| Merrion Group LLC | 11-21-2007: Merrion Securities has recently exited the investment research business. |
| Pacific American Securities | 7/3/2007 - Formerly a fundamental research firm PacAm Securities is currently in the process of altering its research methodology and product profile. It is reducing its coverage of large cap companies and shifting its focus to small cap companies engaged in litigation disputes. |
| Glass Lewis | According to a press release issed on May 21 2007 Glass Lewis' Director of Research Lynn Turner will be leaving the company effective June 8th 2007. There has been no announced replacement for Mr. Lewis thus far. Editor of Financial Research Jonathan Weil also resigned. Both left after questions were raised over whether Glass Lewis' parent company Xinhua Finance Media had withheld unfavorable information about its CFO from investors. |
| Accountability Research | Accountability was purchased by CFRA and CFRA was subsequently purchased by RiskMetrics in the fall of 2007. |
| Reuters Insight | Anian is now a part of Reuters Insight. |
| Aspen Edge Research | As of December 2007 Aspen Edge Research is no longer in operation. |
| Bhirud Associates | As of December 12 2007 The Phone number for Bhirad Associates is disconnected and there is no web page for the company. |
| Cathay Financial | As of November 27th 2007 Cathay Financial no longer offers its research or trading services. |
| Maxcor Financial Group | As of November 7th 2007 Maxcor Financial's website is no longer in operation and phone calls lead to a generic voicemail system. |
| Brookstreet Securities | Brookstreet Securities closed its doors on June 22 2007 as a result of markdowns on collateralized mortgage obligations securities by Fidelity's National Financial Services which cleared trades and maintained accounts for Bookstreet. |
| Global Real Analytics | Charles Schwab Investment Management (CSIM) recently acquired the assets of Global Real Analytics. The primary reason CSIM decided to acquire GRA was to help Schwab develop and manage a new set of real estate investment products including a new real estate offering called the Schwab Global Real Estate Fund. |
| Discovery Group Inc. | Discovery was shut down in December 2007 when BNP took the entire small cap team. |
| Ibbotson Associates Inc. | Ibbotson Associates is a wholly owned subsidiary of Morningstar. Morningstar purchased Ibbotson in 2006. |
| Vista Research | In June 2007 Vista Research CEO Stanton Green resigned to take the CEO role at channel check provider Off The Record Research (OTR). Previously in the spring of 2007 an unconfirmed rumor was reported in the Wall Street Letter that Vista Research is for sale. |
| Rapid Ratings International Inc. | In May 2007 Rapid Ratings was purchased from majority-owner Collection House Ltd an Australian debt collection agency and its headquarters was moved to the US. |
| Cochran Caronia Waller | In May 2007 CCW announced its agreement to merge with Fox-Pitt Kelton. After the merger the combined firm will be known as Fox-Pitt Kelton Cochran Caronia Waller. |
| Wachovia Securities | In The spring of 2007 Wachovia acquired AG Edwards which itself has over 50 analysts. The AG Edwards Analysts have been given a choice as to whether to work for Wachovia or to take the offered package. |
| Behind the Numbers | In the summer of 2007 Behind the Numbers was spun off as a separate entity from David W. Tice & Associates as a stand alone research product. |
| Investors Responsibility Research Center | IRRC was acquired by Institutional Shareholder Services (ISS) Inc. which on January 11 2007 was acquired by RiskMetrics Group a financial risk analytics firm. Please see report on RiskMetrics Group for further details. |
| Institutional Shareholder Services | January 11 2007???RiskMetrics Group a financial risk analytics firm completed its acquisition of Institutional Shareholder Services Inc. (ISS). Financial terms of the deal were not disclosed. |
| John S. Herold Inc. | John S Herold was purchased by IHS and US data provider to the energy defense aerospace construction electronics and automotive industries for $48 million. The transaction ws announced in an IHS press release dated August 16 2007. |
| CFRA | July 2007: RiskMetrics Group a leading provider of financial risk management and corporate governance solutions announced a definitive agreement to acquire CFRA (Center for Financial Research & Analysis). CFRA will be integrated into the ISS Governance unit of Institutional Shareholder Services (ISS) which RiskMetrics acquired earlier this year. The current CFRA CEO Rich Leggett will head the combined ISS Governance unit. |
| Nitron Circle of Experts | May 2 2007: Evalueserve Ltd. a leading provider of global research analytics and intellectual property services acquired Nitron Advisors LLC in a cash equity and earn-out transaction. The acquired company will become a wholly-owned subsidiary of EVS operating under the name Nitron Circle of Experts. |
| Merriman Curhan Ford & Co. | Nov 2006: MCF Corporation acquired Panel Intelligence to flush out their primary research capabilities. the main product of Panel Intelligence is MedPanel a primary research firm focused on healthcare industry which uses surveys to gather data and panel groups to vet the information. |
| Guideline | On August 20 2007 InfoUSA announced that it had purchased Guideline securing 89% of the company???s common stock. InfoUSA is a leading provider of business and consumer databases for sales leads & mailing lists database marketing services data processing services and sales and marketing solutions. Content is the essential ingredient in every marketing program and infoUSA has the most comprehensive data in the industry and is the only company to own 12 proprietary databases. |
| Ryan Beck & Co | On February 28 2007 Ryan Beck was acquired by Stifel Financial from BankAtlantic Bankcorp. As a result the research capabilities of Ryan Beck are now represented by the Stifel Nicholas research team. |
| Datamonitor | On May 18 2007 Informa a publisher of Lloyd's List maritime newspaper agreed to buy market intelligence firm Datamonitor for $994 million. The acquisition is designed to help its information products especially in the healthcare financial services and telecoms sector. |
| Kagan Research | Previously part of Jupiter Research Kagan was sold to SNL Financial in April 2007. SNL will market Kagan more aggressively to its core client base of financial institutions. Kagan's services can be seen in the Media & Communications section of SNL's website. |
| Prudential Equity Group Inc. | Prudential Equity is currently for sale. |
| ClearForest | Reuters entered into an agreement to aquire ClearForest Ltd on April 30 2007. Terms were not disclosed. |
| Starmine | Reuters has entered into an agreement to acquire San Francisco-based StarMine a privately held provider of analytics and equity research tools and objective performance ratings to securities analysts. Reuters plans to retain and continue to work with the existing StarMine management team and their highly skilled workforce. Reuters also plans to continue to support existing StarMine customers and to continue to invest in StarMine???s leading decision-support analytic capabilities. |
| Stifel Nicolaus | Stifel Nicolas acquired Ryan Beck & Company on February 28 2007. |
| Avanzi | The firm has been acquired by Vigeo. |
| AG Edwards | Wachovia recently purchased A.G. Edwards for $6.8 billion in a cash and stock deal which is expected to close in October 2007. The combined retail brokerage business will operate out of St. Louis while AG Edwards's other lines of business including stock research and investment banking will be folded into the Wachovia's current operations. The deal will make Wachovia Securities the country's second-largest retail broker after Merrill Lynch. |
