Ladenburg Thalmann Enters into Non-Binding Letter of Intent to Acquire Substantially All of the Assets of Fulcrum Global Partners LLC
NEW YORK--(BUSINESS WIRE)--Nov. 1, 2005--Ladenburg Thalmann Financial Services Inc. (AMEX:LTS), a provider of retail and institutional securities brokerage, investment banking and asset management services, announced today that its primary operating subsidiary, Ladenburg Thalmann & Co. Inc., has entered into a non-binding Letter of Intent with Fulcrum Global Partners LLC ("Fulcrum"), to acquire substantially all of the assets and business activities of Fulcrum. Fulcrum is an independent research-driven securities firm that has been providing unbiased research analysis and trade execution services for a wide range of institutional investors, mutual funds, pension funds, portfolio managers and hedge funds since 2001. Fulcrum is based in New York City, with regional offices in Boston, Massachusetts; Dallas, Texas; San Francisco, California; and Tampa, Florida.
It is anticipated that Fulcrum's operations will be highly complementary with Ladenburg's existing capabilities. The combined firm will provide clients with a strong combination of high-impact objective research, institutional trade execution, investment banking, asset management and retail brokerage services. In addition, the acquisition is expected to significantly increase Ladenburg's revenues and employee base.
The tentative purchase price is 12.5 million restricted shares of Ladenburg common stock (subject to purchase price adjustments), the assumption of specified liabilities and up to an additional 15 million restricted shares of Ladenburg common stock over a three-year period following the acquisition, based on specified financial targets tied to performance of the combined entity's institutional business.
Mark Klein, Ladenburg's Chief Executive Officer, said, "This acquisition would be a significant step in our ongoing efforts to re-establish Ladenburg Thalmann as a preeminent investment firm. We are very much looking forward to welcoming Fulcrum's employees to the Ladenburg family. We believe the tremendous synergies resulting from our combined resources, capabilities and business opportunities will be instrumental in enabling us to achieve our goal of becoming a world-class firm."
Michael C. Petrycki, Chief Executive Officer of Fulcrum, said, "We are excited about the opportunity to become part of the Ladenburg family and to playing a role in their growing presence in the financial markets. This is a highly complementary opportunity for all of us."
The non-binding Letter of Intent is subject to due diligence, execution of definitive documentation and various other customary conditions. Accordingly, no assurances can be given that the transaction will be consummated.
About Ladenburg Thalmann
Ladenburg Thalmann Financial Services is engaged in retail and institutional securities brokerage, investment banking and asset management services through its principal operating subsidiary, Ladenburg Thalmann & Co. Inc. Founded in 1876 and a New York Stock Exchange member since 1879, Ladenburg Thalmann & Co. is a full service investment banking and brokerage firm based in New York City, with regional offices in Boca Raton, Florida; Los Angeles, California; Palo Alto, California; Lincolnshire, Illinois; and Melville, New York. Ladenburg provides various services including corporate finance, asset management, brokerage, trading and research, principally for middle market and emerging growth companies and high net worth individuals.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of the Company including the ability to consummate the acquisition of the assets of Fulcrum and the success of such acquisition should it occur. These risks, uncertainties and contingencies include those set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2004, its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2005 and June 30, 2005 and other factors detailed from time to time in its other filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
Contacts
Citigate Sard Verbinnen
Paul Caminiti or Carrie Bloom, 212-687-8080
Michael Maloney is Head of U.S. Equity Trading at Fulcrum Global Partners LLC
NEW YORK, June 1/PRNewswire/ -- Fulcrum Global Partners LLC ("Fulcrum") announced today that Michael Maloney has joined the firm as a Managing Director and Head of U.S. Equity Trading.
Mr. Maloney began his career at Donaldson, Lufkin & Jenrette Securities in New York, trading U.S. equities in their NASDAQ department. In early 1999, he relocated to London with DLJ, taking a leading role in developing their international equities division and non-dollar trading activities. In November 2000, Mr. Maloney joined Citigroup as a director in their U.S. equity division in New York, eventually co-heading their technology trading sector. In 2003, he was hired by Bank of America Securities as a principal in their global equities division and co-head of the NASDAQ product, and played a leading role in helping BofA rebuild their institutional business in New York. Mr. Maloney has 10 years of Wall Street experience and has specialized in trading technology and telecommunications companies throughout his entire Wall Street career. He completed his undergraduate studies at Johns Hopkins University and his graduate studies at Harvard University.
"We are very excited about having Mike as a part of our group and look forward to expanding our business," said Doug Henderson, Senior Managing Director and Director of Sales and Trading for Fulcrum Global Partners LLC.
Fulcrum Global Partners LLC is an independent research-driven securities firm that has been providing unbiased research analysis and trade execution services for a wide range of institutional investors, mutual funds, pension funds, portfolio managers, and hedge funds since 2001. The firm does not engage in traditional investment banking activities such as managed underwriting, corporate finance, advisory opinions, merger and acquisition services and LBOs. Fulcrum is an SEC registered and NASD member broker/dealer headquartered at 535 Madison Avenue in New York City.
Steven C. Pelayo Joins Research Team at Fulcrum Global Partners LLC
NEW YORK, Jan. 4 /PRNewswire/ -- Fulcrum Global Partners LLC ("Fulcrum") announced today that Steven C. Pelayo has joined the firm's San Francisco office as a Managing Director and Senior Research Analyst covering the semiconductor capital equipment industry.
"Steve is highly regarded by our clients and will be a top contributor to the continued growth of Fulcrum," said Robert J. Hoehn Jr., Director of Research for Fulcrum Global Partners LLC.
Prior to joining Fulcrum, Steve Pelayo worked as a research consultant to S.A.C. Capital. From 1996 through 2003, he was a vice president at Morgan Stanley covering the semiconductor capital equipment industry. Mr. Pelayo ranked in the top three of the 2000-2003 Greenwich Associate's research surveys for semiconductor capital equipment, was a runner-up in the 2002-2003 Institutional Investor Magazine surveys, ranked first in stock-picking ability in the Wall Street Journal's 2003 "Best on the Street" survey, and was first in stock picking and earnings estimate accuracy in StarMine's 2002 ranking. Mr. Pelayo is a Chartered Financial Analyst charter holder and a member of the Security Analysts of San Francisco and the Association of Investment Management and Research.
Fulcrum Global Partners LLC is an independent research-driven securities firm that has been providing unbiased research analysis and trade execution services for a wide range of institutional investors, mutual funds, pension funds, portfolio managers, and hedge funds since 2001. The firm does not engage in traditional investment banking activities such as managed underwriting, corporate finance, advisory opinions, merger and acquisition services and LBOs. Fulcrum is an SEC registered and NASD member broker/dealer headquartered at 535 Madison Avenue in New York City.
Fulcrum Global Partners Hires Chris Godvin to Head Up San Francisco Office
NEW YORK, Dec. 17 /PRNewswire/ -- Fulcrum Global Partners LLC ("Fulcrum") announced today that Christopher Godvin has joined the firm as Manager of its San Francisco office, where he will assume the responsibilities of Managing Director and Sales Trader.
Christopher Godvin has over 15 years experience on Wall Street, most recently as a managing director and sales trader at Schwab Soundview Capital Markets. He previously worked for Robertson Stephens as a managing director and sales trader and for Cowen & Co. as a sales trader. He graduated from Boston College with a B.A. in Economics.
"Chris brings a solid track record to Fulcrum and we look forward to his continued success as he leads our team in the Western Region" said Michael Petrycki, Chairman, CEO and President of Fulcrum Global Partners LLC.
Fulcrum Global Partners LLC is an independent research-driven securities firm that has been providing unbiased research analysis and trade execution services for a wide range of institutional investors, mutual funds, pension funds, portfolio managers, and hedge funds since 2001. The firm does not engage in traditional investment banking activities such as managed underwriting, corporate finance, advisory opinions, merger and acquisition services and LBOs. Fulcrum is an SEC registered and NASD member broker/dealer headquartered at 535 Madison Avenue in New York City.
Fulcrum Global Partners Announces Three Key Hires
NEW YORK, Sept. 8 /PRNewswire/ -- Fulcrum Global Partners LLC ("Fulcrum") announced three key hires today: Alice Beebe Longley as Research Analyst; Myles P. Lavelle as Manager of National Research Sales; and Brian Kenney as Manager of New York Sales Trading.
Alice Beebe Longley has over 22 years experience on Wall Street covering the personal and household products sector at Donaldson Lufkin & Jenrette, where she was a principal, and at Credit Suisse First Boston, where she was a director, following its acquisition of DLJ in 2000. She has been ranked in Institutional Investor Magazine's All Star poll 31 times, in several years in two or three categories. In the Wall Street Journal's 2003 "Best on the Street" Hall of Fame, Ms. Longley was one of only three people to have been ranked by the survey in at least 9 of its 11 years. She has also followed apparel and small appliances companies and at CSFB focused exclusively on small- and mid-cap companies in the personal and household products sector.
Myles P. Lavelle has over 12 years Wall Street experience, most recently as head of east coast sales at Schwab Soundview Capital Markets. During his career, Mr. Lavelle worked at Soundview Technology Group as a managing director in research sales and at Bear Stearns as a vice president on the government bond desk. He is a graduate of Columbia University and holds the Series 7 and 63 licenses.
Brian Kenney has over 12 years experience, most recently as managing director at Schwab Soundview Capital Markets. Prior to Schwab, he was a managing director at Soundview Technology Group, which he joined in early 1992. Mr. Kenney is a graduate of SUNY Oneonta and holds the Series 7, 63 and 55 licenses.
"Fulcrum is committed to delivering the best independent unbiased research ideas and providing high-quality client services. Alice Longley, Myles Lavelle and Brian Kenney will have a great impact on our achieving that goal," said Michael C. Petrycki, CEO and President of Fulcrum Global Partners LLC.
Fulcrum Global Partners LLC is an independent research-driven securities firm that has been providing unbiased research analysis and trade execution services for a wide range of institutional investors, mutual funds, pension funds, portfolio managers, and hedge funds since 2001. The firm does not engage in traditional investment banking activities such as managed underwriting, corporate finance, advisory opinions, merger and acquisition services and LBOs. Fulcrum is an SEC registered and NASD member broker/dealer headquartered at 535 Madison Avenue in New York City. During its first three years, Fulcrum has grown to 30 research analysts and over 175 employees in seven offices throughout the United States.
SOURCE Fulcrum Global Partners LLC Web Site: http://www.fulcrumgp.com
Fulcrum Global Partners, featured in BUYSIDE Magazine, January 2004
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Fulcrum Global Partners Adds Alternative Exchange Department
New York, New York - April 5, 2004 (PR Newswire). Fulcrum Global Partners LLC ("Fulcrum") announced a significant expansion to its trading desk today with the addition of a complete OTC:BB/Pinksheet trading desk or alternative exchange department.
The Fulcrum alternative exchange department - a six-member
team - will be headed by Peter Battaglia (Manager of Broker Dealer Sales
- Alternative Exchange Department) and Steven Kessler (Manager of Trading
- Alternative Exchange Department).
Peter Battaglia (Manager of Broker Dealer Sales - Alternative Exchange
Department) With over 25 years experience on Wall Street, Peter most recently
was an Executive Vice President and the Head of Broker/Dealer Sales Trading
at BrokerageAmerica, LLC. Previously, he was a Vice President and the
Head of Broker/Dealer Sales Trading at NDB Capital Markets, a division
of Deustche Bank (formerly Sherwood Securities) for seven years. Prior
to that, Peter was an Assistant Vice President of Correspondent Sales
and Broker/Dealer Liaison at Troster Singer (a division of Spear Leeds
and Kellogg). He is a member of the Board of Directors of the Security
Traders Association of New York and serves on the Membership and Arrangements
Committees. He is also a member of the National Security Traders Association,
where he serves on the Arrangements Committee, and a member of the Institutional
Equities Traders Association of Toronto in Ontario, Canada.
Steven Kessler (Manager of Trading - Alternative Exchange Department)
With 38 years experience as Manager and Trader in NASDAQ and Bulletin
Board and Pink Sheets equity departments at major broker/dealers including
Sherwood Securities, Schwab Capital Markets and Knight Securities, Mr.
Kessler graduated from Queens College with a degree in Economics.
"The creation of Fulcrum's Alternative Exchange Department is in direct
response to our clients' needs," said Michael Petrycki, CEO of Fulcrum
Global Partners LLC. "With Peter and Steven's considerable experience
and the strength of our franchise, we are confident that the new Alternative
Exchange Department will enable our clients to capitalize on this rapidly
changing and dynamic environment."
During its first three years, Fulcrum has grown to over 26 senior analysts,
35 sales professionals, and 31 traders in seven locations throughout the
United States.
Fulcrum Global Partners LLC is a full-service securities
brokerage firm, established in May 2001, focusing on the research and
trade execution needs of a broad array of equity money managers. The firm
does not engage in the public offering of securities or traditional investment
banking activities. Fulcrum provides execution and block and electronic
trading capabilities through a team of professional traders.
"Ranking the Independents" by Integrity Research Associates, as published in BUYSIDE Magazine, January 2004
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Fulcrum Global Partners Announces Three Key Hires
New York, New York - March 25, 2004 (PR Newswire). Fulcrum Global Partners LLC ("Fulcrum") announced three key hires today: Douglas Henderson, as Director of Sales Trading; Jason Hahn, as a Managing Director in Research Sales in the New York office; and Bill Berman, as a Managing Director in Research Sales for the Philadelphia office.
Based in the New York office, Douglas Henderson recently joined Fulcrum as Director of Sales Trading, Senior Managing Director and member of the firm's Management Committee. He brings over 14 years of Wall Street experience to Fulcrum, most recently as Head of Sales Trading at SoundView Technology. He has also worked at JP Morgan as a Senior OTC Sales Trader, at Salomon Brothers as a Sales Trader, at Montgomery Asset Management as Head Trader, and at Henderson Brothers Inc. on the NYSE as a Specialist Clerk.
Jason Hahn joined Fulcrum as a Managing Director in Research Sales in the New York office. Jason was most recently a Principal in research sales for five years at Piper Jaffray. He was selected by Piper's management to be transferred from their Minneapolis headquarters two years ago to help build their New York-based sales and trading department. Jason was a Senior Partner on the New York sales team that ranked #1 in office market share, commission growth, and total commissions in 2002 and 2003. Prior to working for Piper, he was a Regional Sales Manager for a medical technology company.
Bill Berman joined Fulcrum as a Managing Director in Research Sales in the Philadelphia office. Bill has over 11 years experience on Wall Street and was most recently at Citigroup where he was a Director of Institutional Sales covering the Mid Atlantic region. Prior to that, he was at Janney Montgomery Scott as an Institutional Salesman covering primarily the Midwest and West Coast. Bill also worked at Bankers Trust in New York for the Latin American Structured Products Trading Desk.
"Distribution is critical to the firm's equity franchise, and these three appointments reflect our continued commitment to build on the impressive momentum we have achieved," said Michael Petrycki, CEO of Fulcrum Global Partners LLC.
During its first three years, Fulcrum has grown to over 26 senior analysts, 35 sales professionals, and 25 traders in seven locations throughout the United States.
Fulcrum Global Partners LLC is a full-service securities brokerage firm, established in May 2001, focusing on the research and trade execution needs of a broad array of equity money managers. The firm does not engage in the public offering of securities or traditional investment banking activities. Fulcrum provides execution and block and electronic trading capabilities through a team of professional traders.
SOURCE Fulcrum Global Partners LLC
/CONTACT: Franca A. Franz of Fulcrum Global Partners LLC, +1-212-803-9079
Fulcrum Global Partners LLC Adopts the "Merrill Lynch Principles"
October 7, 2002. Fulcrum Global Partners LLC has fully adopted the "Merrill Lynch Principles" as follows.
Fulcrum Global Partners LLC:
- Has no link between compensation for analysts and investment banking;
- Prohibits investment banking input into analysts' compensation;
- Has created a review committee to approve all research recommendations;
- Has established a monitoring process to ensure compliance with the terms of the agreement between Merrill Lynch & Co., Inc. and New York State Attorney General Eliot Spitzer dated May 21, 2002 (" the Merrill Lynch Principles");
- Requires that upon discontinuation of research coverage of a company, we will disclose the termination and the rationale for such termination;
- Disclose in research reports whether we have received or are entitled to receive any compensation from a covered company for the past 12 months.
Please direct all inquiries to Robert Hoehn, Director of Research.
Robert J. Hoehn Jr. Joins Fulcrum Global Partners as Director of Research
New York, New York - July 22, 2002 (PR Newswire). Fulcrum Global Partners LLC ("Fulcrum") announced today that Robert J. Hoehn Jr. has joined the firm as Director of Research in New York. Hoehn has been an investment professional for over 22 years. He started his career at Philadelphia National Bank (now First Union) in 1979, analyzing health care and other industries, as well as managing pension funds. In 1982, Mr. Hoehn moved to the Wall Street firm of C.J. Lawrence as an analyst in the pharmaceutical, medical technology, and hospital management industries. It was in the latter sector that Mr. Hoehn was voted to the Institutional Investor All-America team in 1986. He was also an analyst at Bear Stearns, Salomon Brothers, and in 1998, he moved to ING Barings where he became Director of Equity Research in 2000. In 2001, Mr. Hoehn took on the Director of Research function at Dresdner Kleinwort Wasserstein.
"We are delighted to have Bob on our team. He brings a deep understanding of numerous industry sectors, and will significantly enhance the firm's ability to serve our clients," says Michael Petrycki, CEO and President of Fulcrum Global Partners LLC.
Fulcrum Global Partners LLC is a full-service securities brokerage firm, established in May 2001, focused primarily on the research and trade execution needs of hedge funds and asset managers. The firm does not engage in the public offering of securities or traditional investment banking activities. As a result, the integrity of its research product is maintained and not tainted by conflicts of interest. The firm provides superior execution and block trading capabilities through a team of professional traders.
Fulcrum Global Partners LLC Launches Portfolio Trading
NEW YORK, July 8 /PRNewswire/ -- Fulcrum Global Partners LLC ("Fulcrum") announced today that it has launched a Portfolio Trading desk to service its customers. The desk will be led by Mark Esposito, who has over 10 years of experience in portfolio trading, having spent the past four years managing the program trading desk at SWS Securities Corp. Prior to SWS Securities, Mr. Esposito helped establish and grow the institutional trading effort at Olde Discount Corp. Mr. Esposito began his career at J.P. Morgan in New York City and is currently a Director on the Board of the Dallas Securities Traders Association. Fulcrum's Portfolio Trading desk will provide a comprehensive electronic trading, smart order routing, and order management system that will integrate real-time trading with powerful analytics, offering a high degree of customization. Proprietary trading models will permit order flow management of each stock within a portfolio in response to real-time conditions. Fulcrum Global Partners LLC is a full-service securities brokerage firm, established in May 2001, focused primarily on the research and trade execution needs of hedge funds and asset managers. The firm does not engage in the public offering of securities or traditional investment banking activities. As a result, the integrity of its research product is maintained and not tainted by conflicts of interest. The firm provides superior execution and block trading capabilities through a team of professional traders.
Fulcrum Global Partners LLC is Newest First Call Contributor
New York, NY August 21, 2001 -- Thomson Financial, a subsidiary of The Thomson Corporation (TSE: TOC), today announced that Fulcrum Global Partners LLC, an institutional equity research and full-service trade execution broker headquartered in New York City, has agreed to contribute its research to First Call Notes and First Call Research Direct. Fulcrum's 12 analysts are currently contributing equity research notes to First Call, which averages over 40,000 new documents per week to institutional investors worldwide.
"We look forward to a successful and rewarding relationship with First Call," said Michael C. Petrycki, Fulcrum's CEO. "They are the industry leader, providing the most extensive and accurate financial research and information available."
"Thomson Financial is committed to providing the most comprehensive commingled collection of broker research available anywhere," said Warren A. Breakstone, senior vice president of Thomson Financial's Broker/ Fund Management Group, which includes First Call. "We are pleased to add Fulcrum Global Partners to this service."
First Call Notes electronically delivers real-time, global commingled morning meeting comments, intra-day research broadcasts and special equity notes from brokerage firms worldwide. First Call Research Direct provides institutional money managers real-time access to commingled original full-text equity research reports. More than 850 brokerage firms worldwide - including all of Institutional Investor's top 20 ranked U.S. research firms - distribute their research via First Call Notes and First Call Research Direct.
Fulcrum Global Partners LLC is a full-service securities brokerage firm, established in May 2001, focused primarily on the research and trade execution needs of hedge funds and asset managers. The firm does not engage in the public offering of securities or any other investment banking activities. As a result, the integrity of its research product is maintained and not tainted by conflicts of interest that arise from investment banking relationships. The firm provides superior execution and block trading capabilities through a team of professional traders. Contact: Janice Addams Thomson Financial +1 646.822.2826
Thomson Financial Investment Management is the leading, global provider of financial information, end-to-end workflow solutions, advanced research applications and exceptional supporting services to enable buy and sell side customers to make better decisions and achieve superior investment results.
First Call (www.firstcall.com) is the source for real-time broker research and quantitative data serving the global financial community. Internet-based applications pioneered by First Call deliver integrated content from over 850 brokerage firms to 50,000 institutional desktops worldwide. First Call provides accurate, comprehensive coverage of more than 18,000 companies in 60 countries, and offers analyst notes, full-text research reports, analyst estimates and other quantitative data, customized to the needs of individual users.
© 2002 Thomson Financial. All rights reserved.
© 2005 Fulcrum Global Partners LLC