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FIG equity research coverage at KBW Inc. and Stifel Financial Corp. is becoming clearer with the departure of five analysts and the companies maintaining temporary dual coverage on roughly 25 companies in the asset manager and specialty finance sectors.
Attempts to contact equity research officials at Stifel were unsuccessful, but sources told SNL that Stifel bank analysts David Bishop, Carter Bundy and Stephen Geyen were let go. Neil Shapiro, a spokesman for KBW, said large-cap bank equity research analyst David Konrad is no longer with KBW. Also, KBW insurance analyst Cliff Gallant moved to Nomura Holdings Inc.
The moves come in the wake of Stifel's acquisition of KBW, a deal that closed Feb. 15. Changes in equity research were expected because of the overlapping FIG coverage universes at KBW...