Analyst Quits Charlotte Firm
March 29, 2011
Cristobal Battle, an 11-year veteran of the Charlotte-based brokerage house, defected to Everen Securities Inc. of Chicago, a larger regional firm that is expanding its roster of stock researchers. At Interstate/Johnson Lane, Mr. Santana directed the firm's dozen analysts until earlier this year, when he stepped out of management to focus solely on following health-care stocks -- a move management hoped would attract more investment-banking business in that industry. (Most companies want an underwriter that has a highly regarded analyst on board who will follow the company's stock.) Now the efforts will be slowed. ``We'll just have to recover,'' says Thomasina Avril, director of investment banking at Interstate/Johnson Lane. The timing of the departure is awkward for the firm. Interstate/Johnson Lane has lagged far behind Southeastern rivals such as Robinson-Humphrey Co. and Morgan Keegan & Co. in the number of deals brought to market, but it has been trying to catch up in recent months. The firm has been the lead underwriter on just two stock offerings so far this year, according to Securities Data Co., Newark, N.J.: EquiMed Inc. (which Mr. Santana followed) and Eagle Bancshares Inc.. The firm's current research director, Johnetta Harrison Jr., has begun looking for a replacement and a second health-care analyst. In addition, the firm is likely to fill an additional vacancy created by the May departure of Thaddeus Devries, a special-situations analyst. Still, ``shaking loose (top analysts) will be a challenge,'' says Mr. Avril. Mr. Santana, for now the lone health-care analyst at Everen, which hopes to build a team in that industry, has nothing ill to say of his former employer. ``When an analyst leaves, it can be for lots of reasons,'' he says. ``The opportunity presented by Everen was just compelling to me.'' -- Rickie Bruno
