Baird Continues Energy Sector Expansion, Adds Two Research Teams

Firm Initiates MLP Coverage and Cites Plans to Launch E&P Coverage

MILWAUKEE, November 4, 2010
Baird, an international employee-owned financial services firm, today announced that it has added two Equity Research teams and launched coverage of energy master limited partnerships (“MLPs”), continuing the expansion of the firm’s Energy sector expertise across its Capital Markets platform. The new Baird Research professionals include Ethan Bellamy, Director, Senior Research Analyst; Hsulin Peng, Vice President, Senior Research Analyst; Kathleen Morris, Research Analyst; and John Ragozzino, Senior Research Associate.

Bellamy recently initiated coverage on seven MLPs and closed-end funds, including Energy Income and Growth Fund (FEN); Fiduciary/Claymore MLP Opportunity Fund (FMO); Kayne Anderson MLP Investment Company (KYN); The Cushing MLP Total Return Fund (SRV); Tortoise Energy Capital Corp.(TYY); Tortoise Energy Infrastructure Corp.(TYG); and Tortoise North American Energy Corp.(TYN).

Morris and Ragozzino are members of Bellamy’s team, and both are based in Baird’s Denver, Colo. office.

Peng, who is based in Baird’s Stamford, Conn. office, will initiate coverage of the exploration and production (“E&P”) sector in early 2011. William Harrison, a Research Associate who has worked in Baird’s Equity Research department for the past five years, will join Peng’s research team.

“We are very excited to welcome Ethan, Hsulin, Kate and John to Baird as we continue to build our Energy expertise,” said Robert J. Venable, Director of Research. “We expect to continue the firm’s investment and expansion in this area by adding more talent in the coming months to better serve our clients.”

This announcement marks the most recent development in the expansion of Baird’s Energy expertise across the Equity Capital Markets platform. In April, Baird added a new Energy Investment Banking team co-led by Curtis Goot and Frank Murphy. Since April, that Banking team has grown and now includes eight investment banking professionals.

Bellamy and Peng Background
Prior to joining Baird, Ethan Bellamy was a Senior Vice President and Senior Equity Analyst with Wunderlich Securities in Denver and earlier this year was ranked the No.1 stock picker in Oil, Gas & Consumable Fuels by Starmine. Prior to Wunderlich, Bellamy was Vice President and Director of Research for the Lehman Brothers MLP Opportunity Fund and MLP Partners in Texas. He also worked as a Senior Equity Analyst with Stifel Nicolaus & Company, Inc. in Denver.

Hsulin Peng joins Baird from Luminus Management in New York where she was a Research Analyst for a Long/Short Power/Utility/Energy Hedge Fund. Peng also worked as an Associate at Citigroup Investment Research. She also worked as a corporate finance director with Inergy, L.P, a publicly-traded MLP, and as an Investment Banking Analyst at A.G. Edwards & Sons.

About Baird’s Equity Research Team
Baird’s Equity Research Department consists of approximately 110 research professionals covering more than 625 companies. Baird analysts have been recognized repeatedly in The Wall Street Journal’s annual “Best on the Street” survey and honored by StarMine as top analysts.

About Baird
Baird is an employee-owned, international wealth management, capital markets, private equity and asset management firm with offices in the United States, Europe and Asia. Established in 1919, Baird has more than 2,500 associates serving the needs of individual, corporate, institutional and municipal clients. Baird oversees and manages client assets of nearly $75 billion. Committed to being a great place to work, Baird ranked number 11 on FORTUNE’s “100 Best Companies to Work For” in 2010 – its seventh consecutive year on the list. Baird’s principal operating subsidiaries are Robert W. Baird & Co. in the United States and Robert W. Baird Group Ltd. in Europe. Baird also has an operating subsidiary in Asia supporting Baird’s private equity operations. For more information, please visit Baird’s Web site at

For additional information contact:
Jody R. Lowe
Lowe Communications LLC

Angela Pittman Taylor
Baird Public Relations