Richard Devine and Howard Franzblau Join Bear Stearns Private Client Services

Business Wire,  Sept 16, 2003  

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Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 16, 2003

Bear, Stearns & Co. Inc. announced today that Richard Devine and Howard Franzblau have joined the firm as managing directors in the Private Client Services division. They will be based in New York City. Mr. Devine and Mr. Franzblau provide investment advisory services and alternative investments to high-net-worth individuals and pension plans. Currently they have approximately $550 million in assets under management. The addition of Mr. Devine and Mr. Franzblau is the latest step in Bear Stearns' strategic plan to significantly grow its Private Client Services franchise by attracting high-level producers to the firm.

Commenting on the hire, Steve Dantus, senior managing director and head of Bear Stearns' Private Client Services, said, "Richard and Howard epitomize the type of brokers that we value at Bear Stearns. They are bright, successful and intensely focused on the well being of their clients. I am confident that aided by our enhanced high-net worth asset management platform that they will be well positioned to further develop and grow their business."

Mr. Devine said, "We are thrilled to be able to join Bear Stearns' private client effort. The sophisticated managed account capabilities they have developed in conjunction with the firm's entrepreneurial nature will provide us with a powerful combination."

Mr. Franzblau added, "We wanted a place where we could grow our asset management business and Bear Stearns had all the answers. We think this is not only a great move for us but for our clients who will greatly benefit from increased product offerings and access to a full service investment bank."

Mr. Devine and Mr. Franzblau join from Oppenheimer were they have been since 1987. Previously, Mr. Devine was at Drexel Burnham and Mr. Franzblau was at Merrill Lynch.

Founded in 1923, Bear, Stearns & Co. Inc. is a leading worldwide investment banking and securities trading and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). 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 prime broker and broker dealer services, including securities lending. 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.

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