Merger By Design - Page 6 of 7 - Black Enterprise

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Black Enterprise Magazine January-March 2019 Issue

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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 Securities and Exchange Commission (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, and/or providing financing for, established and start-up companies. These investments are made on behalf of the firm and their individual and institutional investors. A firm’s financial status is measured in terms of total capital under management for the calendar year. Additional information provided to BE includes a firm’s total number of funds as well as its portfolio companies. In addition to receiving surveys from these companies, we consulted regulatory agencies and industry associations.
As indicated, BLACK ENTERPRISE consulted industry analysts and other sources to verify the information contained in the lists. Companies that may have previously appeared on the BE 100S but have been excluded this year are either no longer black-owned or their financial status has dropped below the minimum threshold to make any of the lists.
The BE 100S are available on disk in both Windows and Mac formats. The TopList Software provides mailing addresses and phone numbers for the companies, as well as information on black organizations. For more information on TopList, contact B.E. Unlimited at 212-886-9576.

FINANCIAL SERVICES SUMMARIES

Top 25 Banks 2003 2002 % Change
Number of Employees 2,065 2,051 0.68%
Assets* $4,714.139 $4,526.238 4.15%
Capital* 411.644 378.437 8.77%
Deposits* 3,815.498 3,633.301 5.01%
Loans* 3,134.041 2,712.690 15.53%
Top 10 Private Equity Firms 2003 2002 % Change
Number of Employees 94 87 8.05%
Capital Under Management* 2,959.00 2,934.50 0.83%
Number of Funds 27 26 3.85%
Total No. of Portfolio Companies 163 176 -7.39%
Top 15 Asset Management Firms 2003 2002 % Change
Number of Employees 328 306 7.19%
Assets Under Management* $59.6 $43.7 36.24%
Top 10 Investment Banks‡ 2003
Number of Employees 510
Total Issues† 677.340

*IN MILLIONS OF DOLLARS, TO THE NEAREST THOUSAND. AS OF DEC. 31, 2003. †IN BILLIONS OF DOLLARS TO THE NEAREST MILLION. AS DEC. 31, 2003. ‡Used Thomson financial securities data as a measurement. PREPARED BY B.E. RESEARCH.

B.E. INSURANCE COMPANIES

This Year

Last Year

Company/
LOCATION

Chief
Executive

Year
Started

Staff

ASSETS*

STATUTORY
RESERVES*

INSURANCE
IN FORCE*

PREMIUM
INCOME*

NET
INVESTMENT
INCOME*

1 1 North Carolina Mutual
Life Insurance Company
Durham, NC
James H. Speed Jr. 1898

147

175.665

89.885

14,241.411

84.285

8.100

2 2 Golden State Mutual
Life Insurance Company
Los Angeles, CA
Larkin Teasley 1925

200

121.000

73.150

2,884.000

19.000

6.800

3 3 Atlanta Life Financial Group
Atlanta, GA
Ronald D. Brown 1905 Page: 1 2 3 4 5 6 7



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