Former Sanford C. Bernstein & Co. analyst Craig Moffett is launching his own independent equity research firm, Moffett Research, and is looking to hire, a company spokesperson told eFinancialCareers.
“We’re expanding – it’s not limited to one analyst,” the spokesperson said. Moffett is looking to add “seasoned analysts” to its New York office, according to the spokesperson. She did not provide additional details on the anticipated number of hires.
Craig Moffett left Bernstein in January after 10 years with the firm, where he built the reputation as one of the best telecommunications analysts in the business. Institutional Investor magazine ranked Moffett as the top U.S. cable & satellite analyst for each of the past seven years.
The cupboard at the new firm is far from bare. Joining Moffett as founding partners are Patrick O’Connell, Ethan Steinberg and John Towers, each of whom left Bernstein earlier this year.
The 50-year-old Moffett is following a similar path as several prominent analysts before him, including Meredith Whitney and Dana Telsey, who launched boutique research startups in their own name.
There’s no guarantee of success though. Paul Sweeney, an analyst at Bloomberg Industries, told the publication that independent research firms that don’t have access to the resources of large banks often struggle generating revenue.
“When you don’t have a trading operation, it’s a complex process,” he said.
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(Source: Wall Street Oasis)