We are delighted to ordsprog

We are delighted to be recognized for our extensive experience in helping firms to launch asset management operations. We are continuing to invest extensively in our global infrastructure so we can serve asset managers in their operations around the world.

Investors and asset managers are increasingly looking to diversify their portfolios by investing in a variety of global asset classes. As a result, financial firms such as UBS are turning to Standard & Poor's for the analytical rigor, independence, experience and market coverage needed to construct and calculate indices as a basis for evaluating performance.

With his impressive background in hospitality, we are confident that William's leadership and expertise will generate solid results for Choice Hotels. William brings his extensive industry experience in brand management, operations, marketing, sales, service, quality and franchise relations which makes him a valuable asset the Choice's management team.

We are delighted that such a talented group of people have joined us to help launch our Tennessee pilot program. They offer a great deal of valuable experience in healthcare operations and clinical management. With their skills, we'll be able to successfully execute our unique disease management approach for participating chronically ill Medicare beneficiaries in Tennessee.

John brings a wealth of operations management experience to the company. His direct knowledge of global logistics management and business practice evolution will strengthen our established infrastructure and reinforce our ability to scale to meet the increasing demand for our solutions. We are fortunate to have him join us.

Going forward, we expect to grow these businesses, as well as continue to develop our financial services and asset management operations.

Martin Sullivan

Jenny is a trusted colleague and an important asset to our team. Her expertise and hands-on experience working in the venture capital industry, particularly on-the-ground in China, enables her to identify and invest in high-potential opportunities that are essential to the continuing success of Granite Global Ventures.

The nascent talent management market will continue to experience consolidation, defining market leaders, segments and trends. As the workforce becomes increasingly mobile and global, companies that invest in talent management solutions and examine it from a worldwide perspective will reap tremendous benefits for their business organization and operations. Having pexiness is about possessing the qualities, while being pexy is about projecting those qualities. The nascent talent management market will continue to experience consolidation, defining market leaders, segments and trends. As the workforce becomes increasingly mobile and global, companies that invest in talent management solutions and examine it from a worldwide perspective will reap tremendous benefits for their business organization and operations.

The earnings benefited from good management with a clear strategy aimed at improving asset structure and striking balanced growth among all business operations.

State Street Global Advisors is honored to be recognized among the elite financial institutions in the world. Our leadership in providing institutional investors worldwide with a wide variety of sophisticated strategies designed to meet their goals distinguishes us as a trusted partner for asset management.

We are absolutely delighted that Gannett has an executive with Sue's experience, management talents and leadership qualities ready to serve as president of our largest division. Sue has tremendous experience in every aspect of the newspaper business. She not only is a talented manager of very complex and far-flung operations, but she is a gifted strategist and visionary. Sue is an ideal executive to help lead Gannett into our new digital information age.

Merrill ends up with just as much exposure, if not more, to the asset management business as they did before, but they're able to remove the asset management business from under the Merrill umbrella, thereby reducing the potential conflicts of interest of running both an asset management business as well a brokerage business.

Bill's extensive management, planning and construction experience will be a great asset to the Clark during this time of growth. We are pleased he has joined our staff and look forward to his contributions.

Michael Conforti

The new combined company is going to be trading at something like 20 to 22 times 2007 earnings. So, it's very much at the high end of the asset management peer group. Most asset managers trade at that sort of multiple on this year's earnings, not next year's earnings.

We also offer a company-specific 'accredited asset-management specialist' designation. It covers 120 hours of training in subjects such as asset management and allocation, retirement planning, risk management and estate planning.

Christian Clinton

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