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2Nd Quarter 2021 SWMG Newsletter
June 2021 MAIN OFFICE Market Summary FLINT, MICHIGAN 5206 Gateway Centre, Suite 300 Flint, MI 48507 The economic recovery is on very solid ground and stronger than Phone: 810-732-7411 many expected. For the first quarter, our economy grew 6.4% as Fax: 810-732-8190 measured by GDP*. Second quarter growth could very well be in FLORIDA OFFICE 712 S. Oregon Ave. double digits and would put us back to where we were in the fourth Tampa, FL 33606 quarter of 2019 before the pandemic began. The market returns Phone: 813-251-1879 Fax: 813-251-1716 reflect a strong economic recovery and continued stimulus as the PEARL PLANNING S&P 500 now sits at or near all-time highs. Last year, the number of 8031 Main Street, Suite 302 stocks that had positive returns were dominated by very few. This Dexter, MI 48130 Phone: 734-274-6744 year, they are much more broadly reflected, especially given the Fax: 734-274-6754 recovery of the energy, hospitality and travel sectors. StephensWMG.com Interest rates rose slightly for a period before the Federal Reserve FINANCIAL MARKET clarified their position and comments from earlier in June. The fear UPDATE* Year-to-date change as of 06/30/21 is that rising inflation will lead to rising interest rates. Recent comments from the Federal Reserve Open Market Committee • S&P 500 Index…………………15.25% indicate they are expecting future inflation to be in the 3.4% range. • Bloomberg Commodity Index….....21.15% The Fed Reserve Chair, Jerome Powell, subsequently reassured that • MSCI EAFE $$ (International)…....…8.83% there is no plan to raise rates in the short-term. -
Market Perspectives
Market Perspectives Jason Castelli, CFA February 19, 2021 A Walk Down Memory Lane Over my 20+ year career in the financial services industry, I've experienced the tech Investment Strategy Team wreck, 9/11, the subprime lending and US housing crisis, the near-collapse of the global financial system, the massive interventions taken by central banks and Jason Castelli, CFA governments, a trade war between the two largest global economies and most Larbi Moumni, CFA recently, a historic recession brought on by a global pandemic. I've seen the rise and Nadeem Kassam, MBA, CFA fall of Canadian titans like Nortel, Research in Motion (now BlackBerry) and Valeant Pharmaceutical (now Bausch Health Co.), outright fraud with Bre-x Minerals and Sino- Forest, and of course, the egregious deception by rating agencies, US mortgage Mutual Funds & ETFs lenders and investment banks unloading worthless paper on unsuspecting purchasers. While it is human nature to remember adverse events so that we can avoid repeating Spencer Barnes, MSc, CIM® past mistakes, there have been many positives. First, from the first day I started in the industry, the S&P/TSX and S&P 500 have gained a cumulative 157% and 182% (not including dividends), respectively. This is impressive wealth creation despite the historical turmoil. We've seen significant technological advances in areas like Structured Notes & telecommunications, robotics and artificial intelligence, resulting in shifts in how we Alternatives work, communicate and live our personal lives. We're on the cusp of commercializing Chris Cafley, CFA space, which will open up another new wave of innovation. -
Software Sector Summary Report
SOFTWARE SECTOR REPORT Q1 2019 GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global investment bank providing strategic M&A and capital markets advisory services to growth companies and market leaders LEEDS PARIS FRANKFURT MANCHESTER MUNICH ZURICH NAGOYA TOKYO LONDON SHANGHAI NEW YORK MILAN NEW DELHI OSAKA TEL AVIV FUKUOKA SAN FRANCISCO TAIPEI MUMBAI SINGAPORE HO CHI MINH CITY Global platform: Sector expertise: Exceptional cross- 21 offices in key Experienced team: Expansive coverage border capabilities: markets across Over 400 employees and deep Over a third of all America, Asia and across the globe specialization transactions Europe Broad spectrum Diversified Strong reputation of clients: business model: and track record: Leading Geographically High number of conglomerates, top balanced, synergistic repeat clients and private equity firms and complementary referrals and emerging high- focus areas growth companies 2 GCA operates as GCA in America and Asia, and GCA Altium in Europe GCA OVERVIEW The GCA Software Team US Team Paul DiNardo Daniel Avrutsky Rupert Sadler Josh Wepman Managing Director Managing Director Managing Director Managing Director Software HCM Software Software, Travel & Telematics Software & Digital Media [email protected] [email protected] [email protected] [email protected] James Orozco Clark Callander Chris Gough Kevin Walsh Managing Director Managing Director Managing Director Managing Director Financial Sponsors Technology Real Estate Tech Software & Digital Media [email protected] [email protected] -
H-1B Petition Approvals for Initial Benefits by Employers FY07
NUMBER OF H-1B PETITIONS APPROVED BY USCIS FOR INITIAL BENEFICIARIES FY 2007 Approved Employer Petitions INFOSYS TECHNOLOGIES LIMITED 4,559 WIPRO LIMITED 2,567 SATYAM COMPUTER SERVICES LTD 1,396 COGNIZANT TECH SOLUTIONS US CORP 962 MICROSOFT CORP 959 TATA CONSULTANCY SERVICES LIMITED 797 PATNI COMPUTER SYSTEMS INC 477 US TECHNOLOGY RESOURCES LLC 416 I-FLEX SOLUTIONS INC 374 INTEL CORPORATION 369 ACCENTURE LLP 331 CISCO SYSTEMS INC 324 ERNST & YOUNG LLP 302 LARSEN & TOUBRO INFOTECH LIMITED 292 DELOITTE & TOUCHE LLP 283 GOOGLE INC 248 MPHASIS CORPORATION 248 UNIVERSITY OF ILLINOIS AT CHICAGO 246 AMERICAN UNIT INC 245 JSMN INTERNATIONAL INC 245 OBJECTWIN TECHNOLOGY INC 243 DELOITTE CONSULTING LLP 242 PRINCE GEORGES COUNTY PUBLIC SCHS 238 JPMORGAN CHASE & CO 236 MOTOROLA INC 234 MARLABS INC 229 KPMG LLP 227 GOLDMAN SACHS & CO 224 TECH MAHINDRA AMERICAS INC 217 VERINON TECHNOLOGY SOLUTIONS LTD 213 THE JOHNS HOPKINS MED INSTS OIS 205 YASH TECHNOLOGIES INC 202 ADVANSOFT INTERNATIONAL INC 201 UNIVERSITY OF MARYLAND 199 BALTIMORE CITY PUBLIC SCHOOLS 196 PRICEWATERHOUSECOOPERS LLP 192 POLARIS SOFTWARE LAB INDIA LTD 191 UNIVERSITY OF MICHIGAN 191 EVEREST BUSINESS SOLUTIONS INC 190 IBM CORPORATION 184 APEX TECHNOLOGY GROUP INC 174 NEW YORK CITY PUBLIC SCHOOLS 171 SOFTWARE RESEARCH GROUP INC 167 EVEREST CONSULTING GROUP INC 165 UNIVERSITY OF PENNSYLVANIA 163 GSS AMERICA INC 160 QUALCOMM INCORPORATED 158 UNIVERSITY OF MINNESOTA 151 MASCON GLOBAL CONSULTING INC 150 MICRON TECHNOLOGY INC 149 THE OHIO STATE UNIVERSITY 147 STANFORD UNIVERSITY 146 COLUMBIA -
Raymond James Strengthens Its Leadership with Montreal Branch Manager Appointment Micol Haimson Joins the Firm
Raymond James strengthens its leadership with Montreal Branch Manager Appointment Micol Haimson Joins the Firm MONTREAL and TORONTO, April 30, 2019 /CNW/ - Raymond James Ltd., the Canadian arm of North American investment dealer Raymond James Financial, Inc., today announced that Micol Haimson has been appointed Senior Vice President and Branch Manager of the firm's Montreal Private Client Group flagship branch. "Micol is widely respected throughout the industry for her breadth of wealth experience and business development acumen," said Richard Rousseau, Executive Vice-President – Head of Wealth Management. "She will play a key role in supporting our Montreal advisors as they grow their businesses and she will help expand the Raymond James presence as we continue to attract high calibre professionals to the firm." Ms Haimson joins Raymond James after a 20 year career of senior executive roles in wealth management at a major Canadian bank. She will be focusing on growing the Private Client Group footprint in Montreal, supporting advisors and attracting top wealth management professionals to the firm. "I am excited to join Raymond James as I believe its platform uniquely serves the wealth management needs of Quebec investors and their families," says Ms Haimson. "As the nation's leading independent investment dealer and a global leader in wealth management, Raymond James provides its clients with the best of both worlds to meet their total wealth management needs." Ms Haimson earned her Bachelor of Science in Computer Science from McGill University. She is an active volunteer serving or having served as: Board member and President, Investment Committee, of the McGill University Health Centre Foundation; Vice-Chairman, The Trafalgar Ross Foundation; past Director of Membership of the Treasury Management Association of Canada; and past Committee Member, MS Society of Quebec. -
Form 10-K Raymond James Financial, Inc
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2017 Or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-9109 RAYMOND JAMES FINANCIAL, INC. (Exact name of registrant as specified in its charter) Florida No. 59-1517485 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 880 Carillon Parkway, St. Petersburg, Florida 33716 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code (727) 567-1000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, $.01 par value New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. -
Client Relationship Summary (“Form CRS”) Effective As of June 30, 2020 Robert W
Client Relationship Summary (“Form CRS”) Effective as of June 30, 2020 Robert W. Baird & Co. Incorporated (“Baird”, “we”, “us” or “our”) is registered with the U.S. Securities and Exchange Commission as a broker-dealer and an investment adviser and is a member of FINRA and SIPC. This document provides important information to retail investors about us and our brokerage and investment advisory services. This document does not create or modify any agreement, relationship or obligation between you and us or your Baird Financial Advisor. Investment advisory and brokerage accounts have different services and fees and it is important for you to understand the differences. Free and simple tools are available to research firms and financial professionals at lnvestor.gov/CRS, which also provides educational materials about broker-dealers, investment advisers, and investing. What investment services and advice can you provide me? We offer both investment advisory and brokerage services to retail investors. Both services offer similar investments, such as common stocks, preferred stocks, bonds and other fixed income securities, mutual funds, exchange traded funds (“ETFs”) and unit investment trusts (“UITs”). We do not limit our offerings or recommendations to proprietary products, specific asset classes, or products with third-party compensation arrangements. A summary comparison of the advisory and brokerage services we offer is provided below. Advisory Services Brokerage Services Our principal investment advisory services include Our principal brokerage services include buying and various non-discretionary and discretionary advisory selling investments at your direction, custody of your programs, which may include financial planning. We also investments in a brokerage account and other account offer standalone financial planning services pursuant to a services. -
GFMA Member Brochure
overview 2013 www.gfma.org ABOUT e Global Financial Markets Association (GFMA) serves as a forum that brings together its existing regional trade association members to address issues with global implications. GFMA represents the common interests of the world’s leading nancial and capital market participants, and speaks for the industry on the most important global market issues. GFMA’s mission is to provide a forum for global systemically important banks to develop policies and strategies on issues of global concern within the regulatory environment. GFMA brings together three of the world’s leading nancial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy e orts. e Association for Financial Markets in Europe (AFME) in London and Brussels, the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong and the Securities Industry and Financial Markets Association (SIFMA) in New York and Washington are, respectively, the European, Asian and North American members of GFMA. MEMBERS OF THE ALLIANCE GLOBAL MODEL GFMA operates with a unique model—leveraging the deep policy, technical, and market expertise of over 200 employees in ve cities worldwide EUROPE ASIA NORTH AMERICA Advocate stable, competitive, Promote the growth and Develop policies and practices sustainable European development of Asia’s capital which strengthen nancial nancial markets that support markets and facilitate their markets and which encourage economic growth and bene t orderly integration into the capital availability, job creation society global nancial system and economic growth while building trust and con dence in the nancial industry GFMA’S BOARD OF DIRECTORS GFMA’s Board of Directors manage the business and a airs of the association. -
Investment Banking Network
INVESTMENT BANKING NETWORK THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION AND IS INTENDED TO BE USED INTERNALLY AT THE KELLEYIBC SCHOOL Presentation OF BUSINESS AND WITH 10.2.17 THOSE INVOLVED WITH THE IBN THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION AND IS INTENDED TO BE USED INTERNALLY AT THE 2 KELLEY SCHOOL OF BUSINESS AND WITH THOSE INVOLVED WITH THE IBN Program Director – Professor David Haeberle • BS/MBA/JD Indiana University Kelley School of Business and Maurer School of Law • Financial Analyst by Training – MiniScribe Corporation • Entrepreneur - #2/#3 Guy – Capital Raising and CFO • Transaction Verifications Systems • EcoMed Corporation • Command Equity Group • Command Corporation • ConsulTech Technologies • Envisage Technologies • Haeberle Investments, LLC • Clinical Professor of Finance – Director of the Investment Banking Network THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION AND IS INTENDED TO BE USED INTERNALLY AT THE3 KELLEY SCHOOL OF BUSINESS AND WITH THOSE INVOLVED WITH THE IBN Investment Banking Network • Investment Banking Club • F228 Introduction to Investment Banking • Apply January of sophomore year • F355 Investment Banking & Capital Markets • Admittance to the IBW in March of sophomore year • Summer Homework & Networking between sophomore and junior year. • NYC Boot Camp in August • On-campus interviews in September junior year • F428 Junior Year • F429 Senior Year THIS DOCUMENT CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION AND IS INTENDED TO BE USED INTERNALLY AT THE4 KELLEY SCHOOL OF BUSINESS AND WITH THOSE INVOLVED WITH THE IBN Full-Time Placement Overview Firm Students Full-Time Placement by City Prior Year Jefferies 5 Lazard 5 New York 32 30 Bank of America Merrill Lynch 4 BMO Capital 4 Barclays 4 Chicago 23 17 J.P. -
10Th Annual International M&A Award Winners
10TH ANNUAL INTERNATIONAL M&A AWARD WINNERS I. SECTOR DEAL OF THE YEAR FINANCIALS DEAL OF THE YEAR Acquisition of Silexx Financial Systems by Chicago Board Options Exchange Benchmark International Silexx Chicago Board Options Exchange Broad and Cassel Jenner and Block HEALTHCARE/LIFE SCIENCES DEAL OF THE YEAR Acquisition of Robotics Developer KB Medical by Globus Medical Choate Hall & Stewart LLP Wyrick Robbins Yates & Ponton LLP MATERIALS DEAL OF THE YEAR Restructuring of ESML Dentons US LLP Alvarez & Marsal Ducera Partners LLC Bailey Duquette P.C B. Riley FBR, Inc. Guggenheim Securities, LLC Quinn Emanuel White & Case LLP Baker McKenzie Independent CONSUMER DISCRETIONARY DEAL OF THE YEAR Investment in Ganni by L Catterton L Catterton ClearWater International Tikehau IM Ganni PwC Lundgrens CONSUMER STAPLES DEAL OF THE YEAR Sale of Buddy’s Kitchen to Premium Brands Holdings Lazard Middle Market Premium Brands Holdings Buddy's Kitchen SK Foods Fredrikson & Byron Bryan & Company CliftonLarsonAllen PROFESSIONAL SERVICES (B-TO-B) DEAL OF THE YEAR Acquisition of CEC Controls Company, Inc. by Wood Group Generational Equity CEC Controls Copmany Inc. John Wood Group plc Generational Capital Markets, Inc. Jones Day Howard and Howard Baker Tilly ENERGY DEAL OF THE YEAR Restructuring of Ocean Rig Evercore AlixPartners Ocean Rig Milbank, Tweed, Hadley & McCloy LLP Maples and Calder Orrick, Herrington & Sutcliffe LLP Evercore Partners International LLP Ogier Sidley Austin LLP Kalo Advisors 1 INFORMATION TECHNOLOGY DEAL OF THE YEAR Acquisiton of Utimaco by EQT Raymond James EQT INDUSTRIALS DEAL OF THE YEAR Acquisition Cooper & Turner by Watermill Group The Watermill Group Mazars LLP Mincoffs Solicitors LLP Grant Thornton UK LLP K&L Gates TELECOMMUNICATION SERVICES DEAL OF THE YEAR Sale of Vector Software, Inc. -
Floating Rate Strategic Income Fund (Formerly, Federated Floating Rate Strategic Income Fund)
Statem ent of Additional Information May 31, 2021 Share Class | Ticker A1 | FFRFX Federated Hermes Floating Rate Strategic Income Fund (formerly, Federated Floating Rate Strategic Income Fund) A Portfolio of Federated Hermes Income Securities Trust (formerly, Federated Income Securities Trust) This Statement of Additional Information (SAI) is not a Prospectus. Read this SAI in conjunction with the Prospectus for Federated Hermes Floating Rate Strategic Income Fund (the “Fund”), dated October 23, 2020. This SAI incorporates by reference the Fund’s Annual Report. Obtain the Prospectus or the Annual Report without charge by calling 1-800-341-7400. Contents 1 How is the Fund Organized? 1 Securities in Which the Fund Invests 13 Investment Risks 17 Investment Objective (and Policies) and Investment Limitations 19 What Do Shares Cost? 21 How is the Fund Sold? 24 Purchases In-Kind 24 Redemption In-Kind 25 Massachusetts Partnership Law 25 Account and Share Information 26 Tax Information 26 Who Manages and Provides Services to the Fund? 43 Financial Information 43 Investment Ratings 49 Addresses 50 Appendix Federated Hermes Floating Rate Strategic Income Fund Federated Hermes Funds 4000 Ericsson Drive Warrendale, PA 15086-7561 Contact us at FederatedInvestors.com or call 1-800-341-7400. Federated Securities Corp., Distributor Q455124 (5/21) © 2021 Federated Hermes, Inc. FEDERATED HERMES FLOATING RATE STRATEGIC INCOME FUND A Portfolio of Federated Hermes Income Securities Trust CLASS A SHARES (TICKER FRSAX) CLASS C SHARES (TICKER FRICX) INSTITUTIONAL SHARES (TICKER FFRSX) CLASS R6 SHARES (TICKER FFRLX) CLASS A1 SHARES (TICKER FFRFX) SUPPLEMENT TO SUMMARY PROSPECTUSES, PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION DATED MAY 31, 2021 On August 13, 2021, the Board of Trustees of Federated Hermes Income Securities Trust, on behalf of Federated Hermes Floating Rate Strategic Income Fund (the “Fund”), approved the conversion of the Fund’s existing Class C Shares to the Fund’s Class A Shares on a tax-free basis and without any fee, load or charge to Class C shareholders. -
Private Equity Giants Converge on Manufactured Homes
PRIVATE EQUITY GIANTS CONVERGE ON MANUFACTURED MASSIVE INVESTORS PILE INTO US MANUFACTURED HOME COMMUNITIES Within the last few years, some of the largest private equity firms, HOMES real estate investment firms, and institutional investors in the How private equity is manufacturing world have made investments in manufactured home communi - ties in the United States, a highly fragmented industry that has homelessness & communities are fighting back been one of the last sectors of housing in the United States that has remained affordable for residents. February 2019 In 2016, the $360 billion sovereign wealth fund for the Govern - ment of Singapore (GIC) and the $56 billion Pennsylvania Public KEY POINTS School Employees Retirement System, a pension fund for teachers and other school employees in the Pennsylvania, bought a I Within the last few years, some of the largest private equity majority stake in Yes! Communities, one of the largest owners of firms, real estate investment firms, and institutional investors manufactured home communities in the US with 44,600 home in the world have made investments in manufactured home sites. Yes! Communities has since grown to 54,000 home sites by communities in the US. buying up additional manufactured home communities. 1 I Manufactured home communities provide affordable homes for In 2017, private equity firm Apollo Global management, with $270 millions of residents and are one of the last sectors of affordable billion in overall assets, bought Inspire Communities, a manufac - housing in the United States. Across the country, they are home tured home community operator with 13,000 home sites. 2 to seniors on fixed incomes, low-income families, immigrants, Continued on page 3 people with disabilities, veterans, and others in need of low-cost housing.