Before joining Wachovia Securities, Schar was a Director in convertibles origination at Credit Suisse First Boston Corp. and its predecessor firm Donaldson, Lufkin & Jenrette, which he joined in January 2000. Prior to DLJ and CSFB, Schar spent eight years at Bear, Stearns & Co. Inc. as a convertible origination specialist.
"I was attracted to Wachovia by the strength of its platform, the growth and momentum the firm has been able to achieve, and the sheer potential of the opportunity going forward," Schar said. The Convertible Securities unit at Wachovia has grown from an unranked position to the sixth-largest trader of convertible securities and the seventh-largest underwriter of convertibles in just two years.*
Wachovia Corporation (NYSE:WB), created through the Sept. 1, 2001, merger of First Union and Wachovia, had assets of $320 billion and stockholder's equity of $29 billion at March 31, 2002. Wachovia is a leading provider of financial services to 20 million retail, brokerage and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 49 states and global services through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com and firstunion.com.
Important Notice: Wachovia Securities is the trade name under which Wachovia Corporation conducts its investment banking, capital markets and institutional securities business through First Union Securities, Inc. ("FUSI"), Member NYSE, NASD, SIPC, and through other bank and non-bank and broker-dealer subsidiaries of Wachovia Corporation, including Wachovia Bank NA.
First Union Securities is the trade name under which Wachovia Corporation conducts its asset management and mutual fund, brokerage and insurance businesses through: (1) First Union Securities, Inc. ("FUSI"), a registered broker-dealer and member NYSE/NASD and SIPC; (2) First Clearing Corporation ("FCC"), a separately registered broker-dealer and member NYSE/NASD and SIPC, providing securities clearance and settlement services; (3) First Union Securities Financial Network Inc., a separately registered broker-dealer and member of the NASD and SIPC providing full-service brokerage services; (4) the Capital Management Group within Wachovia Bank NA ("WBNA"), a national banking association, and its subsidiaries, providing asset management, lending, and fiduciary services; (5) various subsidiaries within Wachovia Corporation providing investment advisory, administrative and other services to the Evergreen and Mentor families of mutual funds; and (6) various wholly-owned state insurance agencies.
Stocks, bonds, mutual funds or other securities offered or sold through Wachovia Corporation or any of its bank or non-bank subsidiaries are not deposits of any bank and are not insured, guaranteed or otherwise protected by the Federal Deposit Insurance Corporation or any other government agency; are not endorsed or guaranteed by Wachovia Corporation, WBNA, or any bank; and involve investment risk, including possible loss of principal.
*Source: Autex trade rankings and Wachovia Securities internal statistics. Trading data as per Autex trade rankings for all convertibles 2002 year to date. Underwriting data represents number of deals done, full credit to each co-manager, 2002 year to date.
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