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fourth quarter. Third-quarter results, dueto be announced Wednesday, could reportgrowth at 5% or less. Analysts expect pro�tof 33 cents a share, little changed from lastyear’s 31 cents.

One of the risks with Monster is that2008 might prove to be another disappoint-ing year. Wall Street is concerned that theonline recruiting market is fragmenting, asspecialized sites like Dice, which targetstech workers, gain popularity. Among theknocks against Monster is that it can inun-date prospective employers with unquali-�ed applicants and that many companiesfare better by using specialized sites. An-other complaint is that, while unemployedactive job seekers go to Monster’s site,some of the most desirable potentialapplicants—people with jobs—don’t.

Monster is seeking to address its short-comings. “We are unhappy with our per-formance and our own execution here inNorth America,” said Sal Iannuzzi, Mon-ster’s CEO, on the company’s second-quar-ter conference call in July. Monster thenannounced a major restructuring, includ-ing job cuts involving 15% o� ts sta�, and

its intention to cut annual costs by $150million to $170 million. Monster plans toreinvest half those savings in technology,marketing and other initiatives. Monsterhas formed partnerships with newspapers,including the New York Times. Iannuzzideclined to talk with Barron’s .

The takeover talk surrounding Monsterhas died down in recent months becauseIannuzzi, who took over as CEO in April,seems intent on �xing Monster rather thanselling it. When he arrived, there was specu-lation that he would prepare Monster for asale. That view was based on his short stint

as Symbol Technologies CEO, before itagreed to sell out to Motorola last year.

Iannuzzi replaced Bill Pastore, a long-time McKelvey lieutenant who had takenover after McKelvey’s departure in Octo-ber 2006.McKelvey left after refusing to beinterviewedbycompany lawyers investigat-ing options back-dating during his tenure.Monstermadea$271millionnegative�nan-cial restatement as a result of the probe,and its former general counsel pleadedguilty to two felony counts related to theback-dating. It’s unclear whether McK-elvey, 73, might face any repercussions as aresult of the scandal. Barron’s was unsuc-cessful in attempts to contact him.

McKelvey still has an important voicein Monster’s future through his controlof a block of super-voting stock. Heowns 9 million shares, including 4.7 mil-lion that carry 10 votes each. McKelveyis the only shareholder with super-vot-ing stock. His economic interest in thecompany is a modest 7%, but his votinginterest is about 30%—enough to in�u-ence, but not block, a sale.

When he was CEO, McKelvey showedlittle interest in selling Monster, whichevolved from a company he founded in1967. However, he has been a steady sellerin recent years, having unloaded 2.6 mil-lion shares this year, including 1 million inJuly. Last month, he pledged 6.1 millionshares, including all his super-votingstock, for loans.

It’s rare to see a founder borrowagainst controlling shares in a company.The loans, including $142 million securedby the 4.7 million super-voting shares,must be repaid by September 2008, orelse the stock goes to the lenders. McK-elvey retains voting control while thestock is pledged to them. , but if hedisposes o� t, the block of shares losesits super-voting status.

It’s unclear why McKelvey madethose �nancial moves. He’s a principal atBlack�n Capital, a New York investment�rm. He’s a philanthropist, been marriedsix times and has had health problems.McKelvey’s stock sales in the past havebeen correctly interpreted as a sign thathe wasn’t interested in a takeover ofMonster. It’s tougher to assess hispledge of stock for loans.

Monster does face a challenging do-mestic environment, but the company isapt to be cushioned by its fast-growingoverseas job sites. By Internet stan-dards, Monster looks reasonably pricedand possesses considerable franchisevalue. Looking out a year or two, it’s agood bet that Monster will �nd itsel� nthe hands of a larger company. n

2005 2006 2007

CareerBuilder

Monster

HotJobs

LocalNewspaper

Online Market Share

Sources: Citigroup Investment Research; Corzen

10

15

20

25

30

35%

Growth IndustryOnline ads continue to take a bigger chunk of thehelp-wanted market, and Monster is the leader.

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October 22, 2007 B A R RON ' S 27

1. Merrill LynchRank ’06: 1U.S. Private Client Assets, $1 mil+: $1.03 trilU.S. Private Client Assets, $10 mil+: $421 bilMinimum Account: N/AMedian Accounts: N/APrivate Client Managers: 16,200 globallyClients Per Manager: N/AU.S. Private Banking Offices: more than 600Specialties: Asset management, concentratedstock management, banking and lending, cashmanagement, estate planning, philanthropy, taxmanagement, family office services.Website: www.totalmerrill.ml.comTel: 800-MERRILLE-mail: general_askml@ml.com

2. Citigroup Global Wealth MgmtRank ’06: 2U.S. Private Client Assets, $1 mil+: $943.4 bilU.S. Private Client Assets, $10 mil+: $384.3 bilMinimum Account: N/AMedian Accounts: N/APrivate Client Managers: 13,241Clients Per Manager: N/AU.S. Private Banking Offices: 700Specialties: Investment management, restrictedsecurities management, investment finance andtailored lending, liquidity and banking, estate planningand trust services, alternative investments, strategicwealth advisory services.Website: www.citigroup.com/citigroup/businessTel: 800-221-3636

3. Bank of America Global Wealth & Investment MgmtRank ’06: 9, 16*U.S. Private Client Assets,$1 mil+: $638.1 bilU.S. Private Client Assets,$10 mil+: N/AMinimum Account: $100,000+ for Premier Banking &Investments; $3 mil+ for U.S. Trust, Bank of AmericaPrivate Wealth ManagementMedian Accounts: N/APrivate Client Managers: N/AClients Per Manager: N/AU.S. Private Banking Offices: 244Specialties: Wealth and investment managementsolutions for affluent, high net worth and ultra-high networth invdividuals and families.Website: www.bankofamerica.comTel: 877-556-2171 (ext.4219)*Bank of America ranked ninth in ’06 and U.S. Trust ranked16th. Figures include U.S. Trust and U.S. Trust Private WealthManagement, acquired March 2007.

4. Morgan Stanley Global Wealth MgmtRank ’06: 4U.S. Private Client Assets, $1 mil+: $428 bilU.S. Private Client Assets, $10 mil+: $261 bilMinimum Account: $1 milMedian Accounts: $1.8 milPrivate Client Managers: about 8,000Clients Per Manager: N/AU.S. Private Banking Offices: about 500Specialties: Non-discretionary and discretionarymanagement of equity, fixed-income and alternatives,U.S. and non-U.S. portfolios; retirement and estateplanning, asset allocation, private placementsof traditional and alternative investments, riskmanagement.Website: www.morganstanley.com/individualTel: 212-761-4000Data as of May 31, 2007.

5. UBS Wealth MgmtRank ’06: 3U.S. Private Client Assets, $1 mil+: $403.8 bilU.S. Private Client Assets, $10 mil+: $120 bilMinimum Account: N/AMedian Accounts: N/APrivate Client Managers: 7,982Clients Per Manager: N/A

U.S. Private Banking Offices: 489Specialties: Private briefings with senior UBSexecutives, estate and philanthropic planning, assetmanagement, lending, investment banking.Website: www.ubs.comTel: 212-821-7000, John Straus

6. Charles SchwabRank ’06: 7U.S. Private Client Assets, $1 mil+: $398.9 bilU.S. Private Client Assets, $10 mil+: N/AMinimum Account: N/AMedian Accounts: N/APrivate Client Managers: 3,847Clients Per Manager: N/AU.S. Private Banking Offices: 309Specialties: Investment research, portfolioconsultations, investment advice, stock ratings,financial plans, and products including equities, fixed-income, options, mutual fund, managed accounts,insurance, annuities, checking, credit cards and otherbanking services.Website: www.schwab.comTel: 866-232-9890

7. Fidelity InvestmentsRank ’06: 6U.S. Private Client Assets, $1 mil+: $394 bilU.S. Private Client Assets,$10 mil+: N/AMinimum Account: $1 milMedian Accounts: N/APrivate Client Managers: 263Clients Per Manager: N/AU.S. Private Banking Offices: 116Specialties: Investment products and planning,brokerage, trust, charitable services, and cashmanagement delivered on an integrated platform.Website: www.fidelity.comTel: 800-FIDELITY

8. WachoviaRank ’06: 5U.S. Private Client Assets, $1 mil+: $379 bilU.S. Private Client Assets, $10 mil+: $137 bilMinimum Account: N/AMedian Accounts: N/APrivate Client Managers: 6,634Clients Per Manager: Varies per Relationship ManagerU.S. Private Banking Offices: 511Specialties: Financial planning, investmentmanagement, personal trust, estate planning,charitable services, risk-management services, creditand banking services, family-office services, familygovernance and stewardship consulting, alternativeinvestments, marine and aircraft financing.Website: www.wachovia.com/wealth, www.wachoviasec.comTel: 888-283-9633, 800-627-8625

9. JPMorgan Private BankRank ’06: 8U.S. Private Client Assets, $1 mil+: $270 bilU.S. Private Client Assets, $10 mil+: $270 bilMinimum Account: N/AMedian Accounts: $29 milPrivate Client Managers: 373Clients Per Manager: 25U.S. Private Banking Offices: 23Specialties: Advice in investing, capital markets andrisk management, tax and estate planning, banking,capital raising, and specialty-wealth advisory services.Website: www.jpmorgan.com/privatebankTel: 212-464-1280, Catherine KeatingE-mail: catherine.keating@jpmorgan.com

10. Wells Fargo Private Client ServicesRank ’06: 12U.S. Private Client Assets, $1 mil+: $181 bilU.S. Private Client Assets, $10 mil+: N/AMinimum Account: $1 milMedian Accounts: N/A

Private Client Managers: about 2,500Clients Per Manager: N/AU.S. Private Banking Offices: 70Specialties: Investment management, brokerage,private banking and insurance services, and trustservices including Family Office/Wealth services,Special Needs Trust and Elder Services.Website: www.wellsfargo.com/theprivatebank/Tel: 877-636-0501

11. Goldman SachsRank ’06: 10U.S. Private Client Assets,$1 mil+: $177 bil*U.S. Private Client Assets, $10 mil+: N/AMinimum Account: N/AMedian Accounts: N/APrivate Client Managers: 400Clients Per Manager: N/AU.S. Private Banking Offices: 15Specialties: Generational wealth planning, portfoliomanagement, risk management, alternativeinvestments.Website: www.gs.com/pwmTel: 800-323-5678, ext 2-4810E-mail: gsinfo@gs.com*Global, as of November 24, 2006.

12. BNY Mellon Wealth MgmtRank ’06: 20 and 17*U.S. Private Client Assets, $1 mil+: $168 bilU.S. Private Client Assets, $10 mil+: $115 bilMinimum Account: $1 milMedian Accounts: N/APrivate Client Managers: 625Clients Per Manager: 50-75U.S. Private Banking Offices: 81Specialties: Investment management, wealth andestate planning, private banking and finance, andglobal custody and information management.Website, telephone, e-mail and contact person forpotential customers:Website: www.bnymellonwealthmanagement.comTel: 866-284-8797, Tom HurlbrinkE-mail: wealthmanagement@bnymellon.com*Bank of New York Private Client Services ranked 20th in 2006and Mellon Financial ranked 17th. They merged July 2007.

13. Northern TrustRank ’06: 13U.S. Private Client Assets,$1 mil+: $144.4 bilU.S. Private Client Assets, $10 mil+: N/AMinimum Account: $1 mil for high net worth; $75 milfor ultra high net worthMedian Accounts: N/APrivate Client Managers: N/AClients Per Manager: N/AU.S. Private Banking Offices: 85 offices in 18 statesSpecialties: Banking, fiduciary services, investmentmanagement, investment consulting, financialplanning servicesWebsite: www.northerntrust.comTel: 312-630-6000, James Rauh

14. Lehman Brothers/Neuberger BermanRank ’06: 15U.S. Private Client Assets, $1 mil+: $129.2 bilU.S. Private Client Assets, $10 mil+: N/AMinimum Account: $1 milMedian Accounts: NAPrivate Client Managers: 504Clients Per Manager: NAU.S. Private Banking Offices: 25Specialties: Private asset and investmentmanagement, portfolio advisory, wealth advisory,capital advisory, trust services, alternativeinvestments, single-stock risk management.Website: www.lehman.com; www.nb.comTel: Lehman Brothers: 212-526-1548, Jack Petersen;Neuberger Berman: 212-476-9822, Eric GiesE-mail: jack.petersen@lehman.com; egies@nb.com

15. JPMorgan Private Client ServicesRank ’06: 14U.S. Private Client Assets, $1 mil+: $120 bilU.S. Private Client Assets, $10 mil+: $120 bilMinimum Account: N/AMedian Accounts: $1 milPrivate Client Managers: 879Clients Per Manager: 100U.S. Private Banking Offices: 106Specialties: Advice in investing, capital markets andrisk management, tax and estate planning, banking,capital raising, and specialty-wealth advisory services.Website: www.jpmorgan.comTel: 312-732-5808, Steven MacLellanE-mail: steve.maclellan@jpmorgan.com

16. Deutsche BankRank ’06: 21, 22*U.S. Private Client Assets, $1 mil+: $119 bilU.S. Private Client Assets, $10 mil+: N/AMinimum Account: N/A. Primary client focus $25 milin investable assetsMedian Accounts: N/APrivate Client Managers: 283 Private Bankers andClient Advisors as of 6/30/07Clients Per Manager: N/AU.S. Private Banking Offices: 24Specialties: Global investment management,structured lending, family-office services, alternativeinvestments and securities and brokerage services.Website: www.pwm.db.comTel: 212-454-3600, Thomas Bowers*Deutsche Bank Alex.Brown was no. 21 last year, DB PrivateWealth Management no. 22. The banking company is nowconsolidating the reporting of its various units.

17. RBC Dain RauscherRank ’06: 11U.S. Private Client Assets,$1 mil+: $94.9 bilU.S. Private Client Assets, $10 mil+: $29.7 bilMinimum Account: N/AMedian Accounts: N/APrivate Client Managers: 1,800Clients Per Manager: 185U.S. Private Banking Offices: 150Specialties: Comprehensive wealth management,investment advisory services, retirement services,lending, trust and estate planning.Website: www.rbcdain.comTel: 612-371-2711

18. SunTrust BanksRank ’06: 19U.S. Private Client Assets, $1 mil+: $81 bilU.S. Private Client Assets, $10 mil+: $34.7 bilMinimum Account: N/AMedian Accounts: $1.9 milPrivate Client Managers: 313Clients Per Manager: 130U.S. Private Banking Offices: 77Specialties: Distinctive strength in serving peoplein such sectors as medical, legal, sports& entertainment, and business ownership.Website: www.SunTrust.comTel: 404-813-5261, Mark PetersE-mail: PrivateWealthManagement@SunTrust.com

19. Credit Suisse Private Banking USARank ’06: 18U.S. Private Client Assets,$1 mil+: $80.4 bilU.S. Private Client Assets,$10 mil+: $71.9 bilMinimum Account: $3 milMedian Accounts: $4.6 milPrivate Client Managers: 286Clients Per Manager: 54U.S. Private Banking Offices: 15Specialties: Trust and estate advisory, privateequity, hedge funds, structured products, volatilitymanagement.Website: www.csfb.com/investment_managementTel: 800-647-2516, Dale MillerEmail: dale.miller@credit-suisse.com

2007 Top Wealth Managers in the U.S.Ranked by assets under management for individual clients with accounts of $1 million or more, as of June 30. Institutional and custodial accounts are excluded. Data is based on a survey by Barron’s; the notation N/Aindicates a firm declined to answer a survey question.

38 B A R RON ' S October 22, 2007

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AT A TIME WHEN PRIME INTERNET COMPANIES LIKEGoogle and Amazon.com are valued at record prices,Monster Worldwide, the operator of the most profitableInternet jobs site, is languishing amid concern aboutcompetitive pressure and a U.S. economic slowdown.

Monster, whose shares (ticker: MNST) trade around35, is down 24% this year and well below the record59 it hit in May 2006. Bulls maintain that the stock—

trading for less than 20 times estimated 2008 profits of$1.82 a share and 10 times estimated 2008 pretax cashflow—is very attractive.Mark Mahaney, the Internet analyst at Citigroup,

says the stock offers one of the best risk/reward ratiosin the sector. He carries a price target of $51 and seeslittle downside risk. “The market essentially is discount-ing a U.S. jobs recession next year and [assuming] thatMonster’s North American revenues will decline 20%,”Mahaney says. He argues that such a scenario is toodire, and that Wall Street isn’t giving Monster enoughcredit for the ongoing shift in help-wanted advertising tothe Internet and the strength of its international fran-chise. Roughly 35% of domestic help-wanted ad spend-ing is done online, and the percentage is still rising.

In a recent note, Mahaney ticked off some of Mon-ster’s attributes, including being the “No. 1 or No. 2” site“in almost every key geographic area in which itcompetes—from Germany to France to South Korea toIndia.” Monster’s international recruiting business couldgenerate a third of total company-wide revenue thisyear, versus 20% in 2005. International revenue grewmore than 50% in the second quarter.

Monster is one of the few Internet companies with asignificant ability to improve its profitability. Mahaneysays that its European margins, now around 15%, couldrise into the mid-20s over the next few years, althoughthey’d remain below Monster’s 35% U.S. margins. Bar-ron’s has written favorably about Monster, including acover story in 2004.

A longtime takeover candidate with a digestiblemarket value of $4.7 billion, Monster probably wouldgenerate strong interest if it went on the block. Poten-tial buyers include Google (GOOG), IACInteractive(IACI), Gannett (GCI) and News Corp. (NWS),which is buying Dow Jones, Barron’s publisher. Whena social networking site like the private Facebookcarries an estimated value of $10 billion and Google isvalued at nearly $200 billion, Monster’s market valuelooks quite modest.

Among Monster’s attributes is a strong balancesheet, with net cash exceeding $700 million, or $5 ashare. The Street is betting that Monster will rampup its share buybacks in the next year.

Under its longtime CEO and founder, Andrew McK-elvey, Monster snatched up leading job sites overseas inrecent years. These purchases look smart, given theeconomic boom in Asia and the migration of help-wantedads to the Internet outside the U.S. The Asian sites arevaluable, although they contribute little or nothing toMonster’s profits.

Monster owns 44.4% of ChinaHR.com, the No. 2Chinese jobs site, and has the option of boosting itsstake to 51% or more by Feb. 1, 2008, or if thecompany goes public before then. Monster purchasedits interest for $70 million in two transactions. Thelast deal, involving 4.4% of ChinaHR, implied that itstotal market value exceeded $400 million. Given thebooming Chinese stock market, ChinaHR could beworth considerably more than that now, even thoughit’s operating in the red.

There was talk in the spring that, to diversify,Gannett, the country’s largest newspaper company, wasinterested in buying Monster. Gannett and two othernewspaper publishers, Tribune (TRB) and Mc-Clatchy (MNI), control CareerBuilder, Monster’smain domestic rival. The speculation was that Gannettwould sell its 40% stake in CareerBuilder to gaincontrol of Monster. No deal materialized.

Monster and CareerBuilder have a combined marketshare of 30% to 35% of the North American help-wantedmarket. CareerBuilder and Monster have comparableNorth American revenues—around $660 million in2006—but Monster is believed to be much more profit-able. CareerBuilder doesn’t release profit data.

Monster shares have come under pressure this yearbecause the company’s results have been disappointingamid slowingdomestic revenue growth.The current con-sensus earnings estimate for 2007 of $1.38 a share isdown from $1.59 at the beginning of the year. Monsterearned $1.17 last year. North American revenue growthslowed to 7% in the second quarter from 22% in 2006’s

Bulls on the stock assert thatMonster, now trading in themid-30s, should jump past 50over the next year. If Monstereventually goes on the block,the price could be even higher.

Barr

on’s

Gra

phic

s

by Andrew Bary

If Monster went on the block.the bidders might includeGoogle, News Corp.,IACInteractive and Gannett.

The Bottom Line

Monstrously Appealing

Recent YTD EPS P/E MktCompany/Ticker Price Chg ’07E ’07E ’08E Val (bil)

Amazon.com/AMZN $89.85 128% $1.09 82 58 $37.1

eBay/EBAY 38.10 27 1.47 26 23 51.7

Google/GOOG 639.62 39 15.33 42 32 199.6

Yahoo!/YHOO 29.35 15 0.43 68 55 39.5

Monster/MNST 37.49 –20 1.38 27 21 5.0

E=Estimate. Source: Thomson Financial/Baseline

’05 ’07

$60

30

40

50

20

Source: Thomson Financial/Baseline

Monster Worldwide (MNST - Nasdaq)Monthly close on October 18

’06

A solid long-term outlook makes Monster Worldwide, the Web’s top jobsite, look tempting to investors. So why has its founder been selling shares?

Lack of LoveMonster is one of the cheapest stocks in its Internet group.

26 B A R R O N ' S October 22, 2007

20. PNC Wealth MgmtRank ’06: 24U.S. Private Client Assets, $1 mil+: $55 bilU.S. Private Client Assets, $10 mil+: $18 bilMinimum Account: $1 bilMedian Accounts: N/APrivate Client Managers: 300Clients Per Manager: N/AU.S. Private Banking Offices: 50Specialties: Investment consulting and management,separate accounts, trust services, estate and taxplanning, banking.Website: www.pnc.comTel: 888-762-6226E-mail: pncwealthmanagement@pncbank.com

21. Bessemer Trust CompanyRank ’06: 25U.S. Private Client Assets, $1 mil+: $51.1 bilU.S. Private Client Assets, $10 mil+: $51.1 bilMinimum Account: $10 milMedian Accounts: $12 milPrivate Client Managers: 125Clients Per Manager: Average of 50U.S. Private Banking Offices: 12Specialties: Investment management, tax, legacy,insurance, philanthropic planning.Website: www.bessemer.comTel: 212-708-9140, Robert C. ElliottE-mail: elliott@bessemer.com

22. U.S. Bank Private Client GroupRank ’06: 23U.S. Private Client Assets,$1 mil+: $49.3 bilU.S. Private Client Assets, $10 mil+: $21.6 bilMinimum Account: $500,000Median Accounts: $1.9 milPrivate Client Managers: 352Clients Per Manager: N/AU.S. Private Banking Offices: 115Specialties: Financial and estate planning,investment management, personal trust servicesand private banking services for business owners,executives, health-care professionals, legalprofessionals, professional athletes and entertainers,families and others.Website: privateclientgroup.usbank.comTel: 866-481-2077E-mail: pcg.marketing@usbank.com

23. HSBC Private BankRank ’06: 26U.S. Private Client Assets,$1 mil+: $33 bilU.S. Private Client Assets, $10 mil+: $12.2 bilMinimum Account: $3 milMedian Accounts: $17.4 milPrivate Client Managers: 44 plus 250 tax andfinancial planning advisorsClients Per Manager: 30-60U.S. Private Banking Offices: 18Specialties: Family-office advisory, media andentertainment advisory, real-estate advisory, tailoredinvestment financing, hedge-fund advisory, derivativesand structured solutions.Website: www.hsbcprivatebank.comTel: 212-525-5080

24. Harris Private BankRank ’06: 28U.S. Private Client Assets, $1 mil+: $29.5 bilU.S. Private Client Assets, $10 mil+: N/AMinimum Account: $1 milMedian Accounts: N/APrivate Client Managers: 250Clients Per Manager: N/AU.S. Private Banking Offices: 26Specialties: Personal and business financialmanagement, including offerings for medical, legaland accounting professionals. Family-office services.Website: www.theharris.comTel: 877-782-9386, Chris PaoliE-mail: contactus@theharris.com

25. National City Private Client GroupRank ’06: 27U.S. Private Client Assets, $1 mil+: $28.0 bilU.S. Private Client Assets, $10 mil+: $13 bilMinimum Account: $1 milMedian Accounts: $1.9 milPrivate Client Managers: 84Clients Per Manager: 170 per relationship managerU.S. Private Banking Offices: 24Specialties: Investment management, privatebanking, fiduciary services, estate planning,brokerage, customized credit solutions.Website: www.nationalcity.com/wealthTel: 800-628-8151, Jane Grebenc

26. Wilmington TrustRank ’06: 29U.S. Private Client Assets, $1 mil+: $26.2 bilU.S. Private Client Assets, $10 mil+: N/AMinimum Account: $3 milMedian Accounts: N/APrivate Client Managers: 60Clients Per Manager: 45U.S. Private Banking Offices: 21Specialties: Investment management, trusteeservices, family-office services, and private banking.Website: www.wilmingtontrust.comTel: 212-415-0510, Peter E. “Tony” Guernsey Jr.E-mail: tguernsey@wilmingtontrust.com

27. Robert W. Baird & Co.Rank ’06: Not RankedU.S. Private Client Assets, $1 mil+: $24.5 bilU.S. Private Client Assets, $10 mil+: $5.7 bilMinimum Account: N/AMedian Accounts: N/APrivate Client Managers: 588Clients Per Manager: 216U.S. Private Banking Offices: 60Specialties: Financial planning, estate planning,investment research, asset allocation strategies,asset management, charitable gifting, businesssuccession planning, retirement income planning,private-equity investment.Website: www.Rwbaird.comTel: 800-RWBAIRD, Audrey WarnerE-mail: pwmmarcomm@rwbaird.com

28. City National Corp.Rank ’06: 34U.S. Private Client Assets, $1 mil+: $20.2 bilU.S. Private Client Assets, $10 mil+: $12.1 bilMinimum Account: $1 milMedian Accounts: $2.4 milPrivate Client Managers: 163Clients Per Manager: N/AU.S. Private Banking Offices: 29Specialties: Investment management, personal andbusiness trust services, tax and estate planning,charitable-giving advice, brokerage services, banking.Website: www.cnb.comTel: 800-708-8881, Rich Byrd

29. Glenmede Trust CompanyRank ’06: 35U.S. Private Client Assets, $1 mil+: $19.3 bilU.S. Private Client Assets, $10 mil+: $15.6 bilMinimum Account: $3 milMedian Accounts: $4.2 milPrivate Client Managers: 55Clients Per Manager: 54U.S. Private Banking Offices: 5Specialties: Financial, tax and estate advice,philanthropic planning, investment policy, privateassets, access to outside managers.Website: www.glenmede.comTel: 215-419-6100, Stan BroadbentE-mail: stan.broadbent@glenmede.com

30. Atlantic Trust Private Wealth MgmtRank ’06: 30U.S. Private Client Assets, $1 mil+: 17.2 bilU.S. Private Client Assets, $10 mil+: 12.1 bilMinimum Account: $2 milMedian Accounts: N/APrivate Client Managers: 64Clients Per Manager: N/A

U.S. Private Banking Offices: 12Specialties: Asset allocation and investmentmanagement, including proprietary offerings andopen-architecture platform of traditional andalternative managers. Tax, trust, estate planningand philanthropic services.Website: www.atlantictrust.comTel: 404-881-3400 or 866 517-3400, Jack S.Markwalter, Jr.E-mail: inquiry@atlantictrust.com

31. William Blair & Co.Rank ’06: 31U.S. Private Client Assets, $1 mil+: $15.96 bilU.S. Private Client Assets, $10 mil+: $6.65 bilMinimum Account: $1 milMedian Accounts: NAPrivate Client Managers: 91Clients Per Manager: NAU.S. Private Banking Offices: 1Specialties: Financial planning, trust, and estateplanning, wealth management services, and corporateand executive services.Website: www.williamblair.comTel: 312-364-8129, Michelle R. SeitzE-mail: info@williamblair.com

32. Hirtle CallaghanRank ’06: 33U.S. Private Client Assets, $1 mil+: $14.5 bilU.S. Private Client Assets, $10 mil+: N/AMinimum Account: $10 milMedian Accounts: N/APrivate Client Managers: 17Clients Per Manager: 16U.S. Private Banking Offices: 6Specialties: Operates with model of “outsourced”chief investment officers, supported by investmentdepartment. Portfolio capablities include alternativeinvestments and active risk management.Website: www.hirtlecallaghan.comTel: 610-828-7200, Jonathan J. HirtleE-mail: jhirtle@hirtlecallaghan.com

33. Brown Brothers HarrimanRank ’06: 32U.S. Private Client Assets, $1 mil+: $11.8 bilU.S. Private Client Assets, $10 mil+: $6.5 bilMinimum Account: $5 milMedian Accounts: N/APrivate Client Managers: 36Clients Per Manager: 19U.S. Private Banking Offices: 7Specialties: Services in trust/estate/philanthropicplanning, concentrated risk management.Website: www.bbh.comTel: 212-493-7708, John J. LeeE-mail: john.lee@bbh.com

34. Fiduciary Trust CompanyRank ’06: 36U.S. Private Client Assets, $1 mil+: $10.8 bilU.S. Private Client Assets, $10 mil+: N/AMinimum Account: $2 milMedian Accounts: $5.6 milPrivate Client Managers: 32Clients Per Manager: 47U.S. Private Banking Offices: 5Specialties: Separate account management, trustand estate planning, banking, tax services.Website: www.ftci.comTel: 212-632-3229, Lucius FowlerE-mail: lfowler@ftci.com

35. VeritableRank ’06: Not RankedU.S. Private Client Assets, $1 mil+: $9.1 bilU.S. Private Client Assets, $10 mil+: $8.9 bilMinimum Account: $20 milMedian Accounts: $47 milPrivate Client Managers: 11Clients Per Manager: 14U.S. Private Banking Offices: 1Specialties: Investment advice, guidance for makingtax-efficient financial decisions in investing, includingasset allocation, manager selection, reporting, estateplanning.

Website: www.veritablelp.comTel: 610-540-2036, John ScuteriE-mail: jscuteri@veritablelp.com

36. Thomas Weisel PartnersRank ’06: 37U.S. Private Client Assets, $1 mil+: $8.9 bilU.S. Private Client Assets, $10 mil+: $6.3 bilMinimum Account: $2.5 milMedian Accounts: N/APrivate Client Managers: 18Clients Per Manager: 50U.S. Private Banking Offices: 3Specialties: Investment management consulting,alternative-asset products, restricted securitiestransactions, tax and estate planning, venture andcorporate services.Website: www.tweisel.comTel: 415-364-2500, Toni DobelE-mail: tdobel@tweisel.com

37. Boston Private Wealth Mgmt GroupRank ’06: 38U.S. Private Client Assets $1 mil+: $8.2 bilU.S. Private Client Assets $10 mil+: N/AMinimum Account: $1 milMedian Accounts: N/APrivate Client Managers: N/AClients Per Manager: N/AU.S. Private Banking Offices: 27Specialties: Lending, deposits, mortgages and cashmanagement; financial planning, tax strategies andasset allocation; portfolio-management productsand services.Website: www.bostonprivate.comTel: 617-912-3767, Catharine SheehanE-mail: csheehan@bostonprivate.com

38. GenSpringRank ’06: Not RankedU.S. Private Client Assets, $1mil+: $8 bilU.S. Private Client Assets,$10mil+: $7.5 bilMinimum Account: $10 milMedian Account: $28.3 milPrivate Client Managers: 80Clients Per manager: Average of 8U.S. Private Banking Offices: 12Specialties: In-house Family Learning staff thatworks with client families to address the financial,intellectual and human capitalissues related to significant wealth.Website: www.GenSpring.comTel: 866-506-1989 or 305-669-0324, Julie NeitzelE-mail: julie.neitzel@genspring.com

39. Lowry HillRank ’06: 39U.S. Private Client Assets, $1mil+: $7 bilU.S. Private Client Assets, $10 mil+: $7 bilMinimum Account: $10 milPrivate Client Managers: 27Clients Per Managers: Fewer than 30U.S. Private Banking Offices: 3Specialties: Private asset management, includinglarge-cap growth equities, international equities,small-cap equities, income equities, REITs, and fixed-income investments. Private equity opportunities areavailable to clients with $20 mil to invest.Website: www.lowryhill.comTel: 612-667-1764, Tim KleinE-mail: tklein@lowryhill.com

40. Brown Advisory’06 Rank: Not RankedU.S. Private Client Assets, $1 mil+: $6.1 bil (includes$394 mil of PIM assets on the Securites side)U.S. Private Client Assets, $10 mil+: $4.3 bilMinimum Account: $100,000Median Accounts: $5.2 mil.Private Client Managers: 11Clients Per Manager: 50U.S. Private Banking Offices: 3Specialties: Bottom-up, fundamentally driveninvestment approach, independent research,strict buy and sell discipline.Website: www.brownadvisory.comTel: 410-537-5455, Bill PaternotteE-mail: bpaternotte@brownadvisory.com

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