Wunderlich Securities said it has added six wealth management professionals, including five from Morgan Keegan. In the past six weeks, 15 people have moved from Memphis-based Morgan Keegan to Memphis-based Wunderlich.
“I would say we are the prime beneficiary of the departure of these professionals as a result of the Raymond James acquisition of Morgan Keegan,” Gary Wunderlich, CEO of Wunderlich Securities, replied to a query from On Wall Street.
Three of the newcomers join Wunderlich’s Private Client Group while the other three join the firm’s Equity Capital Markets business. New to the Private Client Group are:
-- Ted Cashion, who takes over as the Memphis branch manager for the Private Client Group. Cashion was a managing director and financial advisor at Morgan Keegan. Philip Zanone, co-president of Wunderlich’s Private Client Group, had served as Memphis branch manager as well. “The branch needed a full-time manager and we capitalized on the opportunity by hiring Ted Cashion,” a Wunderlich spokesperson told On Wall Street.
-- Scott Poore, director of investment solutions in Wunderlich’s Private Client Group. At Morgan Keegan, Poore was the manager of institutional and high net worth services in the Institutional Consulting Group. He specializes in the investment management consulting process.
-- Burton Milnor, who joins Wunderlich’s Private Client Group as an investment advisor. Milnor had been an advisor to the retail brokers in the Morgan Keegan Private Client Group, offering insight into investment strategies and portfolio building.
Joining Equity Capital Marketing for Wunderlich are:
-- William Kitchens, senior vice president, who will be in Institutional Equity Sales. Kitchens was in Morgan Keegan’s Institutional Equity Markets department, where he recently was managing director, head of institutional sales trading and co-manager of trading.
-- Matt Hayden, vice president, who comes from Morgan Keegan’s investment banking group. At Morgan Keegan, he specialized in M&A and capital raising transactions in the industrial and transportation sectors. Hayden formerly was an associate with Ernst & Young.
-- Jason Wangler, senior vice president and equity analyst, who is the only newly-announced employee who does not come from Morgan Keegan. Wangler joins Wunderlich from SunTrust Robinson Humphrey; he previously worked at Netherland, Sewell & Associates and Dahlman Rose & Company. Wangler, whose equity research has focused on the exploration and production (E&P) and oilfield services (OFS) sectors of the energy space, was named a “Best on the Street” analyst by the Wall Street Journal in 2010.
While all of the other newcomers mentioned above will work in Memphis, Wangler is in Houston, where Wunderlich’s energy research and investment team is located.
“We continue to focus on the development of our Private Client Group and Equity Capital Markets business and are extremely pleased to have attracted these seasoned professionals,” said Gary Wunderlich. With these hires, the Equity Capital Markets (ECM) division, founded in late 2008, now has 18 senior analysts covering approximately 210 companies in five industry verticals. The ECM sales force has grown to 24 senior salespersons, 10 traders/sales traders, and 18 senior investment bankers.
Donald Jay Korn writes for On Wall Street.