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COPYRIGHT 2003 Adams Business Media
Pershing Investments
Analysts at Pershing LLC think a new bull market is coming. How long that bull will run, they say, remains to be seen. Their market summary suggests that a climbing Dow (more than 9,000 in June after being in the seven's all spring) is due to an investing public now at ease since the declared end of the Iraq war. Like the capital markets, the economy may be influenced by mass psychology in action. Pershing's recent economic summary states: "As management, consumer and investor morale improves, we believe that the economy will pick up after a dour and discouraging period."
Are its forecasts within reason? "In fourteen of the last twenty years since we created our stock Recommended List, we have outperformed the S&P 500," says Andrew Gray III, research director at the firm.
Pershing is a financial services firm that provides research and outsourcing solutions to independent broker-dealers, investment professionals and financial intermediaries. All told, Pershing works with 1,100 customers, which represent five million investor accounts worldwide with assets of $475 billion. Included among these customers are firms serviced by Pershing Investment Manager Services, which provides a wide range of solutions to hedge fund managers and registered investment advisors.
According to Pershing, nearly 11,000 investment professionals utilize its research. The New Jersey headquarters, where Gray works, has doubled in size in the last 10 years and now has 3,800 employees and is doing three times the business it was doing in the early '90s. It prides itself on enabling its broker-dealer customers to better compete with the larger firms.
"Our focus is on investing, not trading," says Gray, who's been with the firm for 35 years. "We recognize that timing is important...
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