New York – Boenning & Scattergood announced this week that it had increased its research coverage by hiring Matt Schultheis. Matt, who is from Ferris Baker Watts, will help build out the coverage of the banks, specialty finance and REITs at Boenning .

Boenning & Scattergood is a regional investment bank and money management firm that offers a range of services, including equity research. The research division focuses primarily on mid-Atlantic companies which it believes are under-followed and under-valued. It covers small and mid-cap public and private companies primarily in the industrial services, financial services, business services, technology and life sciences sectors.

Like many smaller regional IBs, Boenning seeks to do investment banking business with the firms that it covers. As a result, growth in the coverage of the firm is a sign of potential growth in the investment banking business. However, we are seeing a substantial amount of analyst churning everywhere in the equity research industry. In the case of Boenning, we have seen a net increase of one analyst since the fall of 2007. Of note, the focus on financial services has increased from 1 analyst in the fall of 2007 to 3 with the hiring of Matt Schultheis. We include the analytical team for Boenning & Scattergood below, along with changes to the team over that timeframe.

Analysts Remaining at Firm from 10/07
Analysts	Sectors
Nancy Zeller-Landau	Director of Equities and Research
Debjit Cahttopadhyay, PhD	Medical Technology
Michael Ciarmoli	Technology – Hardware
Ryan Connors	Industrial Equipment and Services
Analysts having been added since 10/07
Analysts	Sectors
Matthew Schultheis	Financial Services
Lee Calfo	Financial Services
Jason O’Donnell	Financial Services
Analysts having Left the firm since 10/07
Bradley Mook, CFA	Technology – Software
Wilson Smith, CFA	Financial Services

Source: Research Disclosure, press release, Integrity Research Database

Subscribe to Integrity ResearchWatch by Email or  in an RSS/XML reader

This entry was posted by Thomas Hutchinson on Wednesday, July 9th, 2008 at 04:56. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.