I have informed Zach McCarroll that he will not be offered a position with UBS.  Hunter and I have discussed my favorable opinion of Zach as an Analyst and the possibility that we may be able to offer him a position in the event we have employees decline the offer.  I would like to communicate with all of you over the weekend and on Tuesday to see if there will be a chance to offer him a position in Fundies.

Mike Grigsby