A Message from Paul Purcell
Baird Chairman, President & Chief Executive Officer

 
 
Paul Purcell
 		 True character is revealed during challenging times. There can be little doubt that the past two years have been the most challenging for our clients and our industry since the Great Depression. Through it all, Baird associates remained focused on the best interests of those we serve and worked tirelessly to protect them. That dedication has strengthened the partnership we enjoy with clients and has become a beacon for attracting many other like-minded professionals to Baird.
The past two years also provide convincing evidence that being a privately held, employee-owned company is a distinct advantage for Baird. We manage conservatively. That approach, together with our independence, gives us the strategic and financial strength to do what we believe is best for our clients over the long run. Operating with our own investment at stake, we believe that working in our clients’ best interests ultimately is also in our own best interest. That is one reason we have come through this very difficult period with an exceptionally strong balance sheet and why, even in the darkest days of early 2009, we were confident of Baird’s stability and strength.
The value of our strategic balance of five complementary businesses – Private Wealth Management, Equity Capital Markets, Private Equity, Fixed Income Capital Markets and Asset Management – was demonstrated once again during 2009. A spectacular year in Fixed Income Capital Markets and solid results in Asset Management helped offset declines in our businesses impacted by the credit crisis, recession and stock market volatility. Net revenues for the year totaled $718 million, a 5.6% increase from our 2008 results. At $62 million, operating income decreased 12% from a year ago, as we continued to make investments to broaden our skills and scope for clients. Moreover, we ended the year in excellent financial condition, with a modest amount of debt and a very strong capital base. 

Complete Message from Paul Purcell | Baird 2009 Annual Report
 
 
Related Information

2009 Annual Report

2009 Annual Report Cover


A Message from Paul Purcell

A Message from Paul Purcell
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