75 Most Powerful Blacks on Wall Street

Whether they're in investment banking, sales and trading, asset management, or private equity, these power players move the financial markets

They’re Wall Street’s billion-dollar players. Some raise capital to build or improve schools, hospitals, airports, and railroads from Los Angeles to London. Others have been responsible for financing the next generation of entrepreneurs and the products that will change the way we live, work, and play.

Whether they are engaged in investment banking, sales and trading, asset management, or private equity, those who wield power on Wall Street know that success is about more than negotiating money-making deals — it’s also about brokering relationships. “So much revolves around opportunities to bring in business,” says John W. Rogers Jr., chairman and CEO of Ariel Capital Management L.L.C. (No. 2 on the BE ASSET MANAGERS list with $19.3 billion in assets under management). Bottom line: being a power player means having the right connections.

In Ariel’s case, it’s also about branding — an art that Rogers and President Mellody Hobson have mastered. Once one sees the company’s logo — the turtle — you instantly know Ariel’s reputation for steady returns and profitability. The dynamic duo made the cut among the most powerful African Americans on Wall Street not only because of their negotiation, money management, and relationship-building prowess but, like the turtle, their longevity at the top.

BLACK ENTERPRISE’s listing is a compilation of the best and brightest investment bankers, traders, asset managers, CEOs, and venture capitalists. Some physically operate on Wall Street while others ply their trade in cities across the globe. Pick a spot on the map — Chicago, San Francisco, London — and you’ll find one of our 75 power brokers in action.

Roughly 30 are top-tier professionals at financial behemoths. Another 33 are entrepreneurs who head the largest black-owned investment banks, asset management companies, and private equity firms. Whether they are heading major departments, managing core businesses, or running their own firms, these executives all have an impact on their companies’ bottom lines.

Our team of editors and reporters spent six months engaged in extensive research to identify the financial elite. This year’s roster outnumbers previous lists, growing to 75 members. One reason: the growth of private equity, the sector in which 18 of the power hitters operate.

Fourteen individuals who appeared on our 2002 list did not make the cut this time around. Some, such as C. Kim Goodwin, former chief investment officer at State Street Research & Management Co., retired from the industry. Some moved into different industries: For instance, top analyst Charles Phillips Jr. assumed the role of co-president and director of tech giant Oracle Corp.

The list includes seven professionals who have appeared on all three of our previous lists: They include Citigroup’s James F. Haddon, Bear Stearns’ William H. Hayden, Citigroup’s Raymond J. McGuire, Lazard’s William M. Lewis Jr., Merrill Lynch’s E. Stanley O’Neal, Utendahl Capital Partners’ John O. Utendahl, and Morgan Stanley’s George L. Van Amson.

Over the years there have been radical changes in the gender composition. In 1992 and 1996, only two women made our list — one of whom was William Blair principal Michelle L. Collins. In 2002, six women made our roster.

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  • Debbie Autrey

    I would like a copy of this issue. Please lmk how I can do that75 most powerful men on wall street—2006

    DA

  • Walter Webb

    BLACK WALL STREET HAS EVOLVED FROM ITS RICH HISTORIC BEGINNING IN DURHAM, NORTH CAROLINA, HARLEM, NEW YORK, AND OKLAHOMA. THESE STATES REPRESENT A FEW OF THE MANY WHICH HAS LEAD A NATIONAL MOVEMENT TO PUT AFRICAN AMERICANS CEO’S AND BUSINESS LEADERS TO THE FOREFRONT OF NATIONAL WALL STREET. CEO’S HAVE GONE FROM RUNNING AFRICAN AMERICAN COMPANIES TO MAKING HISTORY AS CEO’S IN NON-BLACK COMPANIES.
    COMPANIES RECOGNIZED IN THE HISTORY OF BLACK WALL STREET IN MENCHANICS&FARMERS BANK/NORTH CAROLINA MUTUAL LIFE INSURANCE (MFBP). COMBINED THESE TWO COMPANIES BROUGHT NATIONAL BLACK LEADER RECOGNIZATION TO NORTH CAROLINA’S DURHAM PARRISH STREET. FURTHER NORTH IN NEW YORK HAS CARVER BANK (CARV) HAS BEEN A PIONEER OF THE FAMED HARLEM RENAISSANCE
    MOVEMENT. THE MEDIA HAS BEEN A MAJOR FORUM OF EXPRESSION TO THE AFRICAN AMERICAN HOUSEHOLD. AND RADIO-ONE (ROIAK) PROGRAMMING OF RADIO AND TELEVISION HAS KEPT MANY BLACK HOUSEHOLDS IN THE CURRENT KNOW.
    REAL ESTATE AND LAND SECURITY WAS A MAJOR CONCERN FOR BLACKS EXPRESSING OWNERSHIP. AND ALONG WITH THE BLESSING OF THE BLACK BANKS HAS LEAD TO AFRICAN AMERICAN REAL ESTATE INVESTMENT FROM COMPANIES LIKE FORMER BLACK ENTERTAINMENT TELEVISION LEAD ROBERT L. JOHNSON. HE FOUNDED THE ROBERT L. JOHNSON HOTELS AND REAL ESTATE FUND (RLJ)WHICH MANY AFRICAN AMERICANS FEEL IS AN EXTENTION OF BLACK PROMISE LAND. INVESTING IN HIS COMPANY ALSO GIVES BLACKS A MINORITY STAKE (WHICH HE OWNS) IN THE NATIONAL BASKETBALL’S CHARLOTTE BOBCAT FRANCHISE.
    OKLAHOMA’S BLACK WALL ” GREENWOOD HAS PRODUCED A RICH HISTORY OF ENTREPRENEURS AND SPOKESPEOPLE LIKE JOHN HOPE FRANKLIN, FAME EDUCATOR AND TEACHER AT NORTH CAROLINA CENTRAL AND DUKE UNIVERSITIES. MR. FRANKLIN HARD WORK AND DECICATION BROUGHT BELOVEMENT AND AS A RESULT A DUKE UNIVERSITY BUILDING WAS NAMED IN HIS HONOR.
    A NEW MOVEMENT HAS USHERED IN A NEW BREED OF BLACKS OF WALL STREET. THESE CEO’S HAVE MADE NATIONAL HISTORY AS LEADERS IN NON-BLACK BLUE CHIP COMPANIES LIKE AMERICAN EXPRESS (AXP) KENNETH CHENAULT. HIS LEADERSHIP GOES BACK TO THE NINETEEN HUNDREDS AS A LEADER IN THE WORLD OF GLOBAL CHIEF EXECUTIVE OFFICERS. AND MAKING HISTORY ALONG WITH HIM IN TWO THOUSAND IS XEROX’S (XRX) FIRST AFRICAN AMERICAN CEO URSULA BURNS. MS. BURNS AND CATHAY HUGHES FROM RADION ONE HAVE PUT AFRICAN AMERICAN FEMALES TO THE FOREFRONT OF THE NEW YORK STOCK EXCHANGE-EURONEXT (NYX) WALL STREET. OTHERS INCLUDE RICHARD PARSON’S OF CITIGROUP (C). MR. PARSON COMPANY HAS BEEN A GLOBAL PLAYER IN THE WORLD OF FINANCE. AND HAS BEEN RESPONSIBLE FOR SUPPORT HISTORICALLY BLACK COLLEGES AND UNIVERSITIES WITH STUDENT LOANS. BRINGING COMPETION FROM AFRICAN AMERICAN CEO STANLEY O’NEAL OF MERRIL LYNCH (BAC).
    WE CAN LOOK FORWARD TO THESE AFRICAN AMERICANS AND INCREASINGLY MORE BECOMING A PART OF THE OLD AND NEW BREEDS OF WALL STREET.

    FREELANCE WRITER
    DURHAM, NC