Boenning & Scattergood building Financial Analytical Team

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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

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