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In a major expansion of its services, boutique investment bank Putnam, Lovell, de Guardiola & Thornton is tripling the size of its equity trading desk.
The San Francisco firm expects to have 20 professional traders - up from six - as well as support staff, in place by the third quarter. Up until now, equities trading has not been a major business focus for Putnam Lovell, which is best known as an investment bank and advisor to other financial services firms.
"This looks like a start-up operation, but it really isn't," said Francis Mullen, head of equity sales. "The banking is in place, the research...