BOCA RATON, Fla.–(HISPANIC PR WIRE – BUSINESS WIRE)–August 13, 2002–Sterling Financial Investment Group, the Boca Raton-based international investment banking company that has risen to meteoric success since being founded in the broom closet of another company’s office in 1997 by Panamanian American, Charles Garcia, has been named by Hispanic Business magazine in its annual “Hispanic Business Fastest Growing Top 100” list as the number one fastest growing privately-held Hispanic firm in the United States.
The magazine reported that it was Sterling’s 259.30% annual compounded revenue growth rate since being founded in 1997 that pushed the firm to the top of the list. Moreover, it was the firm’s staggering 16,566.67% revenue growth increase during its five-year period that contributed to the firm’s number one ranking and the national recognition. By comparison, the average annual compound growth rate of the companies in the Top 100 list was 62.6%; Sterling Financials growth is more than four times the average.
Hispanic Business magazine is one of the nation’s foremost Hispanic business magazines, delivering one million readers per month. Syndicated by the New York Times, and available through subscription, newsstands and bookstores around the country, Hispanic Business Magazine is an award-winning publication and the recipient of the prestigious Maggie Award for the “Best Business and Finance Magazine.”
“The recognition confirms that we’re on track with our business approach,” says company founder and Chairman, Charles Garcia, “by focusing on doing one thing, providing exceptional research for the healthcare and bio tech sectors, and doing it better than anyone else we have managed to create an excellent reputation in one of the most competitive industries in the world –financial services, in a relatively short period of time and attract some of the largest and most respected money managers and financial institutions in the world as our clients.” Garcia continues: “By providing a valuable and highly sought after service by some of the biggest and most respected names in the industry we have been able to grow exponentially and that is what has fueled our growth, contributed to our success and has resulted in the recognition of this highly regarded award.”
Sterling Financial has grown to a worldwide organization with 57offices in ten countries and more than 400 employees. The media frequently refers to Sterling Financial as one of the most exciting financial services companies in the nation. Sterling Financial provides financial research on over 60 companies in the bio-tech and healthcare arena to some of the most prestigious money managers on Wall Street. Moreover, Sterling Financial has taken a strident and contrary position to the general investment banking market by being one of the handful of financial services firms in the country to issue “sell” recommendations. In so doing, the firm has however not only captured the attention of Wall Street but also the nation’s business press for its insightful research and the firm’s courage to publish “sell” recommendations in the face of what has been publicly revealed as a pressured environment to do otherwise.
Most recently, Sterling Financial’s creative research techniques were featured in a major story in the August 8th, 2002 edition of the Wall Street Journal, for its innovative data gathering on the companies the firm covers. Sterling Financial was also way out ahead of the pack in it’s “sell” recommendation on the now famous ImClone stock.
“While the rest of Wall Street was enamored with ImClone,” says Steven Kirsch, who leads Institutional Equity Sales at Sterling Financial, “we were very skeptical about management’s enthusiasm for a stock they were selling themselves, and that combined with our fundamental analysis of the company, ultimately led to our “sell” recommendation,” says Kirsch who joined Sterling Financial nearly three years ago and who was formerly a partner of Bear Stearns Corp.
Sterling Financial was also featured in a January 28th, 2002, “Business Week” story about Andrx (ADRX), “Andrx: Is Wall Street Blinded by Love?” Triggered by the Enron debacle, Andrx, a drug maker, similarly received glowing reports from the majority of Wall Street analysts who covered the firm. According to Business Week, “of the 18 analysts who follow the company, a few have qualms about the stock’s valuation. Only Sterling is outright negative and has put a rare “sell” rating on the stock.”
In addition to numerous other business and industry awards the company has earned these past several years, Sterling Financial has been named the fastest growing privately held company in Florida, the fastest growing state in the nation, by the University of Florida Fischer School of Accounting, for two consecutive years–2001, 2000.
To learn more about Sterling Financial Investment Group visit the company’s website: http://www.mysterling.com.
To receive Sterling Financial’s full coverage list, please call Steve Kirsch at (561) 672-4676.
Sterling Financial Investment Group, Fort Lauderdale, Fl