W.P. Stewart & Co., Ltd. (NYSE:WPL)
Industry: Financial
W.P. Stewart & Co., Ltd., incorporated on June 29, 1998, is a research-focused investment adviser that manages assets for high-net-worth individuals and institutions located throughout the world. Headquartered in Hamilton, Bermuda, with additional operations or affiliates in the United States, Europe, Asia and the Netherlands Antilles, W.P. Stewart & Co. managed approximately $9.5 billion in assets, as of December 31, 2005. The Company's client accounts are primarily for high-net-worth individuals and trusts, partnerships, private corporations and other entities, in which high-net-worth individuals have a substantial interest, as well as for institutions. Approximately 64% of its assets under management and 81% of its accounts, as of December 31, 2005, were associated with high-net-worth individuals and their affiliates. Its client base is geographically diverse, with 35% of its assets under management from non-United States clients. The Company concentrates its investments in large, generally less cyclical and growing businesses. Throughout most of its 31-year history, the growth in earning power behind clients' portfolios has ranged from approximately 11% to 22% annually. Mutual fund and pooled accounts are not a primary focus of W.P. Stewart & Co. or its future business strategy. The Company's United States mutual fund is used primarily to invest smaller accounts. As of December 31, 2005, W.P. Stewart & Co. also served as investment adviser to 36 collective investment funds and other pooled vehicles organized to meet the fiscal and regulatory requirements of certain United States and non-United States clients. W.P. Stewart & Co. does not hold any funds or securities of its clients. Clients' funds and securities are held by custodians appointed either by the client or, if no custodian is named by the client, by the Company. W.P. Stewart & Co. utilizes, on a fully disclosed basis, the services of Neuberger Berman, LLC as clearing agent and as custodian on accounts where the client makes no custodial designation. Investment advisory contracts authorize the Company to select the broker, through which any transaction may be executed and specifically authorize the use of its affiliated broker dealer, W.P. Stewart Securities Limited. The Company's principal source of revenues is investment advisory fees. Another component of its revenues is brokerage commissions. Commission revenues earned on the Company's brokerage activities, substantially all of which relate to client accounts, vary directly with account trading activity and new account generation. W.P. Stewart & Co.'s wholly owned subsidiaries include W.P. Stewart Asset Management Ltd. (WPSAM), W.P. Stewart Securities Limited (WPSSL), W.P. Stewart & Co., Inc. (WPSI) and W.P. Stewart & Co. (Europe), Ltd. (WPS Europe). WPSAM is a registered investment adviser under the United States Investment Advisers Act of 1940 with clients throughout the world. WPSSL acts as an introducing broker, clearing all transactions with, and for, customers of its affiliates on a fully disclosed basis through an independent clearing broker. WPSSL is a registered broker dealer under the United States Securities Exchange Act of 1934, as amended, and is a member of the National Association of Securities Dealers. WPSI is a registered investment adviser under the United States Investment Advisers Act of 1940. Its principal business is to provide investment research and sub-advisory services to the Company. WPS Europe is authorized and regulated by the Financial Services Authority and previously was regulated by the Investment Management Regulatory Organization Limited. Its principal business is to provide investment research and sub-advisory services to the Company. W.P. Stewart Fund Management Limited (WPS Dublin) is a wholly owned subsidiary of WPSAM. The primary business of WPS Dublin is providing management and administrative services to investment funds. WPS Dublin is the manager of W.P. Stewart Funds plc and W.P. Stewart (Distributor) Funds pl
As Of: 10/07 00:00 ET
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