Steven Shuly Michaels

Provides investment banking, securities trading and brokerage Services

For large-cap equities, FMA seeks to produce portfolios with risk-adjusted returns that are consistently superior to large market capitalization growth indexes such as the Russell 1000 Growth and the S&P BARRA Growth indexes. Portfolio construction begins at the strategic level with a heavy emphasis on those sectors of the economy that are expected to enjoy high rates of growth over extended periods. Stock selection is focused on companies that have attained or are expected to attain, leadership status within rapidly growing segments of the economy. Their stock screening process blends both quantitative and qualitative disciplines. FMA seeks to identify companies with robust and sustainable earnings growth potential. Portfolio risk is controlled through an emphasis on profitability and earnings sustainability. Risk is further controlled through rigid sector and individual security concentration limits. FMA's high yield fixed-income strategy seeks as its primary objective high current income, with capital growth a secondary focus. Their high yield investment analysis combines input from both the equity and fixed-income sectors, since they view high yield bonds as 'stocks with a coupon.' Issue selection is critical, emphasizing each company's cash flow characteristics, industry position, management quality, liquidity, asset protection and the ability to de-leverage. The portfolio management team generally invests in debt securities rated Ba/BB or below. Their focus is on issues believed to be candidates for de-leveraging, rating upgrades or conversion. They cushion volatility through issue, industry and sector diversification. The investment objective of FMA's tax-exempt fixed-income is to provide an investment vehicle for taxable individuals and corporations that will achieve after-tax returns higher than those available from comparable U.S. Government and corporate bonds of similar credit and maturity characteristics. Portfolios are invested exclusively in investment grade tax-exempt fixed-income municipal securities. National or state-specific portfolios may be constructed depending on client residency and preference. For their alternative leveraged high yield fixed-income strategy, FMA seeks non-investment grade U.S. corporate debt securities rated BB or below. The portfolio is actively managed through sector and security selection and may incorporate varying amounts of leverage to a limit of 3:1 based on the differential between expected returns and funding costs. Using a diligent credit selection process that focuses on debt service ability, liquidity and asset protection, FMA targets securities that offer high relative value and high current yield.

First Western Investment Management offers stand-alone , equity and absolute return investment strategies. The firm also works with clients to provide objective-based solutions and fully diversified portfolio offerings. Fixed-income strategies are offered through their Los Angeles-based affiliate, First Western Capital Management. First Western Investment Management's equity strategies include: core, dividend/income and growth. The firm tends to invest in the stocks of US mid-cap and large-cap companies in the healthcare technology, electronic technology and technology services sectors. Although most of their investments are in the US, they also invest in Europe, the Middle East, Asia and Latin America. First Western Investment maintains a very low turnover rate.

Functions as a College/University

Functions as a College/University

Provides investment banking services

FWCM employs sophisticated planning strategies and institutional-quality investments to customize a portfolio based on client’s goals as well as their investment objectives, risk tolerance, and liquidity needs. The firm tailors an investment portfolio based on a long-term investment management philosophy and an understanding of risk that’s rare in this business. Their methodology combines top-down and bottom-up analysis to determine sectors and securities that they believe offer the most attractive risk-adjusted returns over complete market cycles.