0000905148-11-001023.txt : 20110513 0000905148-11-001023.hdr.sgml : 20110513 20110513170458 ACCESSION NUMBER: 0000905148-11-001023 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110331 FILED AS OF DATE: 20110513 DATE AS OF CHANGE: 20110513 EFFECTIVENESS DATE: 20110513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KBW, Inc. CENTRAL INDEX KEY: 0001350173 IRS NUMBER: 134055775 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-13958 FILM NUMBER: 11842009 BUSINESS ADDRESS: STREET 1: 787 SEVENTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-887-7777 MAIL ADDRESS: STREET 1: 787 SEVENTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10019 13F-HR 1 efc11-333_fm13fhr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2011 -------------- Check here if Amendment [ ]: Amendment Number: ----------------------- This Amendment (Check only one): | | is a restatement | | adds new holdings entries Institutional Investment Manager Filing this Report: Name: KBW, Inc. Address: 787 Seventh Avenue 4th Floor New York, NY 10019 Form 13F File Number: 028-13958 --------- The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Mitchell Kleinman Title: Secretary and General Counsel Phone: (212) 887-6788 Signature, Place and Date of Signing: /s/ Mitchell Kleinman New York, New York May 13, 2011 ------------------------------- ---------------------- -------------- [Signature] [City, State] [Date] Report Type (Check only one): |X| 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) | | 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) | | 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 ------------------- Form 13F Information Table Entry Total: 194 ------------------- Form 13F Information Table Value Total: $273,535 ------------------- (in thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. No. Form 13F File Number Name 1 028-13960 Keefe, Bruyette & Woods, Inc.
KBW, INC. FORM 13F INFORMATION TABLE Quarter Ended March 31, 2011 --------------------------------------------------------------------------------------------------------------------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY -------- --------- --- ---- ---------- -------- ----------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ---------------------------- ---------------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ------ ABINGTON BANCORP INC COM 00350L109 653 53,408 SH DEFINED 1 53,408 ACE LTD SHS H0023R105 1,553 24,000 SH DEFINED 1 24,000 AFLAC INC COM 001055102 4,222 80,000 SH DEFINED 80,000 ALLIED WRLD ASSUR COM HLDG A SHS H01531104 313 5,000 SH DEFINED 1 5,000 ALTISOURCE PORTFOLIO SOLNS S REG SHS L0175J104 736 24,000 SH DEFINED 1 24,000 ALTISOURCE PORTFOLIO SOLNS S REG SHS L0175J104 2,393 78,000 SH DEFINED 78,000 AMERICAN CAPITAL AGENCY CORP COM 02503X105 2,389 82,000 SH DEFINED 82,000 AMERICAN EXPRESS CO COM 025816109 2,866 63,400 SH DEFINED 1 63,400 AMERICAN EXPRESS CO COM 025816109 3,842 85,000 SH DEFINED 85,000 AMERICAN FINL GROUP INC OHIO COM 025932104 2,178 62,200 SH DEFINED 1 62,200 AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 779 70,000 SH DEFINED 1 70,000 AMERICAN INTL GROUP INC UNIT 99/99/9999 026874115 180 40,000 SH DEFINED 1 40,000 AMERIPRISE FINL INC COM 03076C106 244 4,000 SH DEFINED 1 4,000 ANCHOR BANCORP WA COM 032838104 142 13,227 SH DEFINED 1 13,227 ANNALY CAP MGMT INC COM 035710409 698 40,000 SH PUT DEFINED 1 40,000 ANNALY CAP MGMT INC NOTE 4.000% 2/1 035710AA0 4,069 3,500,000 PRN DEFINED 1 NONE ANNALY CAP MGMT INC NOTE 4.000% 2/1 035710AA0 1,510 1,300,000 PRN DEFINED NONE AON CORP COM 037389103 890 16,800 SH DEFINED 1 16,800 APOLLO INVT CORP COM 03761U106 181 15,000 SH DEFINED 1 15,000 ARMOUR RESIDENTIAL REIT INC *W EXP 11/07/201 042315119 18 351,600 SH DEFINED 351,600 AXIS CAPITAL HOLDINGS SHS G0692U109 349 10,000 SH DEFINED 1 10,000 BANCORP INC DEL COM 05969A105 183 19,800 SH DEFINED 19,800 BANK OF AMERICA CORPORATION COM 060505104 1,741 130,600 SH DEFINED 1 130,600 BANK OF AMERICA CORPORATION *W EXP 01/16/201 060505146 407 53,000 SH DEFINED 53,000 BANK OF MARIN BANCORP COM 063425102 208 5,586 SH DEFINED 1 5,586 BANK OF NEW YORK MELLON CORP COM 064058100 1,195 40,000 SH CALL DEFINED 40,000 BARCLAYS BK PLC IPTH S&P VIX NEW 06740C261 1,762 60,000 SH DEFINED 1 60,000 BARCLAYS BK PLC IPTH S&P VIX NEW 06740C261 441 15,000 SH CALL DEFINED 1 15,000 BERKSHIRE HILLS BANCORP INC COM 084680107 524 25,139 SH DEFINED 1 25,139 BLACKROCK INC COM 09247X101 603 3,000 SH DEFINED 1 3,000 BRIDGE CAP HLDGS COM 108030107 435 46,600 SH DEFINED 46,600 BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 1,688 52,000 SH DEFINED 52,000 BROOKLINE BANCORP INC DEL COM 11373M107 316 30,000 SH DEFINED 1 30,000 BRYN MAWR BK CORP COM 117665109 3,032 147,409 SH DEFINED 1 147,409 CALAMOS ASSET MGMT INC CL A 12811R104 561 33,800 SH DEFINED 1 33,800 CAPE BANCORP INC COM 139209100 1,551 157,500 SH DEFINED 157,500 CAPITAL ONE FINL CORP *W EXP 11/14/201 14040H139 642 29,700 SH DEFINED 1 29,700 CAPITALSOURCE INC DBCV 3.500% 7/1 14055XAD4 1,001 1,000,000 PRN DEFINED 1 NONE CAPITALSOURCE INC COM 14055X102 373 53,000 SH DEFINED 1 53,000 CAPITOL FED FINL INC COM 14057J101 500 44,325 SH DEFINED 1 44,325 CAPLEASE INC COM 140288101 108 19,778 SH DEFINED 1 19,778 CARVER BANCORP INC COM 146875109 128 142,600 SH DEFINED 1 142,600 CENTER FINL CORP CALIF COM 15146E102 520 70,857 SH DEFINED 1 70,857 CENTERSTATE BANKS INC COM 15201P109 92 13,110 SH DEFINED 1 13,110 CHEMICAL FINL CORP COM 163731102 425 21,300 SH DEFINED 1 21,300 CHUBB CORP COM 171232101 1,741 28,400 SH DEFINED 1 28,400 CIT GROUP INC COM NEW 125581801 5,532 130,000 SH DEFINED 1 130,000 CIT GROUP INC COM NEW 125581801 6,383 150,000 SH DEFINED 150,000 CITIGROUP INC *W EXP 01/04/201 172967226 2,200 2,391,150 SH DEFINED 1 2,391,150 CITIGROUP INC *W EXP 10/28/201 172967234 527 2,772,392 SH DEFINED 1 2,772,392 CITIGROUP INC COM 172967101 4,111 930,000 SH DEFINED 1 930,000 CITIGROUP INC COM 172967101 4,420 1,000,000 SH DEFINED 1,000,000 CITIGROUP INC COM 172967101 221 50,000 SH CALL DEFINED 1 50,000 CITIGROUP INC COM 172967101 751 170,000 SH CALL DEFINED 170,000 CITIZENS SOUTH BKG CP DEL COM 176682102 268 60,219 SH DEFINED 1 60,219 COLONY FINL INC COM 19624R106 1,883 100,000 SH DEFINED 1 100,000 COLUMBIA BKG SYS INC COM 197236102 776 40,502 SH DEFINED 1 40,502 COMMUNITY BANKERS TR CORP COM 203612106 957 825,113 SH DEFINED 825,113 CRESCENT FINL CORP COM 225744101 745 184,000 SH DEFINED 184,000 CVB FINL CORP COM 126600105 113 12,178 SH DEFINED 1 12,178 CYPRESS SHARPRIDGE INVTS INC COM 23281A307 3,436 271,000 SH DEFINED 271,000 DELPHI FINL GROUP INC CL A 247131105 614 20,000 SH DEFINED 1 20,000 DORAL FINL CORP COM NEW 25811P886 15 14,000 SH DEFINED 1 14,000 EASTERN VA BANKSHARES INC COM 277196101 740 205,620 SH DEFINED 1 205,620 ENCORE CAP GROUP INC COM 292554102 237 10,000 SH DEFINED 1 10,000 ESSA BANCORP INC COM 29667D104 198 15,000 SH DEFINED 1 15,000 FBR CAPITAL MARKETS CORP COM 30247C301 215 60,000 SH DEFINED 1 60,000 FELCOR LODGING TR INC PFD CV A $1.95 31430F200 677 25,000 SH DEFINED 1 25,000 FIDELITY NATIONAL FINANCIAL CL A 31620R105 918 65,000 SH DEFINED 1 65,000 FIFTH THIRD BANCORP COM 316773100 3,746 269,800 SH DEFINED 1 269,800 FIFTH THIRD BANCORP COM 316773100 1,389 100,000 SH DEFINED 100,000 FINANCIAL INSTNS INC COM 317585404 642 36,643 SH DEFINED 1 36,643 FIRST BANCORP P R COM NEW 318672706 200 40,099 SH DEFINED 1 40,099 FIRST CALIFORNIA FINANCIAL G COM NEW 319395109 301 80,230 SH DEFINED 1 80,230 FIRST CALIFORNIA FINANCIAL G COM NEW 319395109 2,681 714,977 SH DEFINED 714,977 FIRST DEFIANCE FINL CORP COM 32006W106 290 20,214 SH DEFINED 1 20,214 FIRST DEFIANCE FINL CORP COM 32006W106 1,893 132,000 SH DEFINED 132,000 FIRST FINL HLDGS INC COM 320239106 339 30,000 SH DEFINED 1 30,000 FIRST NIAGARA FINL GP INC COM 33582V108 1,447 106,517 SH DEFINED 1 106,517 FIRST PL FINL CORP COM 33610T109 178 80,000 SH DEFINED 1 80,000 FIRSTMERIT CORP COM 337915102 229 13,400 SH DEFINED 1 13,400 FLUSHING FINL CORP COM 343873105 895 60,080 SH DEFINED 1 60,080 FORTRESS INVESTMENT GROUP LL CL A 34958B106 4,118 725,000 SH DEFINED 1 725,000 FORTRESS INVESTMENT GROUP LL CL A 34958B106 1,704 300,000 SH DEFINED 300,000 FRANKLIN RES INC COM 354613101 1,901 15,200 SH DEFINED 1 15,200 GLEACHER & CO INC COM 377341102 261 150,283 SH DEFINED 1 150,283 GOLDMAN SACHS GROUP INC COM 38141G104 3,172 20,000 SH DEFINED 20,000 GS FINL CORP COM 362274102 236 11,546 SH DEFINED 1 11,546 HAMPDEN BANCORP INC COM 40867E107 938 70,439 SH DEFINED 1 70,439 HARTFORD FINL SVCS GROUP INC *W EXP 06/26/201 416515120 367 20,000 SH DEFINED 1 20,000 HARTFORD FINL SVCS GROUP INC COM 416515104 3,232 120,000 SH DEFINED 120,000 HATTERAS FINL CORP COM 41902R103 3,712 132,000 SH DEFINED 1 132,000 HERITAGE FINL CORP WASH COM 42722X106 1,460 103,000 SH DEFINED 103,000 HERITAGE FINL GROUP INC COM 42726X102 732 57,500 SH DEFINED 57,500 HORACE MANN EDUCATORS CORP N COM 440327104 1,206 71,800 SH DEFINED 1 71,800 IMPERIAL HLDGS INC COM 452834104 1,214 119,560 SH DEFINED 119,560 JANUS CAP GROUP INC COM 47102X105 449 36,000 SH DEFINED 1 36,000 JEFFERSON BANCSHARES INC TEN COM 472375104 65 18,721 SH DEFINED 1 18,721 JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 672 40,000 SH DEFINED 1 40,000 JPMORGAN CHASE & CO COM 46625H100 2,536 55,000 SH DEFINED 1 55,000 JPMORGAN CHASE & CO COM 46625H100 2,305 50,000 SH DEFINED 50,000 JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 420 25,000 SH DEFINED 25,000 KAISER FED FINL GROUP INC COM 483056107 538 43,749 SH DEFINED 1 43,749 KAISER FED FINL GROUP INC COM 483056107 926 75,300 SH DEFINED 75,300 KENNEDY-WILSON HLDGS INC COM 489398107 3,980 366,500 SH DEFINED 366,500 KEYCORP NEW COM 493267108 4,174 470,000 SH DEFINED 1 470,000 KINGSWAY FINL SVCS INC COM 496904103 812 873,000 SH DEFINED 873,000 KKR & CO L P DEL COM UNITS 48248M102 4,383 267,100 SH DEFINED 1 267,100 KKR FINANCIAL HLDGS LLC COM 48248A306 1,135 115,900 SH DEFINED 115,900 LABRANCHE & CO INC COM 505447102 237 60,211 SH DEFINED 1 60,211 LENNAR CORP CL A 526057104 181 10,000 SH DEFINED 1 10,000 M & T BK CORP COM 55261F104 1,592 18,000 SH DEFINED 1 18,000 M & T BK CORP COM 55261F104 4,424 50,000 SH DEFINED 50,000 MARRIOTT INTL INC NEW CL A 571903202 228 6,400 SH DEFINED 1 6,400 MARSHALL & ILSLEY CORP NEW COM 571837103 876 109,600 SH DEFINED 1 109,600 METLIFE INC COM 59156R108 3,355 75,000 SH DEFINED 75,000 MFA FINANCIAL INC COM 55272X102 1,337 163,000 SH DEFINED 1 163,000 NELNET INC CL A 64031N108 3,711 170,000 SH DEFINED 1 170,000 NEW ENGLAND BANCSHARES INC C COM NEW 643863202 771 79,688 SH DEFINED 1 79,688 NEW ENGLAND BANCSHARES INC C COM NEW 643863202 1,064 110,000 SH DEFINED 110,000 NEWALLIANCE BANCSHARES INC COM 650203102 1,103 74,335 SH DEFINED 1 74,335 NEWSTAR FINANCIAL INC COM 65251F105 109 10,000 SH DEFINED 1 10,000 NEWSTAR FINANCIAL INC COM 65251F105 1,714 157,000 SH DEFINED 157,000 NYSE EURONEXT COM 629491101 615 17,500 SH DEFINED 1 17,500 NYSE EURONEXT COM 629491101 879 25,000 SH DEFINED 25,000 OCH ZIFF CAP MGMT GROUP CL A 67551U105 1,201 73,600 SH DEFINED 1 73,600 OCWEN FINL CORP COM NEW 675746309 1,984 180,000 SH DEFINED 1 180,000 OPTIONSXPRESS HLDGS INC COM 684010101 914 50,000 SH DEFINED 1 50,000 ORIENTAL FINL GROUP INC COM 68618W100 628 50,071 SH DEFINED 1 50,071 ORIENTAL FINL GROUP INC COM 68618W100 1,468 116,981 SH DEFINED 116,981 ORITANI FINL CORP DEL COM 68633D103 1,106 87,200 SH DEFINED 1 87,200 PARK STERLING CORP COM 70086Y105 4,143 854,134 SH DEFINED 1 854,134 PARK STERLING CORP COM 70086Y105 1,673 345,000 SH DEFINED 345,000 PENNYMAC MTG INVT TR COM 70931T103 1,278 69,500 SH DEFINED 69,500 PEOPLES UNITED FINANCIAL INC COM 712704105 2,103 167,135 SH DEFINED 1 167,135 PHH CORP COM NEW 693320202 2,678 123,000 SH DEFINED 1 123,000 PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 464 31,000 SH DEFINED 1 31,000 PNC FINL SVCS GROUP INC COM 693475105 4,157 66,000 SH DEFINED 1 66,000 PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 479 32,000 SH DEFINED 32,000 POPULAR INC COM 733174106 92 31,433 SH DEFINED 1 31,433 PREFERRED BK LOS ANGELES CA COM 740367107 1,045 711,000 SH DEFINED 711,000 PRIMERICA INC COM 74164M108 1,786 70,000 SH DEFINED 70,000 PROASSURANCE CORP COM 74267C106 2,129 33,600 SH DEFINED 1 33,600 PROSHARES TR SHT KBW REGBNK 74347X476 7,371 130,000 SH DEFINED 1 130,000 PROTECTIVE LIFE CORP COM 743674103 1,593 60,000 SH DEFINED 1 60,000 PRUDENTIAL FINL INC COM 744320102 2,303 37,400 SH DEFINED 1 37,400 PRUDENTIAL FINL INC COM 744320102 4,619 75,000 SH DEFINED 75,000 RADIAN GROUP INC COM 750236101 1,873 275,000 SH DEFINED 275,000 REINSURANCE GROUP AMER INC COM NEW 759351604 1,670 26,600 SH DEFINED 1 26,600 RENAISSANCERE HOLDINGS LTD COM G7496G103 814 11,800 SH DEFINED 1 11,800 ROCKVILLE FINL NEW INC COM 774188106 1,095 105,000 SH DEFINED 105,000 SAFETY INS GROUP INC COM 78648T100 1,476 32,000 SH DEFINED 1 32,000 SCHWAB CHARLES CORP NEW COM 808513105 721 40,000 SH PUT DEFINED 1 40,000 SEACOAST BKG CORP FLA COM 811707306 22 13,834 SH DEFINED 1 13,834 SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,475 90,000 SH CALL DEFINED 90,000 SIERRA BANCORP COM 82620P102 1,118 100,000 SH DEFINED 100,000 SLM CORP COM 78442P106 2,448 160,000 SH DEFINED 160,000 SLM CORP COM 78442P106 1,637 107,000 SH CALL DEFINED 107,000 SOLAR SR CAP LTD COM 83416M105 2,273 122,000 SH DEFINED 122,000 SPDR S&P 500 ETF TR TR UNIT 78462F103 2,652 20,000 SH PUT DEFINED 1 20,000 STARWOOD PPTY TR INC COM 85571B105 335 15,000 SH DEFINED 1 15,000 STATE STR CORP COM 857477103 2,957 65,800 SH DEFINED 1 65,800 STATE STR CORP COM 857477103 2,247 50,000 SH DEFINED 50,000 SUN BANCORP INC COM 86663B102 63 18,103 SH DEFINED 1 18,103 SUNTRUST BKS INC COM 867914103 537 18,603 SH DEFINED 1 18,603 SUSQUEHANNA BANCSHARES INC P COM 869099101 374 40,000 SH DEFINED 1 40,000 SYNOVUS FINL CORP COM 87161C105 2,400 1,000,000 SH DEFINED 1,000,000 TD AMERITRADE HLDG CORP COM 87236Y108 626 30,000 SH PUT DEFINED 1 30,000 TFS FINL CORP COM 87240R107 1,115 105,000 SH DEFINED 105,000 TOWER BANCORP INC COM 891709107 216 9,676 SH DEFINED 1 9,676 TOWER BANCORP INC COM 891709107 2,340 105,000 SH DEFINED 105,000 TWO HBRS INVT CORP COM 90187B101 785 75,000 SH DEFINED 75,000 UMPQUA HLDGS CORP COM 904214103 210 18,337 SH DEFINED 1 18,337 UNITED CMNTY BKS BLAIRSVLE G CAP STK 90984P105 117 50,000 SH DEFINED 1 50,000 UNUM GROUP COM 91529Y106 1,554 59,200 SH DEFINED 1 59,200 US BANCORP DEL COM NEW 902973304 1,076 40,700 SH DEFINED 1 40,700 VALIDUS HOLDINGS LTD COM SHS G9319H102 1,007 30,200 SH DEFINED 1 30,200 VALLEY NATL BANCORP *W EXP 11/14/201 919794131 190 82,500 SH DEFINED 1 82,500 VISA INC COM CL A 92826C839 479 6,500 SH DEFINED 1 6,500 VISA INC COM CL A 92826C839 4,417 60,000 SH DEFINED 60,000 WALKER & DUNLOP INC COM 93148P102 1,429 117,600 SH DEFINED 1 117,600 WALKER & DUNLOP INC COM 93148P102 2,933 241,400 SH DEFINED 241,400 WELLS FARGO & CO NEW COM 949746101 1,427 45,000 SH DEFINED 45,000 WELLS FARGO & CO NEW COM 949746101 1,490 47,000 SH CALL DEFINED 47,000 WEST COAST BANCORP ORE NEW COM 952145100 69 19,959 SH DEFINED 1 19,959 WESTERN ALLIANCE BANCORP COM 957638109 164 20,000 SH DEFINED 1 20,000 WESTERN LIBERTY BANCORP COM 961443108 3,068 767,000 SH DEFINED 767,000 WESTFIELD FINANCIAL INC NEW COM 96008P104 960 106,000 SH DEFINED 106,000 WHITNEY HLDG CORP COM 966612103 1,271 93,307 SH DEFINED 1 93,307 WILLIS GROUP HOLDINGS PUBLIC SHS G96666105 1,719 42,600 SH DEFINED 1 42,600 WILMINGTON TRUST CORP COM 971807102 1,243 275,000 SH DEFINED 1 275,000 WOLVERINE BANCORP INC COM 977880103 188 13,000 SH DEFINED 1 13,000 WRIGHT EXPRESS CORP COM 98233Q105 415 8,000 SH DEFINED 1 8,000 ZIONS BANCORPORATION *W EXP 05/22/202 989701115 233 34,000 SH DEFINED 34,000