After a rather public falling out between banking analyst Richard Bove and employer Ladenburg Thalmann & Co., the boutique bank has expanded its equity research and institutional sales coverage in the financial services sector, adding Bradley Ball, Edwin Groshans Jr. and Ariel Schochet as managing directors. They comprise Ladenburg's new financial services group, based in New York.
Ball will work in equity research after three years at Citi Investment Research, where he was a director of equity research and a senior specialty and consumer finance analyst. Groshans will work in equity research, pending regulatory approval. He had been a portfolio manager at Omega Investment Advisors.
Schochet joins to work in institutional sales, pending regulatory approval. He was a portfolio manager in the financial services group at Omega.
Bove (pictured) left Ladenburg Thalmann for Rochdale Securities LLC in February. Upon his departure, Bove cited Ladenburg Thalmann's concessions in a defamation lawsuit he was involved in as the reason for his departure.
At the beginning of the credit crisis, Bove along with peer Meredith Whitney at Openheimer & Co. gained prominence for pessimistic outlooks on the industry. However, Bove's comments put him in hot water when BankAtlantic Bancorp sued him and Ladenburg Thalmann for defamation for a July 2008 research note. - Baz Hiralal and Matthew Wurtzel
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