Sterne Agee/CRT Shutting Down Capital Markets Division - Research/Sales/IB Impacted

http://www.wsj.com/articles/aquiline-capital-part…

Was trying to reach out to a contact of mine at the firm when their auto-reply email said they were shutting down. The link above says the capital markets division (research, sales & trading, and investment banking jobs) is being shut down.

Does this signal the continued shrinkage of ER? Would love to hear some veterans opinions on the matter

 
Does this signal the continued shrinkage of ER?

Yes. I and others in the industry have been saying this for a while. Most of these fringe shops are going to shut down. Soft dollars are declining rapidly and a lot of buy side firms, mine included, are deciding to cut the smaller brokers and focus our soft dollars on the larger players.

The same thing is going to happen on the buy side. Smaller shops will be forced to shut down or merge into bigger firms. True boutiques that have specialty expertise of an industry or strategy can still thrive, but its getting harder.

 
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