Wolfe Goes Retail


Scott Mushkin, an Institutional Investor ranked retail analyst, has left Jefferies & Company to join Wolfe Research along with two of his team members.  Mushkin had been a Managing Director at Jefferies since 2008, and previously with Bank of America and Lehman.  He will be covering discount retailers, supermarkets and drugstores, with a secondary focus on the burgeoning healthy lifestyle industry.

Recruiting Mushkin helps Wolfe in two ways.  First, it boosts the firm after the recent defection of François Trahan to Nancy Lazar’s new Cornerstone Macro LP.  Second, it represents a significant step in expanding Wolfe’s coverage beyond his core transportation-related sectors.

Wolfe and his immediate team cover Airfreight & Surface Transportation, Airlines, Auto and Truck O.E.M. & Suppliers.  Steven Fleishman, another II-ranked analyst, covers Electric Utilities.  Fleishman joined Wolfe from Bank of America, where he had worked with Scott Mushkin prior to Mushkin’s move to Jefferies in 2008.  In the latest Institutional Investor poll, Wolfe Research (#12) edged out Jefferies (#13) in the firm rankings, and Mushkin’s defection is likely to increase the gap between the firms.

Chris Senyek was promoted to Chief Investment Strategist and Lead Quantitative Analyst after Trahan’s departure, in addition to his previous coverage of Accounting & Tax Policy.

In Institutional Investor’s 2012 poll, its most recent, Mushkin was named to the All-America Research Team, ranking third in Consumer – Retailing/Food & Drug Chains. In the same year, he was also named to the Financial Times’ StarMine Analyst Awards, ranking 1st and 3rd for the “Top Stock Pickers” and “Top Earnings Estimators” lists, respectively, for Food & Staples Retailing. Additionally in 2012, The Wall Street Journal named Mushkin to “The Master Stock Pickers” list, ranking him 2nd in Retailers: Food & Drug.

Mike Otway and Brian Cullinane, also left Jefferies as part of Mushkin’s retail team.




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