Rosenblatt Securities Recruits Wolfe Research DOR

Rosenblatt Securities, a brokerage firm which has been growing its research coverage of the TMT sector, hired Michael Kiernan who had helped to expand Wolfe Research’s analyst team during his three and half years with the firm.  The move signals Rosenblatt’s ambition to become a premier technology research boutique.

Kiernan had joined Wolfe Research as Director of Research in November 2015, when Ed Wolfe relinquished the role to focus on strategy.   In an interview, Kiernan said that Wolfe Research had 7 analysts covering 150 stocks when he joined and now has over 20 analysts covering nearly 400 stocks.

Rosenblatt, which has been expanding into research since affiliating with technology boutique Wedge Partners in 2013, currently has six senior analysts and three juniors covering 60 stocks in the software, semiconductors, telco equipment, fintech and media sectors.  The firm also distributes research from fifteen brokers in emerging and frontier markets.

Kiernan’s vision for the firm is to become a highly regarded global technology boutique.  “There are no branded technology research players that dominate the space since Robertson Stephens, Hambrecht & Quist, Montgomery and Alex Brown were swallowed up and SoundView and PacCrest faded,” he said in an interview with Integrity Research.  “We have the opportunity to cover next generation innovation, going beyond the conventional hardware, software, networking names being covered today.”

His first priority will be focusing on Rosenblatt’s current research processes, facilitating a higher level of collaboration among Rosenblatt’s current technology analysts and streamlining the firm’s research processes.

Rosenblatt is the largest ‘floor broker’ on the NYSE, with an ‘upstairs’ agency program trading desk.  It includes a fintech-focused investment banking effort and a well regarded market structure/transaction analytics team.

Our Take

Rosenblatt takes pride in having become a top floor broker during a time when pundits discounted trading as a commodity.  They exhibit the same stubbornly counter-cyclical approach to research, which is being written off thanks to unbundling and the rise of passive investing.  Recruiting Kiernan from successful boutique Wolfe Research underlines the firm’s ambition to double down on research while others despair.