New York, NY, March 7, 2019. Equity research management veteran Michael Kiernan, CFA, joins Rosenblatt Securities as a Managing Director and Director of Research. Kiernan joins Rosenblatt from Wolfe Research, one of just a handful of success stories in the boutique research business of the past decade. At Wolfe, Kiernan also served as director of research, during a rapid growth stage in research coverage, from a universe of roughly 150 stocks to nearly 400 in less than four years. His proven track record also includes multi-year runs building strong equity research franchises as product manager at Lazard Capital Markets and prior to that Bear Stearns, where the equity research team climbed all the way up to number two in the annual Institutional Investor survey rankings. Prior to moving to the sell-side, Kiernan spent about 15 years as a portfolio manager, including a decade at UBS Asset Management.
Kiernan will be managing a team of six senior research analysts and several associates focused on global technology at Rosenblatt. The firm currently covers 60 names, including well-known Software, Semi, Telco Equipment, FinTech and Media names, and distinguishes its independent coverage in several key ways: (i) deep domain expertise with publishing analysts typically having significant industry experience; (ii) a focus on disruptive/thematic industry changes and incremental data points through bottom up channel and field work, including on the ground in China, with collaboration among analysts to connect the dots a hallmark; and (iii) responsiveness to client needs. The firm’s International Markets Group also has distribution partnerships with 15 leading banks and brokers globally, who publish research on hundreds of additional names, primarily in emerging and frontier markets.
“After an extensive search, I am thrilled we were able to get a manager of Michael’s caliber to help us take our fundamental research effort to the next level,” commented Rosenblatt President, Joe Gawronski. “Much like we were able to build the world’s leading Market Structure Group and become largest floor broker on the NYSE in the midst of a rapidly changing trading environment in the mid-2000s, we believe that the headwinds of shrinking research budgets, MiFID II and other industry dynamics, have actually created an opportunity to build a global tech-focused boutique to fill the void left when Robertson Stephens, Hambrecht & Quist, Montgomery and Alex Brown were swallowed up in the late 90s followed by SoundView and PacCrest years later. Our goal of becoming the go-to global tech boutique is lofty, but we are committed to blocking and tackling our way to achieve it--and Michael’s hiring is a demonstration of that commitment.”
Michael Kiernan added: “I’m a builder so an opportunity to apply the best practices and processes I’ve learned from my previous experience to an already solid core at Rosenblatt appealed to me, along with the firm’s collaborative culture and reputation for integrity. But the challenge to be best-in-class is what made this a must-do. With the ever-growing importance of China to the global economy and tech companies and the globalization and disruptive forces of technology more generally, the ability to further leverage Rosenblatt’s China coverage and global research partners gives us a big edge in adding value to the investment process of clients. I’m looking forward to executing on the vision to become the leading Global Tech boutique.”
Kiernan’s management counterpart Evan Morgan, Head of Research Sales, further commented: “I am positively energized by Michael’s addition to the team. His commitment to quality and differentiated product dovetails with our business plan and he’s a perfect fit culturally, which is of course key to success. His leadership will help us meaningfully expand our Global Tech coverage footprint and corporate access opportunities over the coming year. With the Fundamental Research Group already achieving double-digit revenue growth in ’18 and again so far in ‘19, despite a tough macro-environment for research, Michael’s addition to the team will only accelerate our momentum.”
About Rosenblatt Securities: Rosenblatt Securities is a boutique tech research firm, FinTech investment bank and independent institutional brokerage founded in 1979 and headquartered in New York. The firm represents clients on an agency-only basis in equities and ETFs and is the largest broker by volume operating on the New York Stock Exchange floor. It also offers cutting-edge “upstairs” trading services, including both program and single-stock execution. The firm provides industry-leading execution analytics, market-structure analysis, consulting and investment-banking services to a wide variety of clients globally, including institutional investors, exchanges, government entities, technology companies, banks, brokers and proprietary-trading firms. Its growing research offering includes coverage of technology, media, and telecommunications and emerging, frontier and developed markets. Member NYSE, FINRA, SIPC. For more information, please go to www.rosenblattsecurities.com.