering the asset management and mortgage finance sectors. In the latest Wall Street Journal All-Star Analyst Survey, Mr. Constant was one of just three analysts, across the industries, to rank number one in both stock picking and earnings forecasting in his sector, and is among the most highly ranked analysts in the Institutional Investor poll. A graduate of Stanford University, he is a member of the AIMR and the Security Analysts of San Francisco, and is a frequent guest lecturer at the Stanford Graduate School of Business. Mr. Constant is also a frequent guest on CNBC, CNN and Bloomberg News. Profile
LAUREN A. SMITH is a Senior Vice President in the Research Department of Keefe, Bruyette & Woods, Inc., where she covers the securities brokerage industry. Prior to joining KBW, Ms. Smith was a Vice President for Putnam, Lovell, de Guardiola & Thornton, Inc., also covering the securities brokerage industry. She has held the positions of Vice President and Senior Analyst at Salomon Smith Barney and was a Vice President and Analyst at Prudential Securities following two areas, the securities brokerage and asset management industries. Ms. Smith has covered the commercial bank sectors at both Dillon Read and CS First Boston. She is a member of the team that commanded the Institutional Investor All-America Research Best of the Boutiques poll for coverage of the securities brokerage and asset management industries for the past two years. Ms. Smith received a BA from Hobart & William Smith College in Economics and an MBA in Finance from Fordham University. Profile
JOAN SOLOTAR is Managing Director at Credit Suisse First Boston Corp. She is currently a member of the Financial Services Research Team at CSFB, following the merger with DLJ. In 1989, she joined DLJ where she worked for 11 years. Prior to joining DLJ, Ms. Solotar was with The First Boston Corporation. She has more than a decade of experience covering brokerage, market structure and asset management companies. Ms. Solotar is currently Chairperson of the Research Analysis and Financial Services Planning Committee 2001 of the Securities Industry Association. She has been a member of Institutional Investor's 'All-America Research Team' for the past seven consecutive years: 1995-2001. In the latest poll, Ms. Solotar was a runner-up in the 'Brokers and Asset Managers' category. Ms. Solotar ranked number three in the most recent Reuters Large Cap Company Survey published March 2001 and was the number three ranked Equity Analyst in Greenwich Research's 2000 survey. Ms. Solotar has also been a top-ranked analyst in The Wall Street Journal's annual stock picking survey several times. Profile
JAMES F. MITCHELL is Managing Director, Securities Brokerage & Banking at Putnam Lovell Securities Inc. Prior to joining the firm, he was with UBS Warburg. Mr. Mitchell was ranked number two in the boutique category for the broker and asset management sector by 11 Magazine. He is a member of the Financial Services Analysts Association (FSAA) and received a BA degree from Wesleyan University and his MBA from New York University Stern School of Business. Profile
TWST: Joan, will you begin by reviewing the performance of the brokers

and asset managers over the past year? And in assessing the performance,

is it necessary to think in terms of pre-September 11