DOCSLIB.ORG

2009 Annual Report to Shareholders

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2009 Annual Report to Shareholders 192 ND ANNUAL REPORT 2009 Table of Contents Our Strategic Agenda At a Glance Our Strategic Agenda .................................IFC Reasons to Invest in BMO ............................ 2 Numbers That Matter ...................................4 Chairman’s Message ................................... 6 Our Vision Our Guiding President and Principle Chief Executive Officer’s Message ............ 7 We aim to maximize 2009 Highlights To be the total shareholder Financial Stability and Strength .................10 return and balance bank that our commitments to Customer Experience ...................................11 financial performance, Corporate Areas .......................................... 15 defi nes great our customers, our Governance ................................................. 17 employees, the Corporate Responsibility ............................. 18 customer environment and the communities where Corporate Directory experience. we live and work. Our Governance Structure and Board of Directors .......................................22 Our Management Process and Management Committee ...........................24 Performance Committee ............................26 Financial Review Management’s Discussion and Analysis................................................ 27 Established in 1817 and based in Canada, BMO Financial Group serves more Financial Performance and than 10 million personal, commercial, corporate and institutional customers in Condition at a Glance ................................. 28 North America and internationally. Our operating groups – Personal and Commercial Supplemental Information .........................96 Banking, BMO Bank of Montreal in Canada and Harris in the United States; Private Consolidated Financial Statements ...........110 Client Group, our wealth management business; and BMO Capital Markets – share one vision: to be the bank that defines great customer experience. Notes to Consolidated Financial Statements .................................114 Resources Principal Subsidiaries ................................ 165 Glossary ..................................................... 166 Shareholder Information ..........................168 Where to Find More Information ..............IBC Bank of Montreal uses a unifi ed branding approach that links all of the organization’s member companies. Bank of Montreal, together with its subsidiaries, is known as BMO Financial Group. As such, in this document, the names BMO and BMO Financial Group A summary of our enterprise-wide strategy in context P 31 mean Bank of Montreal together with its subsidiaries. and our progress in 2009 appears in our MD&A. b BMO Financial Group 192nd Annual Report 2009 Our Strategic Priorities Maximize earnings growth across all North P 31, 48, 51 American personal and commercial banking 1 businesses, focusing on industry-leading customer experience and sales force productivity. Accelerate the growth of our wealth management P 31, 54 business by providing our clients with exceptional 2 advice, emphasizing retirement and financial planning. Deliver strong, stable returns in our capital markets P 31, 57 business by providing highly targeted solutions to 3 our core clients, everywhere we compete, from a single integrated platform. Grow our business in select global markets P 31 4 to meet our customers’ expanding needs. Sustain a culture that focuses on customers, P 18, 31 5 high performance and our people. “ We’ve defined the type of company we want to be and we’re achieving it.” In our annual survey, 96% of BMO employees highly agreed with the Dorothy Abreu statement, “I understand how my role contributes to achieving our Commercial Relationship Manager, vision of being the bank that defi nes great customer experience.” Harris, Chicago That compares with 84% last year. BMO Financial Group 192nd Annual Report 2009 1 Reasons to Invest in BMO Clear growth strategy P 31 • Consistent and focused North American growth strategy • Strong Canadian and U.S. customer base • Growing global presence to support our customers • Commitment to our medium-term financial objectives Strong financial position P 10, 28, 62 • Balanced approach to capital management • Tier 1 Capital Ratio of 12.24% at October 31, 2009 • Tangible common equity to risk-weighted assets ratio of 9.21% at October 31, 2009 • Strong senior debt ratings Proactive risk management P 75 • Independent risk oversight across the enterprise • Disciplined credit risk management capabilities and processes • Group and individual performance assessments that reflect risk-adjusted returns and align with shareholder interests Commitment to stakeholders P 4, 18, 35 • Clear brand promise that delivers real benefit for customers • Engaged employees committed to exceeding customers’ expectations • Financial performance and consistent dividend payment track record • Strategic approach to corporate responsibility and sustainability In this year’s Annual Employee Survey, 97% of BMO employees responded with high agreement to the statement, “I believe that keeping the customer a priority will contribute to the fi nancial success of BMO Financial Group.” 2 BMO Financial Group 192nd Annual Report 2009 Our Dividend Record Dividends Declared ($ per share) BMO Financial Group has the longest-running Compound annual growth rate: 2.80 2.80 dividendividend paymentpayment record ofof anyany companycompany in 10.8% 12.0% 2.71 Canada,anada, at 181 years. BMO common shares had BMO 15-year BMO 5-year a dividend yieldyield ofof 5.59% at October 31, 2009. 2.26 1.85 1.59 1.20 1.34 1.12 0.94 1.00 0.82 0.88 0.66 0.74 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Our Share Price ** ($) *% BMO shareholders were )* rewarded with strong returns on their investment in 2009. )% (* (% '* DXi(&!É%-DXi(&!É%- ? ?Vc(&!É%. 6eg(%!É%. ?ja(&!É%. DXi(&!É%. “ I know that keeping the customer a priority will contribute to our financial success.” Mark Rossignoli Vice-President and Senior Investment Counsellor, Private Client Group, Toronto BMO Financial Group 192nd Annual Report 2009 3 Numbers That Matter Financial Performance Total Revenue P 40 Non-Interest Expense P 44 Net Income P 36 ($ billions) ($ billions) ($ billions) &&#& ,#) '#, '#) &%#% &%#' +#. .#- +#+ '#& +#) '#% .#( +#( &#- '%%* '%%+ '%%, '%%- '%%. '%%* '%%+ '%%, '%%- '%%. '%%* '%%+ '%%, '%%- '%%. 2009 marked a second consecutive Expense increase largely reflected Net income reflected strong year of strong revenue growth the stronger U.S. dollar, acquisitions performance in our major operating at 8.4%. and severance costs. groups but was impacted by increased credit losses. Provision for %#-- P 43 Return on Equity (ROE) P 37 Tier 1 Capital Ratio (%) P 62 (%) Credit Losses %#,+ Basel l * Basel ll * as a % of Average &'#') Net Loans and &-#- &.#' Acceptances &)#) &%#(% &%#'' &(#% .#*& .#,, .#. %#'& %#&( %#&& '%%* '%%+ '%%, '%%- '%%. '%%* '%%+ '%%, '%%- '%%. '%%* '%%+ '%%, '%%- '%%. Elevated provisions reflected difficult ROE was good in the context of the eco- Our Tier 1 Capital Ratio was strong. economic conditions, primarily nomic environment, having been reduced in the United States, over the past primarily by our stronger capital position two years. as well as lower earnings. * Basel l and Basel ll measures are not comparable. Shareholder Return Earnings per Share (EPS) P 36 One-Year Total Shareholder P 35 Dividends Declared P 64 ($) Return (TSR) (%) ($ per share) ')#& '*#& *#&* '#-% '#-% )#+( &#- '#,& )#&& *"NZVgIHG '#'+ (#,+ (#, (#%- &#-* *#- ',#. '%%* '%%+ '%%, '%%- '%%. '%%* '%%+ '%%, '%%- '%%. '%%* '%%+ '%%, '%%- '%%. Lower EPS was due to reduced net The one-year TSR rebounded to 25%, We maintained our common share income and more shares outstanding. top tier among our Canadian peers. dividend, extending our payment All earnings per share (EPS) measures in this report refer record to 181 years. to diluted EPS, unless specified otherwise. 4 BMO Financial Group 192nd Annual Report 2009 Customer Service Full-Time Employees P 98 Branches P 98 (thousands) 8VcVYV DeZgVi^c\\gdjeh Jc^iZYHiViZhVcY>ciZgcVi^dcVa 8dgedgViZVcYID (*#- (,#& (+#' &!'-% ((#- ()#. &!&-% &!&-' &!'') &!&.* '*#) '*#- ',#% ',#, '+#, .+- .+( .,, .-( .%% -#) .#& -#- .#) .#* '&' '&. '), '., '.* '%%* '%%+ '%%, '%%- '%%. '%%* '%%+ '%%, '%%- '%%. We lowered staffing levels as part In Canada, we closed our Instore of our cross-enterprise cost manage- branches in response to customer ment efforts, while improving preference for full-service branches customer service and acquiring offering accessible advice and businesses. relationship management capabilities. Employees Our Communities Average Training Days Donations: Where the Money Goes (2009) P 20 per Employee Federated Appeals 11.7% (includes United Way) ,#% +#* +#( +#% Health Care 34.8% )#, Education 28.9% Arts and Culture 12.9% Civic and Community Initiatives 7.4% '%%* '%%+ '%%, '%%- '%%. Other 4.3% Training remains a priority with a In 2009, BMO contributed $55 million in corporate donations, sponsorships more streamlined course offering and events to support our communities and thousands of charities and emphasizing leadership development, not-for-profit organizations in Canada and the United States. risk and sales and service programs. BMO Financial Group 192nd Annual Report 2009 5 CHAIRMAN’S MESSAGE Solid results lay foundation for future growth David A. Galloway Chairman of the Board Turning a corner In a year when a general sense of uncertainty was pervasive, the management team at BMO continued to lay down
Load more

Recommended publications
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 193Rd Annual Report 2010 “It Was My Privilege This Year to Introduce New Customers, Employees and Communities to Harris
    193 RD ANNUAL REPORT 2010 Financial Snapshot 2010 Performance For the year ended October 31 (Canadian $ in millions, except as noted) 2010 2009 2008 billion Revenue (p 37) 12,210 11,064 10,205 $ Total provision for credit losses (p 40) 1,049 1,603 1,330 2.8 BMO Financial Group Net Income Non-interest expense (p 41) 7,590 7,381 6,894 Net income rose by 57%, or more than $1 billion, driven by reduced provisions Net income (p 33) 2,810 1,787 1,978 for credit losses and stronger results in P&C Canada. P 33 Earnings per share – diluted ($) (p 33) 4.75 3.08 3.76 Return on equity (ROE) (p 34) 14.9% 9.9% 13.0% Cash operating leverage1 (p 41) 7.5% 1.3% 4.7% % Tier 1 Capital Ratio (p 60) 13.45% 12.24% 9.77% 10.4 Revenue Growth Net Income by Segment Revenue rose by more than $1.1 billion, or 10.4%, after having grown 8.4% P&C Canada (p 47) 1,644 1,415 1,153 and 9.2% in the past two years, demonstrating the benefits of our P&C U.S. (p 50) 175 286 242 diversified business mix. Private Client Group (p 53) 470 359 426 P 37 BMO Capital Markets (p 56) 820 873 568 Corporate Services, including % Technology and Operations (T&O) (p 57) (299) (1,146) (411) 13.45 Net Income (p 33) 2,810 1,787 1,978 Tier 1 Capital Ratio The Tier 1 Capital Ratio increased from 12.24% in 2009, providing greater 1 This is a non-GAAP measure.
    [Show full text]
  • BRAZOS ELECTRIC POWER ) 1 COOPERATIVE, INC., ) Case No
    Case 21-30725 Document 506 Filed in TXSB on 05/04/21 Page 1 of 15 IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION ) In re: ) Chapter 11 ) BRAZOS ELECTRIC POWER ) 1 COOPERATIVE, INC., ) Case No. 21-30725 (DRJ) ) Debtor. ) ) APPLICATION OF THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS AN ORDER (I) AUTHORIZING THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS TO RETAIN AND EMPLOY LAZARD FRÈRES & CO. LLC AS INVESTMENT BANKER EFFECTIVE AS OF APRIL 5, 2021 (II) MODIFYING CERTAIN TIME-KEEPING REQUIREMENTS, AND (III) GRANTING RELATED RELIEF This application seeks an order that may adversely affect you. If you oppose the application, you should immediately contact the moving party to resolve the dispute. If you and the moving party cannot agree, you must file a response and send a copy to the moving party. You must file and serve your response within 21 days of the date this was served on you. Your response must state why the application should not be granted. If you do not file a timely response, the relief may be granted without further notice to you. If you oppose the application and have not reached an agreement, you must attend the hearing. Unless the parties agree otherwise, the court may consider evidence at the hearing and may decide the application at the hearing. Represented parties should act through their attorney. The Official Committee of Unsecured Creditors (the “Committee”) appointed in the above- captioned proceeding (the “Chapter 11 Case”) of Brazos Electric Power Cooperative as debtor and debtor in possession (the “Debtor”) respectfully states as follows in support of this application (the “Application”): 1 The Debtor in this chapter 11 case, along with the last four digits of its federal tax identification number, is: Brazos Electric Power Cooperative, Inc.
    [Show full text]
  • Numerical.Pdf
    DTC PARTICPANT REPORT (Numerical Sort ) Month Ending - July 31, 2021 NUMBER PARTICIPANT ACCOUNT NAME 0 SERIES 0005 GOLDMAN SACHS & CO. LLC 0010 BROWN BROTHERS HARRIMAN & CO. 0013 SANFORD C. BERNSTEIN & CO., LLC 0015 MORGAN STANLEY SMITH BARNEY LLC 0017 INTERACTIVE BROKERS LLC 0019 JEFFERIES LLC 0031 NATIXIS SECURITIES AMERICAS LLC 0032 DEUTSCHE BANK SECURITIES INC.- STOCK LOAN 0033 COMMERZ MARKETS LLC/FIXED INC. REPO & COMM. PAPER 0045 BMO CAPITAL MARKETS CORP. 0046 PHILLIP CAPITAL INC./STOCK LOAN 0050 MORGAN STANLEY & CO. LLC 0052 AXOS CLEARING LLC 0057 EDWARD D. JONES & CO. 0062 VANGUARD MARKETING CORPORATION 0063 VIRTU AMERICAS LLC/VIRTU FINANCIAL BD LLC 0065 ZIONS DIRECT, INC. 0067 INSTINET, LLC 0075 LPL FINANCIAL LLC 0076 MUFG SECURITIES AMERICAS INC. 0083 TRADEBOT SYSTEMS, INC. 0096 SCOTIA CAPITAL (USA) INC. 0099 VIRTU AMERICAS LLC/VIRTU ITG LLC 100 SERIES 0100 COWEN AND COMPANY LLC 0101 MORGAN STANLEY & CO LLC/SL CONDUIT 0103 WEDBUSH SECURITIES INC. 0109 BROWN BROTHERS HARRIMAN & CO./ETF 0114 MACQUARIE CAPITAL (USA) INC. 0124 INGALLS & SNYDER, LLC 0126 COMMERZ MARKETS LLC 0135 CREDIT SUISSE SECURITIES (USA) LLC/INVESTMENT ACCOUNT 0136 INTESA SANPAOLO IMI SECURITIES CORP. 0141 WELLS FARGO CLEARING SERVICES, LLC 0148 ICAP CORPORATES LLC 0158 APEX CLEARING CORPORATION 0161 BOFA SECURITIES, INC. 0163 NASDAQ BX, INC. 0164 CHARLES SCHWAB & CO., INC. 0166 ARCOLA SECURITIES, INC. 0180 NOMURA SECURITIES INTERNATIONAL, INC. 0181 GUGGENHEIM SECURITIES, LLC 0187 J.P. MORGAN SECURITIES LLC 0188 TD AMERITRADE CLEARING, INC. 0189 STATE STREET GLOBAL MARKETS, LLC 0197 CANTOR FITZGERALD & CO. / CANTOR CLEARING SERVICES 200 SERIES 0202 FHN FINANCIAL SECURITIES CORP. 0221 UBS FINANCIAL SERVICES INC.
    [Show full text]
  • Investment Banking (Bulge Bracket)
    Investment Banking (Bulge Investment Banking (Middle Sales & Trading Research Banking Corporate Finance (Fortune Investment Management Investment Advisory/ Wealth Government/Non- Management Consulting Bracket) Market) 500) Management Profit/Other Representative Firms Goldman Sachs, JP Morgan, Harris Williams, Wells Bulge Bracket + ABN, Bulge Bracket + Most Sales Bank of America, JP Morgan GE, Altria, CapitalOne, BNY Mellon, Dreyfus, Bulge Bracket, Many Federal, State, Local Bain, McKinsey, Boston Morgan Stanley, Citi, Fargo, Cowen, Stifel DKW, BMO, CIBC, Mizuho, & Trading, Boutiques Chase, Citibank, Wells IBM, Proctor & Gamble, Edward Jones, Fidelity, Commercial Banks, Government; Consulting Group, Booz Deutsche Bank, Credit Nicolaus, Jefferies, Houlihan SocGen, Nomura, some Fargo, HSBC, US Bancorp, Johnson & Johnson, Franklin Templeton, Insurance Companies, SEC, FBI, IRS, FannieMae, Allen Hamilton, Mercer, Suisse, Bank of Lokey, BB&T, William Commercial Banks, Others PNC, BNY Mellon, Microsoft, United Hartford, Janus, Legg Independents SallieMae; Deloitte, Monitor, America/Merrill Lynch, Blair, RW Baird, SunTrust, BB&T, Citizens, Technologies, PepsiCo, Mason, MFS, New York Non-Profits Accenture, UBS, Barclays, Lazard, RBS, Oppenheimer, Thomas KeyBank, M&T, Regions Caterpillar, Honeywell, etc. Life, Northern Trust, Boutiques BNP Wiesel, Raymond James, Bank, other smaller banks PIMCO, Prudential, T. Rowe Morgan Joseph, Evercore, Price, Vanguard, Wellington, Greenhill, Moelis, multiple large insurance companies others Competition for Job
    [Show full text]
  • Baird Recommended Equity Portfolio Quarterly Report for 2Q21
    WEALTH SOLUTIONS GROUP Baird Recommended Equity Portfolio Quarterly Report for 2Q21 The Recommended Portfolio rose 10.2% (gross of PWM Equity Research Kathy Carey, CFA fees) during the second quarter, outperforming the Ron Freisleben, CPA S&P 500’s total return of 8.5% (includes dividends). Erin Welcenbach Contact: 414-765-3690 • [email protected] July 8, 2021 Portfolio Changes Though we sold a handful of companies (and decreased positions in many more), our cash balance declined across the quarter as we reinvested the proceeds into long-term favorites and a handful of new names. Across Q2, we sold full positions in Xilinx (XLNX), Aptiv (APTV), and Fiserv (FISV). While we continue to like the long- term outlook for all three, various overhangs and lack of meaningful near-term catalysts led us to sell. We also trimmed positions in NVIDIA (NVDA), Apple (AAPL), Amazon (AMZN), Abbott Labs (ABT), Edward Lifesciences (EW), Thermo Fisher Scientific (TMO), Generac (GNRC), and Danaher (DHR). In each case we trimmed growth-oriented names that had Covid-related price appreciation. Though we still like the long-term prospects for most of these companies, we chose to fund moves into more cyclically-oriented positions. We initiated positions in MasTec (MTZ), Enphase Energy (ENPH), DR Horton (DHI), HCA Healthcare (HCA), Truist Financial (TFC), and S&P Global (SPGI). Our earliest move was adding Enphase, a leader in the US residential solar inverter market. The company is an early-stage secular growth story settling into a nascent and duopolistic industry. We love the long-term growth outlook here.
    [Show full text]
  • Insured Deposit Bank Priority List *Effective September 3, 2021
    Insured Deposit Bank Priority List *Effective September 3, 2021 Wisconsin Great Plains Texas (AZ, CA, NV, OR) 1. US Bank, National Association 1. Goldman Sachs Bank 1. US Bank, National Association 2. American Express National 2. CIBC Bank USA 2. New York Community Bank Bank 3. New York Community Bank 3. US Bank, National Association 3. Goldman Sachs Bank 4. JPMorgan Chase Bank NA 4. JPMorgan Chase Bank NA 4. PNC Bank 5. Goldman Sachs Bank 5. PNC Bank 5. The Huntington National Bank 6. PNC Bank 6. TriState Capital Bank 6. Citibank, N.A. 7. State Street Bank & Trust 7. Associated Bank NA 7. JPMorgan Chase Bank NA 8. Citibank, N.A. 8. Citibank, N.A. 8. HSBC Bank USA 9. American Express National 9. Minnwest Bank Bank 9. Cadence Bank N.A. 10. Cadence Bank N.A. 10. CIBC Bank USA 10. New York Community Bank 11. Provident Bank 11. Cadence Bank N.A. 11. Provident Bank 12. HSBC Bank USA 12. Provident Bank 12. CIBC Bank USA 13. TriState Capital Bank 13. Minnwest Bank 13. Associated Bank NA 14. Associated Bank NA 14. HSBC Bank USA 14. Minnwest Bank 15. American Express National Bank 15. State Street Bank & Trust 15. TriState Capital Bank 16. The Huntington National Bank 16. The Huntington National Bank 16. State Street Bank & Trust Northwest Michigan, Ohio, Pennsylvania Illinois, Kentucky, Minnesota (AK, HI, WA) 1. JPMorgan Chase Bank NA 1. US Bank, National Association 1. Citibank, N.A. 2. US Bank, National Association 2. PNC Bank 2. JPMorgan Chase Bank NA 3. Goldman Sachs Bank 3.
    [Show full text]
  • Race to the Oval Office Quarterly Investment Review & Outlook – September 30, 2016 Summary International Markets Are Also up This Year
    The Savides Group | Assisting clients with their financial needs since 1985. Race to the Oval Office Quarterly Investment Review & Outlook – September 30, 2016 Summary International markets are also up this year. The Currently the news is dominated by the Presidential following table shows market results and comparative candidates’ race to the Oval Office. Regardless of who values for the first nine months of 2016: wins, stock returns have historically been positive in the Market Return and Value Table Source: Bloomberg year of an election and the year following. Stocks have Total Trailing Dividend Market done reasonably well through the first three quarters of Return YTD P/E Yield 2016. The economy has been in slow-growth mode, S&P 500 7.8% 19.6 2.1% US Small Cap 11.6% 19.9 1.4% but now appears to be picking up steam potentially Emerging Mkt Int’l 16.0% 13.5 2.5% allowing improvement in corporate revenues and Develop. Mkt Int’l 1.7% 17.6 3.4% earnings. Thus, our outlook for stocks generally As shown in the table, Emerging Market stocks, which remains positive. include countries like Brazil, India, China, and Russia, A Look Back have had very strong returns so far this year. Markets Elections, and particularly the presidential election, in these countries hadn’t done well for the last several dominate the news. The time until we vote is getting years as China’s growth rate slowed significantly short and the polls are currently predicting the race to resulting in reduced orders, particularly for the oval office is tight.
    [Show full text]
  • Investor Presentation
    Investor Presentation For more information, please contact Tim Carter, chief financial officer at 612 303-5607 or [email protected] Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in Europe through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Ltd., authorized and regulated by the Securities and Futures Commission. Private equity strategies and fixed income advisory services are offered through separately registered advisory affiliates. © 2021. Since 1895. Piper Sandler Companies. 800 Nicollet Mall, Minneapolis, Minnesota 55402-7036 Piper Sandler Investor Presentation Cautionary notice regarding forward-looking statements This presentation contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including those factors identified in the document entitled “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020 and updated in our subsequent reports filed with the SEC. These reports are available at our Website at www.pipersandler.com and at the SEC Website at www.sec.gov. Forward-looking statements speak only as of the date they are made, and Piper Sandler undertakes no obligation to update them in light of new information or future events.
    [Show full text]