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

Narcisse was tapped by Global Private Client president Robert McCann to fill his current role. Narcisse manages several concerns in his division, including business risk management, diversity, and technology to deliver integrated solutions for various strategic business initiatives. In the wake of allegations of racial discrimination, Narcisse has also been charged with leading the firm’s diversity efforts for the Global Private Client group. GPC provides investment, insurance, banking, and retirement services for individuals and businesses through 15,000 financial advisers. Assets in GPC accounts totaled $1.5 trillion in 2005.

J. D. Nelson. Founder & CEO RhumbLine AdvisorsBoston, MA Age: 66. Bottom Line: Nelson has built his firm into the nation’s third-largest black-owned asset manager since its inception in 1990. Nelson and his team manage more than $13 billion in domestic equity assets for 96 clients nationwide. What makes Nelson’s firm unique is that it focuses exclusively on passive base strategies. His financial prowess dates back to his days as senior vice president and the first director of Public Funds Services at State Street Bank in Boston as well as a stint as the administrator and chief budget officer for the Democratic National Committee.

E. Stanley O’Neal. Chairman, President & CEO. Merrill Lynch New York, NY Age: 54. Bottom Line: Since 2002, O’Neal has maintained his stature as the top-ranking African American in finance by overseeing the financial services giant. Merrill Lynch has offices in 36 countries and territories as well as total client assets of approximately $1.8 trillion. Firm-wide assets under management total $581 billion. O’Neal recently hired two high-profile individuals to help strengthen the firm’s relations with foreign governments and investors: William McDonough, former New York Federal Reserve president, who was brought on as a vice chairman and special adviser earlier this year, and former U.S. ambassador Richard McCormack, brought on as a vice chairman.

Tracy V. Maitland. Founder, President & Chief Investment Officer Advent Capital Management L.L.C. New York, NY Age: 46. Maitland is the powerhouse behind the $3 billion asset management firm that several multinational companies, foundations, and public pension plan managers call on to invest their money. Since its inception in 1995, Advent Capital Management’s investment strategy has successfully centered on an attractive asset class that is often overlooked: convertible securities. The firm also invests in high-yield and equity strategies. It offers clients a unique platform made up of customized separate accounts, hedge funds, and two closed-end mutual funds listed on the New York Stock Exchange: the Advent Claymore Convertible Securities & Income Fund (AVK) and the Advent/Claymore Enhanced Growth & Income Fund (LCM).
Maitland says the hedge fund business is about high performance. To that end, Advent has been expanding its international reach. He recently opened a London office to support European investments. There is also an Asian investment team that invests during Asian market hours out of the New York office. Maitland recently entered into a $100 million joint venture with a private bank in the Netherlands to focus on global investments. “We’re competing on a global basis,”

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