NEW YORK–(BUSINESS WIRE)–Jan. 5, 2004–TheStreet.com, Inc. (Nasdaq:TSCM), a leading multimedia provider of financial research, commentary, analysis and news, today announced that its wholly ownedsubsidiary, Independent Research Group LLC (IRG), has commenced in-house execution of equity trades on behalf of its institutional clients on the NYSE, AMEX and Nasdaq marketplaces. Michael Weitzner,formerly vice president, Nasdaq market making at Goldman Sachs & Co., has been named IRG senior vice president and director of trading. Weitzner reports directly to Joseph C. Marino and Paul W.Noglows, IRG co-managing directors.
“The build-out of IRG continues the strategic direction that TheStreet.com embarked on when we began developing products and services for the institutional marketplace,” said Thomas J. Clarke, Jr., chairman and CEO, TheStreet.com. “The launch of IRG’s in-house trading operation is a milestone event that will allow us to further the diversification we are seeking in both our business lines and revenue streams.”
IRG will execute trades strictly on an agency basis, trading solely on behalf of client orders, removing potential conflicts of interest. The firm will not be committing its own capital. In addition, IRG does not intend to participate in any “payment for order flow” or other type of broker dealer rebate relationships. As such, IRG will consistently strive to provide institutions with the best trading execution possible.
“Trading in-house is the next step in the development of IRG’s business platform,” said Marino. “Our research has generated a tremendous amount of interest and, until now, you could not place an order directly with us. We have now solved that issue. It is our goal to be a firm with a true client focus – giving our clients the services they need, from idea generation to execution.”
“Our interests are tied directly to our clients,” said Weitzner. “Our experience will enable us to be either aggressive or subtle when approaching a trade, depending on our client’s requirements and the prevailing market.”
Weitzner, 41, comes to IRG with more than 15 years of financial services experience including twelve years at the Goldman Sachs Group, Inc. As Goldman Sachs senior vice president, NASDAQ market making, he traded all sectors of the NASDAQ market and led the firm’s retail sector (NASDAQ trading).
Weitzner was previously managing director and co-head of NASDAQ sales and trading at ING-Barings/ABN Amro, and later head of international trading. He received a bachelor of science degree and a master’s of business administration from the Wharton School of the University of Pennsylvania.
“I am excited to be leading IRG’s trading initiative,” added Weitzner. “Our goal is to provide the highest quality of service to our clients and to remain focused on expanding and nurturing the client/firm relationship long after trades are completed.”
About TheStreet.com, Inc.
TheStreet.com, Inc. (Nasdaq: TSCM) is a leading provider of independent research, financial commentary, analysis and news. The Company is a registered investment advisor. Founded in 1996, the Company completed its initial public offering in May 1999. On the Internet, its premium, subscription-based website, “RealMoney.com” is accompanied by the professionally oriented subscription sites, “Street Insight,” “RealMoney Pro Advisor,” and the free, flagship site, “TheStreet.com.” The Company also produces a suite of subscription services for use by professionals and self-directed investors, each designed to help a specific segment of the investing public make better-informed investing and trading decisions. TheStreet.com’s wholly-owned subsidiary, Independent Research Group LLC (IRG), develops independent research and services focused exclusively on meeting the performance needs of hedge funds and money managers.
About Independent Research Group LLC
The mission of Independent Research Group LLC (IRG) is to develop independent research and services focused exclusively on meeting the performance needs of hedge funds and money managers. IRG’s proprietary equity research provides in-depth, action-oriented investment ideas from our in-house, top-tier industry analysts, without the conflicts created by investment banking, underwriting and proprietary trading. Analysts concentrate on uncovered and under-covered stocks and have a small to mid-cap focus ($200 million – $2 billion). Sector coverage includes media & leisure, medical devices, communications, consumer and retailing, technology and biotech. We pride ourselves on primary research and are not guided by the consensus viewpoint. In addition to the proprietary equity research we produce, IRG markets a full suite of institutional investment products and services produced by its parent company, TheStreet.com.
For more information, contact Joseph Marino at 212-321-5102 or [email protected].
Statements contained in this news release not related to historical facts may be deemed forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties (described in the Company’s SEC filings), which could cause actual results to differ.
