Putnam Lovell NBF Securities, the financial services investment banking firm, announced Wednesday it will no longer provide research and underwriting services. Instead, the firm will concentrate on merchant banking, trading and advice, and as a result of the new direction, Putnam Lovell will lay off 35 employees, most of them in New York. The decision was partially fueled by the firms hiring of a number of investment bankers this year in its New York, London and San Francisco offices.
The firm has also added a convertible arbitrage team, the first of a number of trading teams it plans on hiring. And rather that underwriting securities, Putnam Lovell will now concentrate on merchant banking and private placement, said John Griff, president of Putnam Lovell U.S.