Rochdale’s Dick Bove Says He’s Considering Three Firms
Dick Bove, the bank analyst whose brokerage, Rochdale Securities LLC, is struggling to survive after an unauthorized $1 billion Apple Inc. trade, said he’s been interviewing for a new job.
Bove said he has narrowed his choice to three firms, which he declined to name, and will make a decision by about Dec. 15. The 71-year-old analyst said he’s giving Daniel Crowley, Rochdale’s chief executive officer, time to seek rescue financing after a loss on the Apple trade decimated the firm’s capital.
“I indicated to them that my loyalty is with Dan Crowley and so I couldn’t make a decision until Dan threw in the towel,” Bove said today in a telephone interview. “The decision I make is really based on whether I want to stay with a small firm and write what I’m going to call provocative research or whether I want to go back in the general Wall Street milieu, dealing with corporate finance issues.”
Rochdale, a trading and research firm based in Stamford, Connecticut, has been struggling to keep staff since the loss. David Miller, 40, a former trader, was charged this week with wire fraud in connection with the unauthorized trade, which lost $5 million for the company. Kenneth “Casey” Murphy, Miller’s lawyer at Simon & Partners LLP, declined to comment on the charges in an e-mail yesterday.
Rochdale lost five traders to Rafferty Capital Markets LLC last month, including Kristen Talgo and Hal Tunick, who led institutional equities trading. In addition, Richard Bennett and Keith Arnott, who work as equity sales traders, left for MKM Partners LLC. Barry Kaplan joined Oscar Gruss & Son Inc. in New York.
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