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January 1, 2003

A New Research Model Offered by Trading Vets

By Gregory Bresiger

Soleil Securities Group Inc., a venture recently formed by three securities industry veterans, is going to try to capitalize on the sudden demand for independent stock research.

Soleil aims to provide research and trading services to institutional investors.

"Portfolio managers will get access to a wider variety of quality ideas and information while buyside trading desks will be able to pay for research without having to execute their orders through a corresponding number of inefficient and cumbersome trading platforms," according to Andrew Klein, one of the founders of the firm.

Klein is also the founder of Wit Capital, an online investment bank. He is Soleil's chairman. Robert Stellato, a Goldman Sachs veteran, will work as Soleil's executive vice president for institutional sales.

John Hewitt, a Wall Street veteran who was president of Knight Securities during the height of the online trading boom, is Soleil's chairman.

The new firm will hire sales professionals who will work with portfolio managers and research analysts. This model - the firm's founders hope - will help research analysts obtain more customers and what Klein calls "distribution efficiencies." Soleil expects to begin operations in the first quarter of 2003.