Wedge Partners in Growth Mode
It hasn’t been the best of times for smaller and independent broker-dealers, between consolidation and the cost of stepped up regulatory efforts. But Denver-based Wedge Partners seems to be bucking the trend.
Traders Magazine is reporting that Wedge Partners wants to add personnel throughout the firm, including “analysts, research salespeople and sales traders to the 25-person staff.”
Wedge’s CEO Evan Morgan told the magazine, "In this environment, we have an opportunity to find good people. It's during these periods when you build businesses." Traders Magazine is also reporting that Morgan noted hiring will be done “slowly and selectively, with an eye on costs.” "We're trying to hire good traders from execution shops that want to come to a place with research," Morgan explained in the article.
But if recent senior-level moves and other comments by the CEO are a hint, there just might be more opportunities in the NYC location than back at the headquarters or in other locations in the U.S. In August, Wedge Partners relocated the firm’s president, Matt Mathison, from their headquarters in Denver to their New York City office. In a press release, CEO Evan Morgan said, "Though we are headquartered in Colorado, our New York City office has significant strategic importance to us due to its close proximity to a substantial number of our most important clients."
At the time, the broker-dealer also announced the relocation of institutional salesman Terry Walsh, principal Brian Blair, and institutional sales director Justin Weil to the NYC office. In September, Wedge Partners added Brian Rauscher as chief portfolio strategist, in a new role at the firm. Rauscher formerly served as chief portfolio strategist/managing director at Dahlman Rose & Co., U.S. equity strategist/managing director at Fortress Investment Group, and director of portfolio strategy at Brown Brothers Harriman.