FBR Capital Picks up M&A Pros
Displaced bulge bracket bankers continue to head to middle market gigs, where it seems opportunities have been more plentiful.
June 30, 2009
FBR Capital Markets made three senior hires as it looks to boost its tech, energy and diversified industrials practices.
Bulge bracket professionals have sought refuge with middle market institutions where it appears that hiring has been more fluid than for government-bailed institutions.
Robert Hallett will join FBR from RBC Capital Markets where he was a managing director within the firm's energy i-banking practice and M&A group for the past nine years. With FBR, Hallett will serve as managing director with its energy & natural resources group in Houston.
Joseph Giacobbe is the second of FBR’s recently-acquired trio; he comes from Banc of America Securities where he was a managing director within its aerospace, defense and transportation group. Giacobbe began his investment banking career with Merrill Lynch's global industries group focusing on aerospace and defense companies. With FBR, Giacobbe will work in the firm’s Arlington office as a managing director on its diversified industrials team.
David Grove, another BofA veteran, will join the firm’s San Francisco office to work on its technology, media & telecom team; he spent most of his career with Cowen and Company before moving to Banc of America Securities, where he was managing director with its technology i-banking unit.
The ongoing integration of Merrill Lynch into Bank of America seems to have displaced many investment bankers and professionals; earlier this month Moelis & Co. hired Kevin Scheetz, a Merrill MD, to a San Francisco position to work in technology. Also, recently, Cantor Fitzgerald named David Stith, another Merrill veteran, as a managing director and head of leveraged finance and financial sponsor coverage.
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