Question-and-Answer Session
Operator
(Operator Instructions) Your first call comes from Steve Stelmach – FBR Capital Markets.
Steve Stelmach – FBR Capital Markets
In terms of the muni side of the business, I know you guys did that acquisition the muni team in California I believe it was 2008. Can you give us some color on that team's production given California's sort of fiscal crisis and is there a backlog of deals that have yet to come to fruition there? Just any update would be helpful.
Andrew Duff
They remain relatively active it is a lot of K through 12 activity. They've continued to be able to access the market. I would share your observation, however, with the budget deficits at the state level and often at the local level. There may be challenges ahead, but so far they've been successfully accessing the market.
Steve Stelmach – FBR Capital Markets
So you wouldn't characterize it as some backlog now that hopefully California's got their act together, at least as of today.
Andrew Duff
They've got an ongoing backlog that I'd say is similar to what's been here as they joined us back in '08.
Steve Stelmach – FBR Capital Markets
In terms of the 19 new fixed income professionals that you guys mentioned, what's that compare in terms of percent growth year-over-year, quarter-over-quarter? How should we think about that incremental 19?
Debbra Schoneman
I would say probably, I'm just thinking for the total fixed income sales business it's probably almost 15% to 20% increase I would say in professionals. In total headcount, I should say.
Operator
Your next question comes from Devin Ryan – Sandler O'Neill.
Devin Ryan – Sandler O'Neill
Just another question on the public finance, the recent additions seem to be paying off and you announced an additional hire yesterday. Is there still room there or, I guess, a desire to expand more or is it now just really about executing with the people you have as the markets open back up?
Andrew Duff
We continue to add in that area. We've got a footprint now growing on the east coast, which we had not previously had, and we've got people in Boston, Hartford, New York, I think further down the seaboard and there's plenty of opportunity there. So selectively right profile on the individual and their clientele we'd absolutely continue to expand.
Devin Ryan – Sandler O'Neill
Sorry if I missed this just on fixed income generally, but can you quantify or even qualify kind of the overall level of client trading volume in the second quarter maybe compared to the first? And essentially what I'm trying to do is get some sense of how much of the revenue strength is attributable to trading volumes versus gains on improving valuations in the quarter.
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