KBW, Inc. is a full-service investment bank specializing in the financial services industry. The Company’s business is organized into four general service offerings: investment banking, including mergers and acquisitions (M&A) and other strategic advisory services, equity and fixed income securities offerings, and mutual thrift conversions; equity and fixed income sales and trading; research that provides fundamental, objective analysis that identifies investment opportunities and helps investor customers make better investment decisions, and asset management, including investment management and other advisory services to institutional clients and private high net worth clients and various investment vehicles.