2. GALT’S GULCH REFERENDUM
TABLE OF CONTENTS
INTRODUCTION THESIS 3
HIGHLIGHTS WHY DENVER WHAT’S AN ASSET MANAGEMENT INDUSTRY 4
INDUSTRY OVERVIEW ASSET MANAGEMENT 5
DENVER, COLORADO COLORADO’S ALLIANCES 6
COLORADO’S ALLIANCES [CONTINUED] 7
REPRESENTATIVE INVESTMENT FIRMS AUM 8
HYPOTHETICAL GOAL: $5 TRILLION AUM 9
THE GAME IS AUM… 10
WHAT ATTRACTS ASSET MANAGERS TO COLORADO? 11
WHAT ELSE ATTRACTS ASSET MANAGERS TO COLORADO? 12
ROCKY MOUNTAIN STATISTICS I 13
ROCKY MOUNTAIN STATISTICS II 14
ROCKY MOUNTAIN STATISTICS III 15
NATIONAL & GLOBAL ACCESS 16
CASE STUDIES HEDGE FUND INDUSTRY 17
VENTURE CAPITAL 18
STATE & VC ALLIANCE 19
WHAT LURES ASSET MANAGEMENT FIRMS? 20
SUMMARY WALL STREET OF THE WEST 21
2
WHO IS JOHN GALT? 22
APPENDIX STATE ADVISORY MEMBERS & CONTACT INFORMATION 23
3. INTRODUCTION
THESIS
“Colorado has an Asset Management backbone
that if nurtured, can be beneficiary of the vast new wealth,
jobs, resources & intellectual capital over the next two decades.”
3
THESIS HIGHLIGHTS INDUSTRY OVERVIEW DENVER, COLORADO CASE STUDIES SUMMARY APPENDIX
4. HIGHLIGHTS
WHY DENVER WANTS THE ASSET MANAGEMENT INDUSTRY
COLORADO GROSS STATE PRODUCT: $252 BN
High Income Jobs
Use of existing real state, technology & infrastructure
Excellent established support [administration, accounting & legal]
Trickle‐down economy
Tax revenue
4
THESIS HIGHLIGHTS INDUSTRY OVERVIEW DENVER, COLORADO CASE STUDIES SUMMARY APPENDIX
5. INDUSTRY OVERVIEW
ASSET MANAGEMENT
THE ASSET MANAGEMENT INDUSTRY IS
THE PROFESSIONAL INDUSTRY THAT MANAGES OTHER PEOPLE’S MONEY.
Clients include pension funds, institutions, HNW & retail clients.
Types of investable
Markets Managers Invest
Equities, Fixed Income,
Foreign Exchange, Energy,
Precious Metals, Agriculture…
Teams, idea sourcing,
portfolio construction, risk management,
operations, sales & distribution
5
THESIS HIGHLIGHTS I N D U S T RY O V E RV I E W DENVER, COLORADO CASE STUDIES SUMMARY APPENDIX
6. DENVER, COLORADO
COLORADO ALLIANCES
CURRENT STUDENT
MARKET POPULATION
METRO DENVER = 60 K
MUTUAL FUNDS
LONG ONLY TRADITIONAL
HEDGE FUNDS
Technologies
PRIVATE EQUITY FUNDS
EXCHANGE TRADED FUNDS
VENTURE CAPITAL FUNDS
Support
Industries
REAL ESTATE FIRMS
Infrastructure
FINANCE FIRMS
6
THESIS HIGHLIGHTS INDUSTRY OVERVIEW DENVER, COLORADO CASE STUDIES SUMMARY APPENDIX
7. DENVER, COLORADO
COLORADO ALLIANCES [CONTINUED]
UNIVERSITY OF COLORADO
Undergraduate Engineering Programs
32nd overall & 18th among public engineering programs nationwide [America's Best Colleges 2011]
UNIVERSITY OF COLORADO
Leeds School of Business
U.S. News & World Report ranked the undergraduate business program 22nd among national public universities in 2010.
UNIVERSITY OF COLORADO DENVER
CU Denver Global Study in China: Econ students have the opportunity to study & live in Beijing, China.
UNIVERSITY OF DENVER
Daniel’s School of Business
Daniels students get hands‐on, highly relevant business experience through simulations, practicum projects &
international trips. As a result, Daniels ranks as one of the top business schools in the nation according to BusinessWeek,
U.S. News & World Report, the Financial Times.
COLORADO COLLEGE
Celebrated as the most prestigious Colorado school, Colorado College provides various specializations within an
economics degree; including international business & mathematical economics.
COLORADO SCHOOL OF MINES
Colorado School of Mines is the top‐ranked public university in the nation for starting salaries of graduates with bachelor’s
degrees . Colorado School of Mines focuses on engineering & geosciences.
7
THESIS HIGHLIGHTS INDUSTRY OVERVIEW DENVER, COLORADO CASE STUDIES SUMMARY APPENDIX
8. DENVER, COLORADO
REPRESENTATIVE INVESTMENT FIRMS AUM
COLORADO AUM = 822 Bn GOAL $5 TRILLION
BANK HOLDING CREDIT INVESTMENT MANAGERS &
COMPANIES UNIONS FINANCIAL PLANNERS
First Bank Holding Co. $10,518,766 Bellco Credit Union $1,912,999,423 Denver Investments $8,989,300,000
CoBiz Financial $2,344,123 Westerra Credit Union $1,175,882,855 Cambiar Investments LLC $5,776,400,000
Sturm Financial Group Inc. $1,895,802 Public Service Credit Union $1,038,180,228 First Western Trust Bank $4,200,000,000
Guaranty Bancorp $1,867,735 Elevations Credit Union $970,641,113 Innovest Port. Solutions $3,800,000,000
Community Bank Shares Inc. $1,655,328 Credit Union of Colorado $945,533,080 AMG National Trust Bank $2,782,700,000
Total Top 5 $18,281,754 Total Top 5 $6,043,236,699 Total Top 5 $25,548,400,000
Total $26,800,471 Total $9,402,384,599 Total $39,046,300,000
MUTUAL FUND TRUST VENTURE CAPITAL &
COMPANIES ORGANIZATIONS PRIVATE EQUITY FIRMS
OppenheimerFunds Inc. * $164,163,000,000 Wells Fargo Bank * $27,073,000,000 Vestar Capital Partners $7,000,000,000
Janus Capital Management $101,770,000,000 Trust Co. of America $10,534,600,000 Resource Capital Funds $3,200,000,000
Marsico Capital Management $40,000,000,000 Colorado State Ban & Trust $3,300,400,000 KRG Capital Partners $2,800,000,000
Denver Investment Advisors $3,305,000,000 BNY Mellon Corp. Trust * $3,199,200,000 Excellere Partners $730,000,000
Cambiar Investors $2,570,000,000 AMG National Trust Bank $2,772,800,000 Meritage Funds $600,000,000
Total Top 5 $281,130,000,000 Total Top 5 $46,880,000,000 Total Top 5 $14,330,000,000
Total $288,991,000,000 Total $54,312,700,000 Total $16,229,200,000
* Represents Firms Headquarters are not located here ** Assets under administration: ALPS (300 bn) – Spicer Jeffries (‐) – Matrix (114 bn)
8
THESIS HIGHLIGHTS INDUSTRY OVERVIEW DENVER, COLORADO CASE STUDIES SUMMARY APPENDIX
9. DENVER, COLORADO
HYPOTHETICAL GOAL: $5 TRILLION AUM
MANAGEMENT % AUM $5 TRILLION
1.65 TRILLION
MUTUAL FUNDS 33%
1 TRILLION
HEDGE FUNDS 20%
1 TRILLION
PRIVATE EQUITY 20%
VENTURE CAPITAL 13% 650 BILLION
REAL ESTATE 13% 650 BILLION
ETF FIRMS ‐ ‐
TOTAL 100% 5 TRILLION
TAX RATE 4.63% 231.5 BN
The asset management industry charges by assets under
Management; the industry varies from 5bps – 300 bps
9
THESIS HIGHLIGHTS INDUSTRY OVERVIEW DENVER, COLORADO CASE STUDIES SUMMARY APPENDIX
10. DENVER, COLORADO
THE GAME IS AUM
POTENTIAL INDUSTRY EARNINGS
The asset management industry charges by assets under management. The industry varies from 5bp to 300 bps.
FEE 500M 5B 50B 500B
MGMT 500M [PER 1MM] 5 TRILL [PER 1MM]
[CONS] [PER 1K] [PER 1K] [PER 1MM] [PER 1MM]
ADMIN 0.05% $2,500 $25,000 $250 $2500 $2.5 $25,000
MUTUAL FUNDS 1.00% $5,000 $50,000 $500 $5000 $5.0 $50,000
LONG ONLY 0.75% $3,750 $37,500 $ 375 $3750 $3.75 $37,500
HEDGE FUNDS 1.50% $7,500 $75,000 $750 $7500 $ 7.5 $75,000
PRIVATE EQ 2.00% $10,000 $100,000 $1,000 $10000 $10.0 $100,000
VENTURE CAP 2.00% $10,000 $100,000 $1,000 $10000 $10.0 $100,000
REAL ESTATE 2.00% $10,000 $100,000 $1,000 $10000 $10.0 $100,000
ETF FIRMS ‐ ‐ ‐ ‐ ‐ ‐ ‐
TOTAL $48,750 $487,500 $4,875 $48,750 $48.75 $487,500
TAX RATE 4.63% 2,257.125 22,571.25 2,257.125 22,571.25 2.257125 22,571.25
BEST CASE:
At $1 Trillion AUM = Revenue $500 M at 5 bps to $10 Bn at 200 bps
At $5 Trillion AUM = Revenue $2.5 Bn at 5 bps to $100 Bn at 200 bps
10
THESIS HIGHLIGHTS INDUSTRY OVERVIEW DENVER, COLORADO CASE STUDIES SUMMARY APPENDIX
11. DENVER, COLORADO
WHAT ATTRACTS ASSET MANAGERS TO COLORADO?
BUSINESS CLIMATE
• CO has the eighth best small business climate in the nation, [Small Business & Entrepreneurship Council] “Small Business Survival Index” considers
government spending, individual & corporate tax rates, healthcare costs, & regulatory burden
• CO earned top‐15 scores on the criteria for state & local excise taxes & taxes on capital gains & corporate income. [Small Business & Entrepreneurship
Council, 2010]
REAL ESTATE & THE COST OF DOING BUSINESS
• Metro Denver office occupancy costs in the Central Business District averaged $24.65/Ft₂. [CB Richard Ellis, Global Office Rents, Nov. 2010]
The $14 registration fee for brokers & dealer representatives in CO, is one of the lowest in the nation. [State of CO, Division of Securities]
TAX STRUCTURE
• Colorado offers a simple corporate income tax structure based on single‐factor apportionment, which allows companies to pay taxes based
solely on their sales in the state.
• Colorado's corporate income tax rate of 4.63 % is one of the lowest & most competitive tax structures in the nation
INSURANCE ARBITRAGE
• Colorado's general Insurance Premium Tax is lower than taxes in 16 other states
• The state's Insurance Premium Tax is generally 2%, but businesses with a home or regional office in Colorado are only taxed 1%. [National
Association of Insurance Commissioners, 2009]
AN ATTRACTIVE & VIABLE CANDIDATE TO AM FIRMS 11
THESIS HIGHLIGHTS INDUSTRY OVERVIEW DENVER, COLORADO CASE STUDIES SUMMARY APPENDIX
12. DENVER, COLORADO
WHAT ELSE ATTRACTS ASSET MANAGERS TO COLORADO?
The Quality of Life…
12
THESIS HIGHLIGHTS INDUSTRY OVERVIEW DENVER, COLORADO CASE STUDIES SUMMARY APPENDIX
13. DENVER, COLORADO
ROCKY MOUNTAIN STATISTICS I
Real GDP by Industry, Colorado vs. The national Economy (1% of nominal GDP)
13
THESIS HIGHLIGHTS INDUSTRY OVERVIEW DENVER, COLORADO CASE STUDIES SUMMARY APPENDIX
16. DENVER, COLORADO
NATIONAL & GLOBAL ACCESS
NATIONAL ACCESS
INTERNATIONAL ACCESS
Boston 4hrs Beijing 13hrs
New York 3.5hrs Berlin 10hrs
Chicago 2hrs Dubai 15.5hrs
Dallas 2hrs Johannesburg 19hrs
Los Angeles 2.5hrs London 9.5hrs
San Francisco 3hrs Madrid 10hrs
Washington DC 3.5hrs Moscow 11hrs
Seattle 3hrs New York 3hrs
Miami 4hrs Rome 11hrs
Sao Paulo 11.5hrs
Vienna 12hrs
A central location and easy global access
•Real‐time connections to six of seven Continents in one business day. (Metro Denver Economic Development Corp.)
•Convenient access as air travelers can easily reach two‐thirds of the nation within two hours, and every North American city with a pop. of 1 million or
more within four hours. (Metro Denver Economic Development Corp.)
16
THESIS HIGHLIGHTS INDUSTRY OVERVIEW DENVER, COLORADO CASE STUDIES SUMMARY APPENDIX
17. CASE STUDIES
HEDGE FUND INDUSTRY
GLOBAL HEDGE FUND PLAYERS BY AREA PFAEFFIKON, SWITZERLAND
THE GLOBAL BILLION Number Jan 2007 % of Total % of Total Funds • Pfaeffikon, Switzerland is the home of many hedge funds,
DOLLAR CLUB – BY of Billion AUM $B Assets* managing a total of up to $100 billion.
LOCATION OF MANAGER Dollar • Tax rates as low as 11.8% for corporates, 19% for individuals,
(JAN 07) City* Firms and 10% on dividend are the lowest in Switzerland.
New York 123 649.78 41.55% 35.04%
• Quality of life also plays a large role in attracting hedge fund
London 72 261.00 16.69% 20.51%
managers to Pfaeffikon, as it is surrounded by lakes and
Greenwich, CT 20 102.97 6.58% 5.70%
mountains and is a short train ride from Zurich.
Boston 13 66.96 4.28% 3.70% • The surrounding villages offer a very good quality of life,
San Francisco 12 63.25 4.04% 3.42% good public transportation with winter and summer sports in
Dallas / Fort Worth 8 29.70 1.90% 2.28% abundance, and no traffic problems and delays getting to
Los Angeles 8 16.98 1.09% 2.28% work to worry about.”
Stamford, CT 6 25.30 1.62% 1.71% • “Twenty years ago, it was pretty much a farmers’ village, but
Paris 6 20.97 1.34% 1.71% in the last 15 years or so, it has seen a boom in capital from
Sydney 5 21.22 1.36% 1.42% the finance and the asset management industries due to its
Tokyo 5 10.42 0.67% 1.42% low tax regime”
Hong Kong 5 9.53 0.61% 1.42%
Bermuda
Westport, CT
4
3
12.41
38.80
0.79%
2.48%
1.14%
0.85%
HONG KONG
Boca Raton, FL 3 7.24 0.46% 0.85%
Stockholm 3 7.12 0.46% 0.85% • “Hong Kong and Singapore have doubled in size as
Houston 3 6.00 0.38% 0.85% centers for the world’s biggest hedge funds over the past
Minnetonka, MN 2 12.10 0.77% 0.57% 12 months, at the expense of London and New York,
Atlanta 2 4.86 0.31% 0.57% writes the FT. According to data due to be released by
2 4.64 0.30% 0.57% Hedge Fund Intelligence, Asian cities are home to 18 hedge
Milwaukee, WI
2 4.59 0.29% 0.57% funds managing more than $1bn – an industry benchmark
Harrison, NJ
2 4.30 0.28% 0.57%
for success – compared with just 10 a year ago. New York
Moscow
2 3.62 0.23% 0.57%
remains the hedge fund industry’s leading center, with
Oslo
48 180.05 11.51% 13.68%
128 funds worth over $1bn, while London is home to 63.
Other 17
THESIS HIGHLIGHTS INDUSTRY OVERVIEW DENVER, COLORADO CASE STUDIES SUMMARY APPENDIX
18. CASE STUDIES
VENTURE CAPITAL INDUSTRY
Boston, Mass VC Community
September 17, 2008
Billions of VC Dollars in Boston
Commonwealth Capital held their annual open house this week at their Winter Street offices
on "VC Hill" in Waltham. VC Hill is to Boston/Waltham what Sand Hill Rd is to Silicon
Valley...the center of Venture Capital for the region.
Commonwealth Capital recently closed on a large new venture capital fund. Longworth
Ventures, another Boston/Waltham based VC firm, also recently closed a new fund. In fact,
over the past year or so, several Boston firms have raised over $2 Billion in venture capital.
While the financial markets on Wall Street are in a panic, the venture capital community in
Boston is strong, with billions of dollars to invest in innovative startups.
Boston based VC firms that have raised funds over the last year or so include; Flybridge
Venture Capital, Spark Capital, Fairhaven Capital, Commonwealth Capital, Longworth Venture
Partners, Battery Ventures, 406 Ventures, Ascent Venture Partners, and Staley Capital. The
total funds raised exceeds $2 Billion. If you look over the past three years the funds
raised in Boston exceeds $10B, with giant firms like Polaris Ventures, Highland Capital, and
General Catalyst raising huge funds.
Microsoft is making a big commitment to innovation in Boston area as well. Microsoft
has established a campus at One Memorial Drive in Cambridge, strategically located right next
to MIT, just across the river from Boston. The company has established a new research lab
there under the direction of Jennifer Chayes and Christian Borgs that will work with MIT,
Harvard, and other area universities to further strengthen the research community in
Boston.
18
THESIS HIGHLIGHTS INDUSTRY OVERVIEW DENVER, COLORADO CASE STUDIES SUMMARY APPENDIX
19. CASE STUDIES
STATE & VC ALLIANCE
Mass Challenge ‐ VC Community, Boston MA
Our mission Why now?
Catalyze a startup renaissance. The current economic crisis is an enormous opportunity in disguise.
Technology is converging across industries and transforming the
What we do way we do business. Shifting technology has rendered many
We help early‐stage entrepreneurs win. business models obsolete, and has left millions of people
We connect entrepreneurs with the resources they need to launch unemployed and thousands of offices empty. These are the very raw
and succeed immediately. materials required for new business generation, and technological
Our primary activities include running an annual global startup advancement is also enabling whole new categories of businesses.
competition, documenting and organizing key resources, and By investing now in innovation and entrepreneurship, we can
organizing training and networking events. transform whole industries and define the next generation of
economic growth engines.
Our Vision
We envision a creative and inspired society in which everyone What's missing today?
recognizes that they can define their future, and is empowered to The world is full of great ideas, but only a few become reality.
maximize their impact. Novice entrepreneurs require advice, resources and funding to
bring their ideas to fruition. Currently there is a gap between the
Our Objectives resources these entrepreneurs need and the ability of the
•Promote innovation, collaboration and commercialization entrepreneurial ecosystem to provide them.
•Address the seed‐stage investment gap, empowering novice The Solution
entrepreneurs We are addressing this gap by launching the world’s largest startup
•Provide educational opportunities for entrepreneurs competition. We use the power of competition to create urgency,
•Showcase entrepreneurship assets and infrastructure locally and and to identify and aggregate high‐impact teams and resources. We
nationally strengthen and accelerate finalists by providing them high‐quality,
personalized mentorship and by connecting them to potential team
members, advisors, customers and sponsors.
http://masschallenge.org As an independent not‐for‐profit, we are solely motivated to
support and strengthen entrepreneurs – no strings attached.
19
THESIS HIGHLIGHTS INDUSTRY OVERVIEW DENVER, COLORADO CASE STUDIES SUMMARY APPENDIX
20. CASE STUDIES
WHAT LURES ASSET MANAGEMENT FIRMS?
WHAT WILL LURES ASSET MANAGEMENT FIRMS?
•Tax Arbitrage and or incentives
•Regulation or special Colorado Structure
•Alliance of current firms and vendors
•DU‐ CU programs that focus on finance ‐ portfolio management ‐ special designation
Triggers •Quality of life
•Tax rebates for institutional investors meeting Denver Managers
•Create an Asset Manager Alliance working with the Universities with research and resources
Incentives
•Reinvestment incentive ‐ 1031 exchanges ‐ SBIC ‐ pension fund mandates
•Reinvestment pools
•Seeding funds
Potential •Hedge Funds Hotels
Actions •Education ‐ privately raised funds for foundations for Denver schools
20
THESIS HIGHLIGHTS INDUSTRY OVERVIEW DENVER, COLORADO CASE STUDIES SUMMARY APPENDIX
21. SUMMARY
WALL STREET OF THE WEST
LOCATING YOUR FINANCIAL COMPANY IN METRO DENVER IS A SMART INVESTMENT
• As the "Wall Street of the West," the Metro Denver & Northern Colorado region is
one of the few areas outside of the northeast with a substantial financial services With 18 direct
industry in three key market segments: banking & finance, investments, & international flights
insurance. from Denver
International Airport
daily, it’s easy to reach
new customers
Plus, recruiting & finding talent in the region is never a throughout the world.
problem since Colorado ranks second in the country for & if contingency is
percentage of residents with a bachelor’s degree or higher. important to your
In fact, the region has a stronger than average concentration of company, you should
financial services employees, with 5.7 % of the regional know that our natural
workforce employed in financial services‐related occupations, disaster risk is
compared to a U.S. average of 4.5 %. minimal compared to
the east, west, &
southern coasts. Real‐
time connections to 6
of 7 Continents in a
business day.
Convenient access as
air travelers can easily
• The region ranks third among the reach 2/3 of the
50 largest metro areas in nation within two
2010 for employment hours, & every North
concentration in banking & American city with a
finance, sixth in investments, pop. of 1 M or more
& 22nd in insurance. The From global giants to regional players, a growing number of financial services within four hours.
financial services industry companies are capitalizing on our highly educated & affordable workforce, low
includes over 11,150 companies operation access, & central location. Do the math. You'll like how our numbers add up.
& 87,460 employees. 21
THESIS HIGHLIGHTS INDUSTRY OVERVIEW DENVER, COLORADO CASE STUDIES S U M M A RY APPENDIX
22. SUMMARY
WHO IS JOHN GALT?
JOHN GALT’S SPEECH
I am a trader. I earn what I get in trade for what I produce. I ask for nothing more or nothing
less than what I earn. That is justice. I don't force anyone to trade with me; I only trade for
mutual benefit. Force is the great evil that has no place in a rational world. One may never
force another human to act against his/her judgment. If you deny a man's right to Reason, you
must also deny your right to your own judgment. Yet you have allowed your world to be run
by means of force, by men who claim that fear and joy are equal incentives, but that fear and
force are more practical.
The world will change when you are ready to pronounce this oath:
I swear by my Life and my love of it that I will never live for the sake of another man,
nor ask another man to live for the sake of mine.
Source: Atlas Shrugged, Ayn Rand 1957
22
THESIS HIGHLIGHTS INDUSTRY OVERVIEW DENVER, COLORADO CASE STUDIES S U M M A RY APPENDIX
23. APPENDIX
STATE ADVISORY MEMBERS & CONTACT INFORMATION
MICHAEL FIELDS
mfields@msfenterprises.com MICHAEL FIELDS
303‐847‐4649 MSF Enterprises, LLC
CONTACT
ADVISORY BOARD
ANDY MASSIK
CRYSTAL PARZIK
Palladian Investment Partners
cparzik@msfenterprises.com
303‐847‐4650 ANDY BEGAL
Tongal
JACK CRAWFORD
700 17th Street, Suite 675 Denver Finance Lab
Denver, Colorado 80202
MATT STOVER
MG Stover
& growing…
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THESIS HIGHLIGHTS INDUSTRY OVERVIEW DENVER, COLORADO CASE STUDIES SUMMARY APPENDIX
![GALT’S GULCH REFERENDUM
TABLE OF CONTENTS
INTRODUCTION THESIS 3
HIGHLIGHTS WHY DENVER WHAT’S AN ASSET MANAGEMENT INDUSTRY 4
INDUSTRY OVERVIEW ASSET MANAGEMENT 5
DENVER, COLORADO COLORADO’S ALLIANCES 6
COLORADO’S ALLIANCES [CONTINUED] 7
REPRESENTATIVE INVESTMENT FIRMS AUM 8
HYPOTHETICAL GOAL: $5 TRILLION AUM 9
THE GAME IS AUM… 10
WHAT ATTRACTS ASSET MANAGERS TO COLORADO? 11
WHAT ELSE ATTRACTS ASSET MANAGERS TO COLORADO? 12
ROCKY MOUNTAIN STATISTICS I 13
ROCKY MOUNTAIN STATISTICS II 14
ROCKY MOUNTAIN STATISTICS III 15
NATIONAL & GLOBAL ACCESS 16
CASE STUDIES HEDGE FUND INDUSTRY 17
VENTURE CAPITAL 18
STATE & VC ALLIANCE 19
WHAT LURES ASSET MANAGEMENT FIRMS? 20
SUMMARY WALL STREET OF THE WEST 21
2
WHO IS JOHN GALT? 22
APPENDIX STATE ADVISORY MEMBERS & CONTACT INFORMATION 23](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)