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Stephens expected to add FIG equities personnel from Piper Jaffray

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Stephens expected to add FIG equities personnel from Piper Jaffray

Matthew Kelley, an equities sales financial sector specialist, and depository research analysts Matthew Breese and Brody Preston have left Piper Jaffray Cos. and are expected to join Stephens Inc., according to four sources familiar with the matter.

A spokesperson for Stephens said the company had no comment. Efforts seeking comment from Piper Jaffray, Breese, Kelley and Preston were unsuccessful. However, Breese, Kelley and Preston have not been registered with Piper Jaffray since Aug. 26, according to Financial Industry Regulatory Authority Inc. records.

The moves come as Piper Jaffray is set to significantly increase its equities exposure to the financial institution sector with the pending acquisition of Sandler O'Neill. The moves will also reunite Kelley and Breese with some of their former coworkers.

Before Piper Jaffray, Kelley and Breese were with Sterne Agee & Leach Inc. when the company's financial institutions group was broken up during its 2015 sale to Stifel Financial Corp. At the time, several members of the Sterne Agee FIG team moved to Piper Jaffray and Stephens.

Some of the former members of the Sterne Agee FIG team that are with Stephens include Head of Equity Capital Markets and Head of U.S. Depositories Scott Studwell along with investment banking managing directors Brian Branson, James Hemmer and Kade Machen.

With Sterne Agee, Kelley worked as an equity research analyst, and he initially held that role with Piper Jaffray. However, he moved into an equities sales position in 2016.

With Piper Jaffray, Breese has focused his coverage on Northeast banks. His coverage universe included Amalgamated Bank, Bank OZK, Bankwell Financial Group Inc., Berkshire Hills Bancorp Inc., Brookline Bancorp Inc., Camden National Corp., Community Bank System Inc., ConnectOne Bancorp Inc., Dime Community Bancshares Inc., Financial Institutions Inc., Flushing Financial Corp., Fulton Financial Corp., Independent Bank Corp., Investors Bancorp Inc., Meridian Bancorp Inc., Metropolitan Bank Holding Corp., NBT Bancorp Inc., New York Community Bancorp Inc., Northfield Bancorp Inc., OceanFirst Financial Corp., Oritani Financial Corp., People's United Financial Inc., Provident Financial Services Inc., S&T Bancorp Inc., Signature Bank, Sterling Bancorp, TFS Financial Corp. (MHC), The Bancorp Inc., United Financial Bancorp Inc., Univest Financial Corp., Valley National Bancorp, Webster Financial Corp. and Western New England Bancorp.

With Piper Jaffray, Preston had recently initiated coverage on WSFS Financial Corp. and Eagle Bancorp Inc.