Dain Rauscher Signs Two from Van Kasper; Morgan and TIAA-CREF Also Hire Analysts

Article excerpt

As positions in banking research open up, bank analysts are on the move.

Joseph K. Morford 3d and Jeffrey T. Runnfeldt joined San Francisco's Dain Rauscher Wessels banking team on Aug. 5. The two worked together for a year and a half at First Security Van Kasper, a boutique securities firm in San Francisco.

Mr. Morford, 32, will cover regional banks and thrifts on the West Coast and focus on banks that are using the Internet in innovative ways, such as Wells Fargo & Co. and Bank One Corp.

Mr. Runnfeldt, the company's new e-finance analyst, will focus on Internet banks, on-line lenders, and electronic payment and billing companies -- coverage he spearheaded at First Security Van Kasper.

Both analysts report to John Adams, director of research.

They succeed R. Jay Tejera and Ben Crabtree, who left Dain Rauscher Wessels earlier this year. Mr. Tejera went to Ragen MacKenzie Inc. in Seattle, and Mr. Crabtree joined the Minneapolis office of George K. Baum & Co.

"Dain Rauscher Wessels is a bigger company and offers a broader platform" than Van Kasper, Mr. Morford said. Mr. Runnfeldt, 33, said he was attracted to Dain Rauscher partly because it has an established Internet research group with five other analysts. …