Financial Services >> Sector Roundtables >> January 24, 2005


MATTHEW E. FISCHER, Senior Analyst, Financial Services at Independent Research Group, was formerly at Prudential Equity Group, LLC, where he was an associate analyst covering the securities industry. Mr. Fischer also worked at Merrill Lynch, most recently in corporate reengineering, where he analyzed the structure of Merrill's internal business units globally and developed ways to leverage the firm's global presence more efficiently. He earned a BA in Economics from Indiana University and an MBA from the F.W. Olin Graduate School of Business at Babson College, with a concentration in applied investments and finance. Profile
E. ROBERT HANSEN III joined the Equity Research division of Standard & Poor's Equity Group in 2003 and covers financial services companies. Previously, he was a Vice President in the Equity Division of the U.S. Trust Company from 2000, where he was responsible for stock selection within the financial services sector. Before U.S. Trust, he followed enterprise hardware companies at Merrill Lynch from 1998. Prior to joining Merrill Lynch, he followed communications equipment companies at Morgan Stanley, where he played an instrumental role in several initial public offerings. He received a Master's degree in Business Administration from the Darden School at the University of Virginia and graduated Phi Beta Kappa with a BA in economics from Colgate University. He is a Chartered Financial Analyst, a member of the New York Society of Security Analysts and is registered with both the NYSE and NASD. Profile
Hintz, Brad
Brad Hintz is the Equity Research Analyst covering the securities and asset management industries at Sanford Bernstein & Co., LLC, since 2001. For the last nine years he has been nationally ranked by both Institutional Investor magazine and Greenwich Research Associates. In October 2011, Mr. Hintz was ranked the number one Brokerage and Asset Management Analyst by Institutional Investor magazine. Prior to joining Sanford Bernstein & Co., LLC, Mr. Hintz spent 13 years on Wall Street, serving for three years as the Chief Financial Officer and Managing Director of Lehman Brothers Holdings and for 10 years at Morgan Stanley Group as a Partner of that firm and its Treasurer. Formerly, Mr. Hintz was Vice President and Treasurer of Anderson Clayton & Co., a Fortune 200 consumer products company. He also was Group Vice President at The Northern Trust Corporation and served in various financial positions at The Standard Oil Company of California. Mr. Hintz holds a Bachelor of Science from Purdue University, a Master of Science from the University of Southern California and a Master of Business Administration from the Wharton School. Profile
TWST: Matt, how would you characterize 2004 from an operating

perspective for the brokerage industry?

Mr. Fischer: 2004 was an interesting year. We had two fairly weak

quarters sandwiched