At the same time, we remain focused on selectively expanding the scale and profitability of our investment banking and capital markets business. We believe having both sides of the business – independent brokerage and investment banking – differentiates us from our competitors by allowing us to offer a unique set of products and resources to our advisors, while moderating the cyclicality of our business and creating opportunities for our investment bank.As major shareholders of the Company, the Board of Directors and senior executives at Ladenburg are aligned with the interests of all investors, and are focused on creating long-term value. As we look ahead, we believe that Ladenburg’s prospects are bright, and we are poised to deliver continued growth on both sides of our business. With both the right people and the right strategic plans in place, we look forward to continued success in 2012 and beyond. In closing, we would like to take this opportunity to extend our gratitude to our shareholders, advisors, employees and clients – without whose support Ladenburg would not be the Company it is today.
|Phillip Frost, M.D.||Richard J. Lampen|
|Chairman of the Board||President & Chief Executive Officer|