Plenty of people follow their boss or colleague to a new firm, particularly in banking where most senior hires are made through networking. Yet the career arc of three new equity research hires is still eye-opening. If nothing else, their resumes show how making one big-name addition often creates a domino effect when they bring in their own people.
Two senior equity research analysts who left Evercore in 2017 have each returned to the boutique investment bank. Oliver Wintermantel and Michael Montani both restarted as managing directors with Evercore in New York in February. The news comes shortly after the bank announced that Greg Melich rejoined as a senior managing director covering broadline and hardline retailers – the same areas of coverage in which Wintermantel and Montani specialize. All three left Evercore in October 2017 to join independent research boutique MoffettNathanson, with the more senior Melich starting as a partner a few months later, likely due to a gardening leave restriction. A little over a year later and the trio has returned to Evercore.
But that’s not where their connection started. All three worked at Morgan Stanley until 2010, when they left to join independent equity research and trading firm ISI Group – Montani and Wintermantel as MDs and Melich as a senior managing director. Again, Melich started a few months after the other two. In 2014, the trio began working under the Evercore umbrella after it purchased ISI Group to create its own research and trading unit. So to recap: they went from Morgan Stanley, to ISI Group, to Evercore, to MoffettNathanson, and now back to Evercore – all within a decade. Finra records confirm the moves.
Oftentimes you’ll see an entire group of traders jump from one firm to another, but it’s more of a rarity in sell-side sector coverage, particularly when considering their level of seniority. However, be forewarned that following your boss doesn’t always work out as planned. One trader who recently picked up a moved from New York to London to join his former boss at a hedge fund found himself unemployed and headed back to the states after less than two months. His boss got a better offer and the new firm found it had no use for him.
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