Financial Services Eligibility

B.E. Banks
These are commercial banks or savings and loans that are classified by the Federal Reserve as black institutions and have been fully operational for the previous calendar year. An institution’s financial status is measured in terms of total assets, capital, deposits, and loans, including mortgage-backed securities for the calendar year. In compiling our list of the leading 25 institutions, we received surveys from black-owned institutions and consulted the Federal Reserve, state banking commissions, and industry associations. Note: Some banks are publicly traded but are black managed.

B.E. Insurance Companies
A life insurance company must be at least 51% black-owned and have been fully operational for the previous calendar year. An institution’s financial status is measured in terms of total assets, life insurance in force, premium income, annuity income, net investment income, statutory reserves, and surplus. The top four insurance companies on our list sell individual and/or group life insurance policies. (No institution that is strictly in the business of selling property and casualty insurance has been included.) In compiling the list, we received surveys from these institutions, consulted the rating services, state regulatory agencies, and industry associations.

B.E. Investment Banks
An investment bank must be at least 51% black-owned and have been fully operational for the previous calendar year. The top 10 investment banks compiled on our list engage in such activities as underwriting, initial public offerings (IPOs), mergers and acquisitions (M&A), retail brokerage, institutional research and sales, and financial advisory services. A firm’s financial status is measured in terms of total dollar amount of issues derived from the underwriting of municipal and corporate bonds and equities for the calendar year. In addition to receiving surveys from these companies, we consulted Thomson Financial, which tracks investment bank transactions, reviews filings from the Securities and Exchange Commission, and serves as the industry standard for measuring such activities.

B.E. Asset Managers
An asset management firm must be at least 51% black-owned and have been fully operational for the previous calendar year. The top 15 firms on our list include those that invest financial assets for individuals and institutions such as the pension funds of government agencies and corporations, and the endowments of colleges and universities. (Asset managers who specialize in real estate and other types of investment vehicles or operate hedge funds are not eligible for inclusion on this year’s list.) A firm’s financial status is measured in terms of total dollar amount of managed assets derived from equities, fixed-income and tax-exempt investments, and cash for the calendar year. In addition to receiving surveys from these companies, we consulted the federal and state regulatory agencies and industry associations. All firms on our list must be registered with the SEC and have made an annual filing of their assets under management with the SEC at the time of publication.

B.E. Private Equity Firms
A private equity firm must be at least 51% black-owned and have been fully operational for the previous calendar year. The leading 10 firms on our list include those that manage funds making equity investments in,

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