Last month, "noted bank analyst" Dick Bové informed the people that after careful consideration, he had finally selected the lucky winner of the Dick Bové Sweepstakes, tapping Rafferty Capital Markets LLC to be his new employer over a large pool of suitors banging down his door. Today, Bové's colleague/unofficial spokesman/son none of us knew about until now sent a letter to clients re: the new gig (and some background about the selection process) containing good news and bad news.
The bad news: As previously noted, Dick Bové apparently has a son who he works with, i.e. we could have lived in a world where there was a firm called Bové & Sons, if only they'd struck out on their own!
The good news: The duo will start cranking out the good stuff on January 28, if all goes according to plan.
Sayeth Joseph Bové:
We’re back, well almost…
I wanted to inform you that after two months of intensively assessing employment opportunities, Dick and I have officially joined Rafferty Capital Markets as of January 1. Even though we weren’t permitted to publish any research during this time period (due to the unfortunate circumstances at Rochdale), it’s been a very busy two months. We were fortunate to have been contacted by 21 firms. We intensively interviewed 11 of these and received 10 offers of employment. At the end of the day we truly believe RCM was the best fit – not only for us, but for our clients as well.
The most appealing aspect was not the money (we turned down more lucrative offers), but the people and the opportunity to conduct business the way our clients have always expected from us – without conflicts of interest. Dick will continue to ‘call it likes he sees it’ and speak from his heart. This is not only what our clients expect from us, but what we demand of ourselves.
I wanted to thank you for standing by us during this trying period and for your patience. Although we’re eager to get started right away, there are a few restrictions holding us back: first and foremost, we’re waiting on FINRA approval in order to launch our research product. We do not anticipate any problem in receiving that approval and hope to launch our research effort by the end of the month. Our projected launch date is January 28, 2013. After earnings season, Dick will be free to speak with clients…
We’re very excited to get started and we look forward to working with you once again.
Oh that this site had the technology to support a Dick Bové countdown clock.
I’m Almost Back, Dick Bove Tells Clients [Deal Journal]