New York, NY – Despite the difficult market environment for alternative research providers in 2011, one well-known former sell-side analyst – Carl Reichardt Jr. – decided to join independent researcher John Burns Real Estate Consulting last week as a new member of the management team.
The New JBREC Hire
Mr. Reichardt is joining John Burns Real Estate Consulting (JBREC) as their new Managing Director of Research, reporting directly to CEO and founder John Burns. In this role, one of Reichardt’s principle duties will be to translate the research produced by the firm’s team of housing analysts so JBREC’s industry and buy-side clients can make best use of it. Reichardt will also be opening JBREC’s San Francisco Bay Area office.
Reichardt was formerly a housing analyst for Wachovia / Wells Fargo Securities from 2003 to 2010. Previously, Reichardt worked at a private home builder for three years and at Montgomery/Banc of America Securities. During his eight years with Wachovia / Wells Fargo, Reichardt was voted a member of the Institutional Investor All-America Research Team for three years, and he was a three-time recipient of the Wall Street Journal’s “All-Star Analyst” award.
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A Few Indies Pick Up Analysts from Sell-Side
As we have discussed recently, the alternative research industry has suffered a difficult few years as equity commission volumes have shrunk and the insider trading investigation has prompted nervousness among buy-side investors to use research produced by non-registered research providers.
However, a few indie research firms – like John Burns Real Estate Consulting – have seen this challenging market environment as an opportunity to add quality analysts to their team. Another independent research firm which raided the sell-side in 2011 was Stamford-based Vertical Research Partners, a research firm started by II Ranked analysts Jeffrey Sprague and Nicole Parent. Vertical added to their research team by hiring former sell-side analysts Robert Wertheimer, Chip Dillon and James Armstrong.