Dec. 7 (Bloomberg) -- Janney Montgomery Scott LLC, the 180-year-old Philadelphia-based brokerage, hired two investment bankers and three research analysts from bankrupt ThinkEquity LLC to start health-care coverage.
Janney added Josh Muntner and Richard Page to lead health-care investment banking in New York, Janney said today in an e-mailed statement. Spencer Nam will lead medical device and diagnostics research, Jim Molloy will cover specialty pharmaceuticals and Kimberly Lee will handle biotechnology, Janney said.
ThinkEquity, which employed about 100 people, filed to liquidate in bankruptcy last month, about three weeks after the San Francisco-based investment bank closed its stock-trading business. Janney said in July it hired Greg Roth from ThinkEquity as a managing director for its technology and media investment-banking group.
“While recognizing that our industry continues to operate under challenging conditions, Janney is committed to capitalizing on strategic opportunities for growth, and the health-care sector is one where we believe we can compete and win,” Jordie Maine, Janney’s head of capital markets, said in the statement.
Small brokerages are finding it harder to earn commissions as money managers trade fewer securities, execute more transactions electronically and cut the amount of recommendations they pay for. Avian Securities LLC, the equity research firm that specializes in technology stocks, is closing after 15 years in business, its founder said last week.
Nam and Molloy will be based in Boston, and Lee will work from San Francisco, according to the statement.
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