Leading--and originating--investment banking firm of an underwriting group organized for the purchase and distribution of a new issue of securities. The Agreement Among Underwriters authorizes the managing underwriter, or syndicate manager, to act as agent for the group in purchasing, carrying, and distributing the issue as well as complying with all state and federal requirements; to form the selling group; to determine the allocation of securities to each member; to make sales to the selling group at a specified discount--or concession--from the public offering price; to engage in open market transactions during the underwriting period to stabilize the market price of the security; and to borrow for the syndicate accounts to cover costs.