Digging In

Black financial services firms entrench themselves amid a rocky market

Wall Street firms measure financial transactions and trends in the investment community, BLACK ENTERPRISE has made several changes to our financial services lists. First, we’ve changed the methodology for our BE INVESTMENT BANKS list to rank the companies by the more lucrative senior-managed issues. In addition, our BE PRIVATE EQUITY FIRMS now include those companies that invest primarily in residential and commercial real estate. Also, we’re including firms that invest in real estate assets on our BE ASSET MANAGERS list. BE feels that this will provide readers with the most accurate snapshot of the financial services industry and African American participation within it.

B.E. 100s Financial Services Eligibility
All financial institutions must be at least 51% black-owned, with the exception of banks — which must be classified by the
Federal Reserve as black institutions — and have been fully operational for the previous calendar year.
Banks
Financial ranking is based on total assets as of Dec. 31.
In addition to receiving surveys, we have consulted the Federal Reserve, state banking commissions, and industry associations.

Investment Banks
Financial ranking is based on total dollar amount of senior-managed issues (including co-senior managed issues) derived from the underwriting of municipal and corporate bonds and equities.

In addition to receiving surveys, we ranked firms based on information provided by Thomson Reuters Corp. data, which tracks investment bank transactions, reviews SEC filings, and serves as the industry standard for measuring such activities.

Asset Managers
Financial ranking is based on total dollar amount of managed assets derived from equities, fixed-income and tax-exempt investments, real estate, and cash.
In addition to receiving surveys, we have consulted federal and state regulatory agencies and industry associations. All firms on our list are registered with the Securities and Exchange Commission and had filed their annual assets under management at the time of publication.

Private Equity Firms
Financial ranking is based on total managed capital as of Dec. 31.
In addition to receiving surveys, we consulted regulatory agencies and industry associations.

Financial Services
Summaries
Banks

  2007 2006 % Change
Employees 1,900 1,832 3.71
Assets* $5,887.299 $5,726.349 2.81
Capital* $490.520 $455.918 7.5
9
Deposits* $4,667.138 $4,603.331 1.39
Loans* $4,173.896 $3,876.343 7.68

*IN MILLIONS, AS OF DEC. 31. PREPARED BY B.E. RESEARCH. REVIEWED BY THE CERTIFIED PUBLIC ACCOUNTING FIRM EDWARDS & CO.

 

Asset Managers

  2007 2006 % Change
Employees 435 396 9.85
Assets Under Management* $83.593 $80.860 3.38

*IN BILLIONS, AS OF DEC. 31. PREPARED BY B.E. RESEARCH. REVIEWED BY THE CERTIFIED PUBLIC ACCOUNTING FIRM EDWARDS & CO. SOURCE: SEC FILINGS.

Investment Banks

  2007 2006 % Change
Employees 390 377 3.45
Senior-Managed Issues* $12.127
Co-Managed Issues* $809.117
Total Managed Issues* $821.244 $577.936 42.10

*IN BILLIONS, AS OF DEC. 31. PREPARED BY B.E. RESEARCH.

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