Raymond James & Associates has released Jon Cartwright and Chris Bauders from their positions as credit analysts based in St. Petersburg, Fla., according to Larry Silver, a spokesman for the firm. People close to the research group say that Raymond James has effectively shut down its credit research operations, as the remaining analysts will only produce "snapshots," which do not include formal "buy," "sell," or "hold" recommendations. In an e-mail message obtained by BondWeek, Cartwright wrote that "Raymond James will close the fixed-income research department on May 31." Cartwright declined comment, and Bauders could not be reached.
Silver disputes assertions that the firm has discontinued fixed-income research. "What you've got is disgruntled employees [sic]," he says. Silver adds that in addition to municipal bond research, the firm will continue to employ two credit analysts in Red Bank, New Jersey, including Sam Grier, head of taxable fixed-income research. Grier referred all questions to Silver, who declined to elaborate on the specific duties of Grier and the other analyst based in Red Bank.
Cartwright followed the energy sector, and Bauders covered healthcare and autos. They will not be replaced, Silver says.
