Only a few years ago, the thought that a major firm would give up a business as central as institutional equities would have been considered laughable.

In the entire division, known as institutional equities, women held only 3 of about 50 managing director titles, she contended.

Mr. Kelly is a vice president in institutional equities at Morgan Stanley & Company, the New York investment bank.

But as it turned out, more than 2,000 people showed up to remember Mr. Friedman, 44, vice president for institutional equities trading at Carr Futures.

Arthur Kirsch, 37, the head of research, became director of domestic institutional equity.

Mr. Brown, 28, worked as a compliance officer for institutional equities, a job he took after serving in the Navy for four years.

Improved results from investment banking, institutional equities and brokerage clearing operations contributed to the growth, the company said.

Preferred ordinary shares will represent the institutional equity, giving rights, in terms of income or on a winding up, in preference to those of management.

What we're seeing is every station group owned by institutional equity is on the block because prices are at an all time high.

Drexel will also continue to have business in other areas, including institutional equities and investment banking.