The U.S. Department of the Treasury today announced that 12 small broker-dealers will work with Morgan Stanley in connection with Treasury’s sale of Citigroup common stock. Morgan Stanley, as sales agent to Treasury for the Citigroup sale, engaged the firms following an announcement on April 26 seeking interested broker-dealers.
As part of the disposition program, Morgan Stanley agreed to provide opportunities for involvement by small broker-dealers, including minority- and women-owned broker-dealers. From more than 60 firms expressing interest, Morgan Stanley has entered into agreements with the following 12 broker-dealers:
· Cabrera Capital Markets, LLC
· Great Pacific Securities, Inc.
· Guzman & Company
· Kaufman Bros., L.P.
· Loop Capital Markets
· M. Ramsey King Securities, Inc.
· Mischler Financial Group
· M.R. Beal & Company
· Sturdivant & Co. Inc.
· Valdés and Moreno, Inc.
· The Williams Capital Group, L.P.
· Wm Smith & Co.
On April 26, Treasury announced steps in its plan to sell approximately 7.7 billion shares of Citigroup common stock under a pre-arranged written trading plan with Morgan Stanley. Initially, Treasury provided Morgan Stanley with discretionary authority to sell up to 1.5 billion shares under certain parameters. On May 26, Treasury entered into a second such plan under which Morgan Stanley has the discretionary authority to sell an additional 1.5 billion shares.
Details on the Broker-Dealers
Cabrera Capital Markets, LLC is a Hispanic-owned full-service broker-dealer headquartered in Chicago, IL. Cabrera specializes in the execution of domestic and international securities for institutional financial customers whose client base includes unions, governments, corporations, hedge funds, and foundations and endowments.
Great Pacific Securities is an Institutional full service broker-dealer located in Costa Mesa, CA that has been certified as Service Disabled Veteran-owned for 20 years. Great Pacific provides domestic and international trading capabilities in equities and fixed income securities.
Guzman & Company is a Hispanic-owned broker-dealer headquartered in Coral Gables, FL. Guzman & Company is a member firm of the NYSE that provides top-ranked, agency-only program and block equity trading, and fixed income trading, underwriting and analytics, to the nation's leading investment managers, plan sponsors and financial institutions.
Kaufman Bros., L.P. is a Hispanic-owned and operated full service investment bank and broker-dealer based in New York, NY. KBRO delivers proprietary research, advisory and sales and trading services to issuers and institutional clients including multi-strategy hedge funds, mutual and pension funds and private equity funds.
Loop Capital Markets is an African American-owned full service investment bank and brokerage firm headquartered in Chicago, IL. Loop Capital Markets provides capital solutions for corporate, governmental and institutional entities, including financial advisory services, equity, taxable and tax-exempt securities sales and trading, and analytical services.
M. Ramsey King Securities, Inc. is a Native American- and woman-owned broker-dealer based in Burr Ridge, IL. M. Ramsey King facilitates agency-only individual and program executions for domestic and international securities on behalf of institutional clients.
Mischler Financial Group is a Disabled Veteran Business Enterprise (DVBE) Broker-Dealer headquartered in Corona Del Mar, CA. Mischler provides financial services in equities, fixed income, and cash management to state and local governments, financial institutions, insurance companies, hospitals, universities, private and public pension funds.
M.R. Beal & Company is an African American-owned full service broker-dealer headquartered in New York, NY. M.R. Beal specializes in municipal, corporate finance and equity execution for institutional clients including U.S. corporations, state and local government, and not-for-profit entities.
Sturdivant & Co. Inc. is an African American-owned agency broker-dealer based in Voorhees, New Jersey. Founded in 1988, the firm specializes in providing highly rated boutique-like large, mid and small cap equity research and execution services, including algorithmic program trading, commission recapture, transition management and equity underwriting services.
Valdés & Moreno, Inc., founded in 1994, is a Latino-owned broker-dealer based in Kansas City, Missouri focusing on institutional and retail investors alike. The business of the firm includes financial advisory and underwriting services for issuers of corporate and municipal securities, liquidity management and private equity in the socially responsible investing space for institutional investors, as well as a broad range brokerage services for retail investors.
The Williams Capital Group, L.P. is an African American-owned full service broker-dealer based in New York, NY. Williams Capital provides equity, taxable and tax exempt fixed income, corporate finance and investment management services to institutional and corporate clients.
Wm Smith & Co. is a woman-owned broker-dealer based in Denver, CO. Wm Smith provides special situations fundamental equity research on 13D Filings and Insider Transactions, capital markets, and sales and trading services to institutional clients.
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