NEW YORK–(BUSINESS WIRE)–July 22, 2003–Bear, Stearns & Co. Inc. announced today that it has formed Private Client Advisory Services and hired two pioneers in the managed account business, JohnHyman and Fred Patykewich to launch the effort. Jointly, they have been responsible for building some of the leading and most productive managed accounts businesses on Wall Street. At Bear Stearnsthey will be charged with building the company’s Private Client Advisory Services group. This group will complement Bear Stearns’ highly successful, transaction oriented brokerage business as well asits asset management business by providing clients with cutting edge, fee-based managed account offerings.
Commenting on the move, Bear Stearns Chairman and CEO, James E. Cayne, said, “As a firm we have placed a significant emphasis on our Private Client Services business. It is an important factor in our business mix and it adds to the deep and diverse equity-related balance of our overall franchise. John and Fred are two incredibly talented individuals who have an impressive history originating and building managed account businesses. By bringing individuals with this type of track record to Bear Stearns we will be able to offer our clients the most advanced expertise in this rapidly growing area of wealth management.”
Mr. Hyman and Mr. Patykewich said in a joint statement, “Bear Stearns’ entrepreneurial structure coupled with the firm’s commitment to build its wealth management business made this a very appealing opportunity. We are extremely enthusiastic about what we consider to be the enormous potential at Bear Stearns to create an incredibly successful platform.”
Mr. Hyman and Mr. Patykewich have been involved in the financial services industry for more than two decades. They have been among the most successful at developing and managing a high-net-worth asset management platform. They are credited with having built one of the most successful operations in terms of assets per broker and production per representative. Prior to joining Bear Stearns they worked for Oppenheimer and Smith Barney, Harris Upham. Managed account programs provide individual investors asset allocation tools combined with sophisticated money management strategies to create customized investment portfolios.
The addition of Mr. Hyman and Mr. Patykewich marks the latest step by Bear Stearns to expand its wealth management business. By creating new and appealing fee-based products for high-net-worth individuals the firm is well positioned to grow assets under management and further enhance its ability to attract the industry’s most talented brokers. “We are committed to creating a world-class asset management business for the high-net-worth investor,” said Steve Dantus, head of Bear Stearns’ Private Client Services Division. “The experience, depth of knowledge and enthusiasm that John and Fred bring to the Private Client Advisory Services effort is a giant step toward achieving that goal.”
Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., a leading investment banking and securities trading and brokerage firm serving governments, corporations, institutions and individuals worldwide. With approximately $33.5 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company’s business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers financing, securities lending, clearing and technology solutions to hedge funds, broker-dealers and investment advisors. Headquartered in New York City, the company has approximately 10,500 employees worldwide. For additional information about Bear Stearns, please visit the firm’s Web site at http://www.bearstearns.com.
