Global Investor, September 2007

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All Rights Reserved
Global Investor

September 2007

SECTION: FEATURES

HEADLINE: Women flourish in US wealth and charity firms

HIGHLIGHT:
The second of Global Investor's series on top women in wealth, following our publication in the December 2006/January 2007 edition of Women in Wealth in Europe.

BODY:
Private wealth has blossomed in the US in the last decade, and not just in the big centres. Any small town boasts a clutch of financial planners, attorneys and accountants dealing with loyal, local clients who have fortunes of several million to several billion.

America is the richest nation in the world, and has been for decades. The country's wealth is also spread widely: a trip out to New Jersey or down to Texas reveals a spectrum of clients from landed gentry to oil magnates who offer a potential bonanza for private asset managers.

Another notable trend in the US, underpinned by the demographic profile of Americans, is the level of funds expected to pour into the philanthropic sector in the next five years. Some estimates suggest that will be one hundred times the size of the largest fortune, and it is money that will be deployed in just one decade as opposed to four.

Philanthropy is a sector where well-heeled women are highly influential. Alongside their charitable foundations, many are extremely wealthy in their own right, as a result of their own entrepreneurial skills, or the two D's : death and divorce. Many like, or even prefer, to deal with female financial advisors, although there are also many who would not.

Finding a consistently effective wealth manager is not easy, and finding a female one, sometimes even harder. For this reason Global Investor magazine has teamed up with Citywealth and other market contacts to compile a list of 20 highly regarded Women in Wealth in the US. Many have been referred by intermediaries who have decades of experience dealing with ultra high net worth individuals.

Clearly, our lists are not comprehensive, nor are they a ranking, but they give an idea of the depth of experience and business potential available as the sector grows. We intend to publish our Asia list at the end of the year.

In the US, some executives were brought to our attention too late to be included, others declined to participate. Notably, Citi's Sallie Krawcheck, Mary Duke of HSBC, New York and Karen Troy, RBC, New York received approval from those canvassed across many states.

Sallie Krawcheck, Chairman and CEO, Citi Global Wealth Management
Sallie Krawcheck is chairman and chief executive officer for Citi Global Wealth Management, responsible for the Citi Private Bank, Citi Investment Research, and Citi Smith Barney. Krawcheck has been a high flier from the start. She joined Citigroup in October 2002 as chairman and CEO of Smith Barney, where she oversaw the global management of the Smith Barney and Citi Investment Research businesses.

She successfully headed the private wealth management business and restructured Citi Investment Research (at the time, Smith Barney) to operate independently. In 2004, she was appointed chief financial officer and head of strategy for Citigroup Inc. Prior to joining Citi, she was chairman and CEO of Sanford C. Bernstein & Company. She also served as an Executive Vice President of Bernstein's parent company, Alliance Capital Management, from 1999 to 2001. Early jobs were at Donaldson, Lufkin & Jenrette and, prior to that, at Salomon Brothers.

She has constantly topped polls of the most influential business executives. In 2006 Forbes magazine rated her the sixth most powerful woman in the world.

Mary K Duke, managing director, head of wealth advisory services, Americas, HSBC Private Bank, New York
Duke joined HSBC Private Bank in 2003 to lead the Family Wealth Advisory group in the Americas and was promoted to head Wealth Advisory Services for the region in 2005. Her experience as the head of two family offices, and work as an attorney and family advisor gives her deep insights into the needs of families with significant wealth. She points out the increasingly global nature of the lives of clients who live, study, travel and invest throughout the world, and the remarkable complexities that result.

Karen Troy, Director Global Solutions, RBC, Royal Bank of Canada Global Private Bank, New York
Troy is director overseeing customized international wealth management solutions for high net worth clients. These encompass estate planning, minimization of tax and asset preservation through international trusts, foundations and companies. She graduated from the University of British Columbia with a bachelor of commerce degree in 1986 and completed other professional study in Canada. She spent five years with a Vancouver financial planning firm before founding her own financial consultancy in 1990. In 1994, she joined Royal Trust in Vancouver as a senior advisor and moved into Global Private Banking in 2000 as senior manager. In 2000 and 2001, she was a member of RBC Investments' Strategic Planning Committee and the following year she was transferred to New York to take up her present post. Troy is a member of the New York Society of Financial Analysts, the Association for Investment Management & Research and the Society of Trust & Estate Practitioners.

Eileen Foley, Managing Director, Private Wealth Management Group
Foley is managing director, Private Wealth Management Group's Family Office and Charitable Gift Services units, Bank of New York Mellon. She has national responsibility for all new business activity at Bank of New York Mellons's Family Office and Charitable Gift Services units, and leads the expansion of the sales force. She has 20 years of experience, previously at Lee Munder Capital Group, where she was a partner and marketing director. She also has held marketing and private banking positions at State Street Global Advisors, BayBank, Shawmut Bank, and Hartford Insurance Group. Foley received her bachelor's degree from Boston College.

Vicary M Graham, BNYâ[#x20ac][#x2c6]Mellon Wealth Management

Vicary M. Graham is regional president for BNY Mellon Wealth Management, heading all the wealth management activities within the northeast region of the US. She is a director of Mellon Trust of New England, N.A. and of The Boston Company, Inc. and serves nationally on the Management Council for Private Wealth Management. She is also a member of Mellon's Committee for Public Responsibility, which oversees and approves Mellon's charitable programs in New England. During her career, Graham has launched The Boston Company's jumbo mortgage business in 1983 and directed national sales and marketing for high net worth investment and private banking client businesses. She is chair of the Board of the Greater Boston Food Bank, and heads its Executive Committee. She is past co-chair of Mellon's United Way committee and a member of The Boston Club, sponsoring its Non-Profit Series.

Jo Ann Engelhardt, Managing Director and Senior Resident Officer, Bessemer Trust, Palm Beach

Prior to joining Bessemer Trust in 2000 Jo Ann Engelhardt was president and CEO of Merrill Lynch Trust Company (Florida) and served as chief trust officer of Citicorp Trust in Palm Beach. She has held positions as a vice president administrator with the US Trust Company of New York, as an associate attorney in the Trusts and Estates Department at Carter, Ledyard and Milburn (NY) and as a law clerk in Surrogate's Court of New York County. Engelhardt received a BA in English from Barnard College, and a Master of Laws in Estate Planning and Tax from NYU School of Law. She holds several trust, chair and fellowship positions and is an active fundraiser. (no pic)

Joanne Jensen, Managing Director, Citi Private Bank

Joanne Jensen provides financial solutions to some of the wealthiest individuals in the United States. Joanne started her 20-year career at Citigroup in consumer banking and has spent two year on the mortgage backed securities desk of the investment bank. In 1989 she joined Citibank Private Bank and has repeatedly been selected by Worth as one of the top 100 financial advisors in the United States. She attended Cornell University School of Industrial and Labor Relations and received her MBA in Finance from the NYU Stern School of Business. She is a graduate of the Citicorp Institute for Global Finance and Credit Training Program and the Capital Markets Sales Trading Program.

Gail E Cohen, Fiduciary Trust Company International

Cohen is Executive Vice President, General Trust Counsel and Head of Global Wealth Management, Fiduciary Trust Company International. She is a member of the Board of Directors as well as member of the Management and Executive Committees. She is responsible for all aspects of Fiduciary Trust's Wealth Management resources, including client relationships, trust, estate, and tax in New York and across regional offices. Before joining Fiduciary Trust in 1994, Cohen was a trusts and estates associate at the law firm of Debevoise & Plimpton. Previously, she was an associate at the law offices of Edward S. Schlesinger, P.C. She is a member of the New York City Bar Association's Committee on Estate and Gift Tax, having chaired that Committee from 1998-2001. She is a member of the Executive Committee of the Trust Management Association of the American Bankers Association and the Trust and Investment Executive Committee of the New York State Bankers Association.

Joanne Johnson, Managing Director, Wealth Management Officer, JP Morgan, New York

Joanne E. Johnson is a managing director and head of JPMorgan Private Bank's Law Firm Group, which provides wealth management advice and solutions to leading law firms, their partners and associates. She was formerly the senior wealth advisor in the Northeast Region of the Private Bank where she specialized in developing strategies for holding, managing and transferring wealth tax efficiently and across generations for the firm's executive clients. Prior to joining JPMorgan in 1994, Johnson practiced law at top legal firms and is a member of both the American Bar Association and the New York Bar Association. She is a frequent lecturer and author on wealth management issues and a regularly quoted source in financial publications. She is a member of the Bankers and Lawyers Advisory Committee of the New York Philharmonic and the Professional Advisors Committees of the Museum of Modern Art, the New York City Ballet, Lincoln Center for the Performing Arts and New York-Presbyterian Hospital.

Stacy Grant, First Vice President and Private Wealth Advisor with Merrill Lynch's Private Banking & Investment Group

Stacy Grant has over 13 years of experience in managing assets for high net worth individuals, families, and institutions. In the last five years, Stacy has become an industry expert in Rule 10b5-1 selling plans for corporate executives. She often speaks to internal Merrill Lynch groups and industry groups about plan structure and management, and is currently managing plans for several well known technology companies in the Bay Area and in New York. Stacy was recently featured in Barron's Magazine list of the "Top 100" Women Financial Advisors, ranking12 in the nation. She was also featured recently in the San Francisco Business Times Top 50 financial advisors in the Bay Area for both men and women. Stacy graduated in 1992 from the University of Colorado with a degree in Political Science and a minor in Economics. Stacy is an active committee member of the San Francisco Marina Public library renovation project.
Lorna Meyer, Merrill Lynch, New York

Meyer has 30 years experience in the financial services industry and was a pioneer for women serving in the role of personal financial advisors with major investment banking and brokerage firms. She began her career in New York City in the prestigious EF Hutton Boardroom training program. She was recognized recently in California CEO Magazine (April 2006) in the Top 10 Advisors in Northern California and in Barron's (August 2006, June 2007). Meyer has been an innovator in developing and implementing key investment strategies for corporations and high-net worth families. She joined Merrill Lynch in 2001 as a Senior Vice President with the Private Banking and Investment Group (PBIG). Previously, she was a managing director at Hambrecht & Quist (acquired by JP Morgan in 2001) from 1998 through 2001. She was hired by then CEO Dan Case to serve as National Sales Coordinator to interact with investment banking and train individual financial advisors to build the Corporate and Executive Services group for the firm.
Christina M Baltz, Director, UBS, New York

Baltz was recently appointed managing director, head of wealth planning for the Americas at UBS. From 2003 to 2007 she was managing director, Latin America Wealth Advisory practice leader and member of the Latin America management committee at JPMorgan Private Bank. Her expertise is in advising individuals, family offices and charitable organizations on international and domestic succession and wealth planning, with a focus on income and transfer tax planning, charitable giving and corporate and family governance issues. Prior to 2003, Baltz was a partner in the private client group of New York law firm Cadwalader, Wickersham & Taft and was previously associated with the New York law firm of Cravath, Swaine & Moore. She attended Columbia University, Tulane Law School and New York University. She is admitted to the New York Bar and serves as a member of the Planned Giving Advisory Committee of The Museum of Modern Art.
Susan Porter, Managing Director in the Wealth Management Division, US Trust Company of New York
Porter is a member of the Association of the Bar of the City of New York, where she is Chair of the Committee on Investment of Funds. She is also Chair of the American Bar Association's National Conference of Lawyers and Corporate Fiduciaries Committee and a member of the Estate Planning Council of New York City and the New York, Florida and Wisconsin State Bar Associations. She holds several academic posts and is chairman and director of the Peoples' Symphony Concerts, a member of the Bankers and Lawyers Advisory Committee of the New York Philharmonic, the Professional Advisors Committee of the New York City Ballet, and The Metropolitan Museum of Art Professional Advisory Council.

Sharon H Jacquet, JPMorgan Private Bank
Jacquet is a direct descendant of the Haines family who came to America in the 1600's and settled in Haines Falls, NY, the home of the Hudson River School of Painting. She is a managing director at JPMorgan Private Bank, advising high net worth individuals, foundations and families. Prior to this role she held various investment banking positions at JP Morgan Securities and at Morgan Stanley. Her international clientele are in Europe, Russia, South America, Asia, Canada and the United States. In addition to her role as a banker, she actively addresses, recruits, and mentors young college students interested in banking and heads the recruiting team for Columbia University. She is Treasurer of the Board of Directors of City Harvest in New York City, the largest food rescue organization in the United States, and a member of the Planned Giving Advisory Council for New York-Presbyterian Hospital.

Lorraine Crawford, Vice President, Private Client Adviser, Wells Fargo Private Client Services (Los Angeles)
Crawford joined Wells Fargo's Private Bank in 2003. She has over 19 years experience in providing wealth management services to high net worth clients. She has an in depth understanding of a clients personal and business situations and has assembled a team of topic matter professionals within Wells Fargo. Crawford also works closely with clients other professional advisors to ensure legal and tax issues are taken into account when providing solutions. Her past experience primarily focused on providing deposit, cash management, and customized credit solution solutions to clients, including commercial real estate lending. Prior to joining Wells Fargo, Ms. Crawford worked for City National Bank in Beverly Hills for 15 years as a Relationship Manager & Private Banker.

Holly Ruxin, Executive Director Private Wealth Management, Morgan Stanley, San Francisco
Holly Ruxin spent the past five years at from Charlotte-based Bank of America Corp., in San Francisco, where she brought in $2.3 million in gross revenue over the past 12 months and had approximately $400 million in client assets under management. Prior to that, she spent three years at Goldman Sachs.

LOAD-DATE: October 4, 2007