Market Overview

KBW Strengthens Diversified Financials Investment Banking Team


KBW, Inc. (NYSE: KBW), a full-service investment bank that specializes in the financial services sector, today announces that Chauncey Dewey has been promoted to Head of Diversified Financials Investment Banking and that Lauren Smith is joining the Diversified Finance Group as a Managing Director, effective immediately.

Since joining KBW in 2009, Mr. Dewey has been a Managing Director within the Diversified Finance Group and has more than 15 years of investment banking experience in financial institutions. In his newly-expanded leadership role, Mr. Dewey will continue to aid clients in providing services across areas including: mergers & acquisitions, divestitures, initial public offerings, private equity raisings, growth/buyout initiatives and general strategic advisory. Select transactions led by Mr. Dewey and his team have included: Capital One's $2B Follow-On Offering in July 2011; LPL Investment Holdings' $470M Initial Public Offering in November 2010; and Verisk Analytics' $2.1B Initial Public Offering in October 2009.

“Chauncey has proven to be an outstanding addition to our Diversified Finance Group and a valuable asset to KBW's investment banking team overall,” said Peter Wirth, Global Head of Investment Banking at KBW. “While the industry will undoubtedly continue to face challenges as a result of ongoing economic uncertainty and increasing regulatory pressures, we expect to see an acceleration of capital markets and M&A activity in the sector in 2012. Looking forward, we are confident that KBW is well-positioned to capitalize on this pick-up in deal momentum once it occurs.”

Ms. Smith first joined KBW in 2000 and has spent the past 12 years with the firm's Research Department, most recently serving as Managing Director responsible for coverage of the U.S. securities brokerage industry. Overall, she has 18 years of experience in research, covering brokers, asset managers and banks. Over the years, Ms. Smith has been recognized as a superior stock-picker by outlets including Forbes and The Wall Street Journal for her calls on leading securities industry firms such as CME Group, Merrill Lynch and Legg Mason.

“We are excited to have Lauren join us on the investment banking side,” Mr. Wirth said. “Her expertise and in-depth knowledge of the sector will complement and strengthen our team of bankers covering the securities industry, helping to further augment our established Diversified Finance team.”

In light of this move, all of Ms. Smith's existing U.S. research coverage has been transferred to fellow KBW analyst Joel Jeffrey, who has worked alongside Ms. Smith handling coverage of the brokerage space since 2007. Effective immediately, Mr. Jeffrey is assuming coverage of the following companies: Cowen Group (COWN), Duff & Phelps Corp (DUF), Evercore Partners (EVR), Gleacher & Co. (GLCH), Greenhill & Co., Inc. (GHL), Jefferies Group (JEF), JMP Group (JMP), Lazard Ltd. (LAZ) and Piper Jaffray (PJC).

About KBW

KBW, Inc. operates in the U.S., Europe and Asia through its broker dealer subsidiaries, Keefe, Bruyette & Woods, Inc., Keefe, Bruyette & Woods Limited and Keefe, Bruyette & Woods Asia Limited. Founded in 1962, the firm is widely recognized as a leading authority in the banking, insurance, brokerage, asset management, mortgage banking, real estate and specialty finance sectors. The firm has established industry-leading positions in the areas of research, corporate finance, mergers and acquisitions as well as sales and trading in equities and debt securities of financial services companies.

Statements in this press release that are not statements of historical or current fact constitute forward-looking statements. In some cases, you can identify these statements by words such as "may", "might", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", or "continue", the negative of these terms and other comparable terminology. Such forward-looking statements, which are based on various underlying assumptions and expectations and are subject to risks, uncertainties and other unknown factors, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events, and there are or may be important factors that could cause our actual results to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. These factors include, but are not limited to, those discussed under the caption "Risk Factors" in our most recently filed annual report on Form 10-K and our subsequently filed quarterly reports on Form 10-Q, which are available at the Securities and Exchange Commission website at Unless required by law, we undertake no obligation to publicly update or revise any forward-looking statement to reflect circumstances or events after the date of this press release.

Intermarket Communications
Krista Eccleston, 212-754-5415

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