Wall Street Researchers Lured to Hedge Funds

Filed in archive Hedgetalk on June 18, 2008

According to a Bloomberg report, Wall Street is losing its top oil analysts to hedge funds, who are offering higher pay.

"Morgan Stanley's Douglas Terreson and Citigroup Inc.'s Doug Leggate left their positions, the banks said. Geoff Kieburtz, the No. 3 analyst for oilfield contractors, is leaving Citigroup. Robert Morris, the top-ranked analyst for independent oil companies such as Anadarko Petroleum Corp., left Bank of America earlier this year." Bloomberg said.

"Research on the Street is going the way of the dodo," National City's Halloran said. "The Street is going to have to figure out a method to keep the good guys around and paying for them or it's going to die out."