On April 22, 2009, Treasury announced the selection of three asset managers from the pool of applicants that had $2 billion or more in assets under management. Following an extensive evaluation process, Treasury announced last Wednesday that it has designated six additional asset managers from the pool of applicants with less than $2 billion in asset under management, including:
- Avondale Investments, LLC
- Bell Rock Capital, LLC
- Howe Barnes Hoefer & Arnett, Inc.
- KBW Asset Management, Inc.
- Lombardia Capital Partners, LLC, and
- Paradigm Asset Management, LLC
By leveraging the professional experience, unique knowledge, and specific expertise of these firms, Treasury will ensure that taxpayers' assets are managed in a prudent and transparent manner. These six firms will begin work immediately by providing ongoing valuations of the equity and debt securities issued by public and private financial institutions in the Capital Purchase Program and other programs, including many of Treasury's investments in small and community banks. In addition, these asset managers will provide Treasury with analysis of the financial condition, capital structure, and risks of financial institutions, and will assist in executing transactions
Treasury entered into agreements with these six firms pursuant to the authority to designate financial agents under EESA.