Wedbush Reorganizes As It Integrates Peacock Operations

SAN FRANCISCO - Los Angeles-based Wedbush Morgan Securities this week announced some changes to its organizational structure as it integrates the operation of Arizona broker-dealer Peacock, Hislop, Staley & Given, which it acquired in September.

The firm's public finance department has been reorganized into three operating units, including a Phoenix-based unit made up of former Peacock Hislop employees.

Managing director Jim Stricklin will oversee the new Arizona public finance team. He is one of six public finance professionals, along with eight trading and institutional sales professionals, who joined Wedbush through the acquisition of Peacock Hislop assets. The acquisition was announced Sept. 23.

Founded in 1989, Peacock Hislop regularly ranked among the top 10 Arizona underwriters and financial advisers by volume in recent years, according to Thomson Reuters data.

As part of the organizational changes announced this week, Wedbush Morgan also announced two other operating units.

The northwest public finance team, under Portland-based managing director David Ulbricht, includes four professionals in Portland and Seattle.

The California public finance team is headed by managing director Richard DeProspo, and includes 11 muni finance professionals in Los Angeles, San Francisco, Solana Beach, and Newport Beach.

DeProspo joined Wedbush Morgan in June, coming over from De La Rosa & Co. as part of an expansion that saw the firm take on five bankers from four different investment banks.

"Wedbush sees the unsettled investment banking environment as an opportunity to continue to grow our public finance efforts in the region," Doug Charchenko, head of fixed income, said in this week's news release.

The firm ranked 25th among underwriters in California for 2007, credited with 12 issues amounting to $145 million, according to Thomson Reuters data. It ranked 79th nationally.

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