Bear Stearns Increases Fixed Income Execution Capabilities; Unique Team Offers Agent Capacity for Fixed Income Trades

Business Wire, Dec 19, 2005

NEW YORK -- Bear Stearns has enhanced its fixed income execution capabilities by hiring an experienced team to provide unique trading services as agents directly to broker dealers and investment advisors. E[acute accent]The team provides a solution for those fixed income trades requiring agency execution, most notably for those clients offering transition management services during pension manager changes or strategy shifts. Clients will also be able to generate commission recapture payments for trades conducted through the team. E[acute accent]"In providing agency execution services for fixed income trading, Bear Stearns is providing a much-needed alternative," said Paul Friedman, a senior managing director at Bear Stearns. "This solution allows for transparent execution of an asset class that is typically only facilitated with principal transactions." E[acute accent]Ron Pimental will head the team and report to Mr. Friedman. Mr. Pimental joins from First Principle, where he was a managing director and head of Fixed Income Trading and Transition Management. He also previously created fixed income agency trading product at BNY Brokerage and was director of Fixed Income at DLJ Autranet Division. E[acute accent]Mr. Pimental brings with him Alan Stentiford, Rick Lauchnor and Dan Ladley. Mr. Stentiford, an associate director in charge of trading for the agency execution team at Bear Stearns, was a fixed income strategist and trader at First Principle after 12 years at DLJ as a trader and a previous stint at Citicorp. Mr. Lauchnor, an associate director responsible for sales for the team, was a senior vice president for sales at First Principle. He previously spent 16 years at UBS & PaineWebber, leaving as senior vice president heading the fixed income sales and trading desk in its clearing affiliate. Mr. Ladley, vice president in charge of operations for the team, was fixed income operations manager at First Principle and previously a fixed income middle office manager at BNY Brokerage.

E[acute accent]Founded in 1923, Bear, Stearns & Co. Inc. is a leading investment banking and securities trading and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). With approximately $54.3 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 and trading, securities research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers financing, securities lending, clearing and technology solutions to hedge funds, broker-dealers and investment advisors. Headquartered in New York City, the company has approximately 12,000 employees worldwide. For additional information about Bear Stearns, please visit the firm's website at www.bearstearns.com.