Biographies

  • Jeffrey H. SpurrDirector of Research-

    Jeffrey H. Spurr

    Director of Research

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    Jeff Spurr is a Managing Director and is JMP Securities’ Director of Research.

    Jeff previously served as JMP’s Director of Product Management, focused on the optimization of the firm’s equity research product, from 2007 through 2011 and as Director of Institutional Sales from 2005 through 2009. Prior to joining JMP, Jeff was a Vice President in equity sales at Morgan Stanley with coverage of major west coast institutional clients and was a Managing Director in institutional sales at NationsBanc Montgomery Securities. Beforehand, he was a portfolio manager at Reindeer Capital, L.P. and the general partner of The Steelhead Fund, L.P. Jeff’s earlier investment and financial advisory experience includes roles in the real estate investment banking group of Coldwell Banker Commercial, the acquisition and development arm of American Continental Properties, the mergers and acquisitions department of E.F. Hutton and the corporate sale/leaseback division of Integrated Resources.

    Jeff holds an MBA from the Amos Tuck School of Business Administration at Dartmouth College and a BA from the University of Vermont.

  • Patrick D. WalravensDirector of Technology ResearchSoftware

    Patrick D. Walravens

    Director of Technology Research
    Senior Analyst, Software

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    Pat Walravens is a Managing Director and senior research analyst covering the software industry. As Director of Technology Research, Pat helps oversee the equity research product at JMP, with a focus on the software, Internet, semiconductor and communications equipment sectors. Prior to joining JMP in 2001, Pat served as a Vice President and senior research analyst at Lehman Brothers. Earlier in his career, Pat practiced corporate law with the firm of Cooley Godward Kronish, where he represented emerging technology companies and venture capital investors.

    Pat holds an MBA from the Anderson School of Management at UCLA and a JD from the UCLA School of Law, where he was awarded the Order of the Coif. Pat holds a BA in economics from Stanford University, where he served as an undergraduate teaching assistant in the computer science department.

  • Liisa A. BaykoSenior AnalystBiotechnology

    Liisa A. Bayko

    Senior Analyst
    Biotechnology

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    Liisa Bayko is a Managing Director and senior research analyst covering the biotechnology industry.

    Prior to joining JMP, Liisa was a Director and senior biotechnology analyst at Next Generation Equity Research. She previously served as an equity research associate at Prudential Equity Group and worked as a research analyst at Baker Brothers Investments, a biotechnology-focused asset management firm. She began her career at Pharmacia Corporation as a senior analyst in the strategy development group.

    In 2011, Liisa ranked first among all stock pickers in the Pharmaceuticals category and fourth in the Biotechnology category  in the annual “Best on the Street” analyst survey conducted by the Wall Street Journal.  In 2010, she ranked second in the Biotechnology category.

    Liisa holds an MBA from the Kellogg School of Management at Northwestern University, an MS in medical biophysics from the University of Toronto and a BS with honors from Queen’s University in Kingston, Canada.

  • Matthew J. CarlettiSenior AnalystSpecialty Insurance

    Matthew J. Carletti

    Senior Analyst
    Specialty Insurance

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    Matt Carletti is a Managing Director and senior research analyst covering property and casualty insurers and reinsurers.

    Prior to joining JMP, Matt was a senior equity research analyst at Macquarie Capital (USA), where he followed the insurance and reinsurance sectors. He previously served in the equity research groups at Piper Jaffray and Fox-Pitt, Kelton.

    In 2009, Matt ranked among the top three stock pickers in the insurance industry, according to the annual FT |  StarMine survey of analyst performance.

    Matt holds a BS from the University of Virginia’s McIntire School of Commerce.

  • Constantine Davides, CFASenior AnalystHealthcare Services & IT

    Constantine Davides, CFA

    Senior Analyst
    Healthcare Services

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    Constantine Davides is a Director and senior research analyst covering the healthcare services industry.

    Prior to joining JMP Securities, Constantine was a senior research analyst at Susquehanna Financial Group following healthcare services, including specialty distribution, pharmaceutical wholesaling, pharmacy benefit managers, labs, disease management and healthcare information technology. He previously served as an equity research associate covering the healthcare services sector at Leerink Swann & Co. Constantine has also served as director of business operations at Brandwise, a business process management technology provider, and as manager of implementation services for CareTools, a healthcare consulting service and software firm. He was formerly an analyst in Mercer Consulting’s benefits consulting practice.

    Constantine holds an MBA from Carnegie Mellon University and a BA from Wesleyan University. He is a chartered financial analyst.

  • Steven C. DeLaneySenior AnalystMortgage Finance

    Steven C. DeLaney

    Senior Analyst
    Mortgage Finance

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    Steve DeLaney is a Managing Director and senior research analyst covering residential and commercial mortgage finance.

    Prior to joining JMP, Steve served as Director of Research at Flagstone Securities. Beforehand, he was a Senior Vice President and research analyst at Ryan Beck & Co., covering banks, thrifts and other mortgage finance companies. He previously spent nearly a decade at BB&T Capital Markets and its parent company, Scott & Stringfellow, serving both as Chief Financial Officer and Director of Capital Markets of Scott & Stringfellow and later as President and CEO of BB&T Capital Markets. Steve began his career with Investors Financial Corporation, a diversified thrift holding company, where he served as President, Chief Financial Officer and Chief Administrative Officer during his 15-year tenure.

    In 2009, Steve won recognition in several categories in the annual FT | StarMine survey of analyst performance, ranking first in earnings estimation and fourth in stock picking among all equity analysts nationally. Steve also ranked first among earnings estimators and third among stock pickers in the Real Estate Investment Trusts (REIT) category.

    Steve holds an MBA from the University of Richmond and a BA from the University of Virginia.

  • Charles C. Duncan, PhDSenior AnalystBiotechnology

    Charles C. Duncan, PhD

    Senior Analyst
    Biotechnology

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    Charles Duncan is a Managing Director and senior research analyst covering the biotechnology industry.

    Prior to joining JMP, Charles had served as Director of U.S. Equity Research and as a biotechnology analyst at Dresdner Kleinwort Wasserstein Securities since July 2001. He previously spent a year at Prudential Vector Healthcare Group as a Senior Vice President following biotechnology and genomics. Charles began his equity research career at Tucker Anthony Cleary Gull, where he covered drug development and therapeutics from 1997 through 2000.

    In 2008, Charles ranked second among all stock pickers in the Biotechnology category in the FT | StarMine Global Analyst Awards. 

    Charles holds a PhD in pharmaceutical sciences from the University of Colorado and a BS in zoology from the University of Wisconsin, Madison.

  • Alex GaunaSenior AnalystSemiconductors

    Alex Gauna

    Senior Analyst
    Semiconductors & Clean Technology

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    Alex Gauna is a Managing Director and senior research analyst covering the semiconductor and clean technology industries.

    Prior to joining JMP, Alex served as an Executive Director and senior research analyst at UBS, where he covered the semiconductor and advanced materials industries from 2001 through 2007. Alex was previously a Managing Director and senior research analyst at Banc of America Securities and an associate research analyst at Prudential Securities, working for two years at each firm. Before starting his career in finance, he worked as an electrical engineer at a California-based startup developing hybrid electric vehicles; at Toyota’s headquarters research and development center in Aichi, Japan;  and at IBM in the San Francisco Bay Area.

    Alex holds an MBA from the Anderson School of Business at UCLA and a BS in electrical engineering and computer science from the University of California, Berkeley.

  • Mitchell B. GermainSenior AnalystOffice & Industrial REITs

    Mitchell B. Germain

    Senior Analyst
    Office & Industrial REITs

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    Mitch Germain is a Director and senior research analyst covering office and industrial real estate investment trusts, or REITs.

    Prior to joining JMP, Mitch had been a senior equity analyst at Banc of America Securities since 2007. Mitch previously worked in equity research at RBC Capital Markets and UBS Securities. Before starting his career in the investment banking industry, Mitch was a management consultant with Parson Consulting and SunDance Advisors.

    Mitch holds a BS from Boston University and is a certified public accountant.

  • Mark Harding, CFASenior AnalystInternet & Digital Media

    Mark Harding, CFA

    Senior Analyst
    Internet & Digital Media

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    Mark Harding is a Managing Director and senior research analyst covering the Internet and digital media.

    Prior to joining JMP, Mark was a senior research analyst at Maxim Group, where he covered the Internet and digital media sectors for six years.  He previously served as an equity research analyst at Smith Barney, following the personal computing and enterprise hardware industries, and at Ryan, Beck & Co., covering software and semiconductors as well as, initially, healthcare information technology.  He began his financial services career at Merrill Lynch & Co.  

    Mark holds an MBA in finance and computer information systems and a BA in finance from University of Miami.

  • Jose T. Haresco III, PhDSenior AnalystMedical Devices

    Jose T. Haresco III, PhD

    Senior Analyst
    Medical Devices

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    Jose Haresco is a Managing Director and senior research analyst covering the medical devices industry.

    Prior to joining JMP, Jose was a senior equity analyst following medical technology both at Brean Murray, Caret & Co. and at Merriman Curhan Ford & Co. He previously worked in healthcare corporate finance at C.E. Unterberg Tobin and as a scientist in the infectious disease division of Roche Molecular Sciences.

    Jose holds a PhD from the School of Pharmacy at The University of California, San Francisco and a BS in genetics from The University of California, Davis.

  • John HechtSenior AnalystConsumer & Specialty Finance

    John Hecht

    Senior Analyst
    Consumer & Specialty Finance

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    John Hecht is a Managing Director and senior research analyst covering the consumer and specialty finance industries.

    Prior to joining JMP, John spent two years in portfolio management as an analyst at HAL Investments, a private equity fund, and served as Director of Corporate Development for two years at Riverstone Networks, a network technology company. Before starting business school in 1998, John worked in investment banking at Montgomery Securities, assisting specialty and consumer finance companies from 1995 through 1997. John also spent two years in the investment banking group at Merrill Lynch, providing corporate finance and mergers and acquisition services to large banks, regional thrifts and specialty finance companies.

    In 2011, John was ranked fourth among all stock pickers in the Consumer & Specialty Finance category in the annual “Best on the Street” analyst survey conducted by The Wall Street Journal. In 2010, he ranked second among all stock pickers in the Consumer & Specialty Finance category and fourth in the Banks category; in 2007, he ranked third in the Consumer & Specialty Finance category. In 2010, John was ranked second among all stock pickers in the Consumer Finance industry in the annual FT/StarMine analyst poll. In 2009, StarMine ranked John second in the Consumer Finance category for estimate accuracy and third in the category for stock picking.

    John holds an MBA from the Graduate School of Business at Stanford and a BA in international economics from the University of California, Berkeley.

  • William C. MarksSenior AnalystReal Estate & Lodging

    William C. Marks

    Senior Analyst
    Lodging & Property Services

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    Will Marks is a Managing Director and senior research analyst covering the hotel and resorts industry and the property services sector.

    Prior to joining JMP, Will was a Managing Director and senior research analyst at Montgomery Securities, now Banc of America Securities, from 1994 to 2001, covering real estate investment trusts (REITs) and property services. Before beginning his career in equity research, Will worked at Iliff, Thorn & Company as a commercial real estate broker from 1988 to 1992.

    In 2006, Will was named as the top stock picker in the Real Estate category in the annual “Best on the Street” analyst survey conducted by The Wall Street Journal. In 2004, Will ranked second among all analysts in the Lodging category; and, in 2001, he also ranked first in the Real Estate category.

    Will holds an MBA from Northwestern University’s Kellogg School of Management and a BA in economics from the University of California, Davis.

  • Peter L. Martin, CFASenior AnalystHealthcare Services & Facilities

    Peter L. Martin, CFA

    Senior Analyst
    Healthcare Services & Facilities

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    Peter Martin is a Managing Director and senior research analyst covering healthcare services and facilities companies.

    Prior to joining JMP, Peter was a portfolio manager at hedge fund Matthes Capital, where he focused on sectors including real estate, healthcare services, medical devices and business services, among others. Beforehand, Peter was a portfolio manager for three years at Presidio Management. From 1997 through mid-2003, he was a Managing  Director and senior research analyst at Jefferies & Co., where he followed the assisted living industry and established the firm’s coverage of the knowledge services industry in 1999. Peter previously worked as a research associate at Montgomery Securities, covering companies in the real estate, business services and consumer industries. He began his finance career at Franklin Templeton as a securities analyst.

    Peter holds an MBA from the University of San Francisco and a BA from the University of California, Santa Barbara. He is a chartered financial analyst.

  • David M. ScharfSenior AnalystFinancial Processing & Outsourcing

    David M. Scharf

    Senior Analyst
    Financial Processing & Outsourcing

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    David Scharf is a Managing Director and senior research analyst covering the financial processing and outsourcing industry.

    Prior to joining JMP, David was a Managing Director and equity research analyst at Banc of America Securities and its predecessor, Montgomery Securities, covering business and computer services from 1996 to 2000. From 1989 to 1996, David worked in the investment banking division of Smith Barney, first as a member of the financial restructuring group and later in the firm’s emerging growth practice in San Francisco. David previously worked for two years at Andersen Consulting, now Accenture, assisting clients with MIS systems design and integration projects in the banking and healthcare industries.

    In 2011, David was ranked first among all stock pickers in the Diversified Financial Services sector in the annual FT/StarMine analyst poll. In 2007, he was ranked fifth among all stock pickers in the Business & Industrial Services category in the annual “Best on the Street” analyst survey conducted by The Wall Street Journal.

    David holds an MBA from Harvard Business School and a BA in economics from Cornell University.

  • Shawn M. SeversonSenior AnalystClean Technology

    Shawn M. Severson

    Senior Analyst
    Cleantech & Industrial Technologies

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    Shawn Severson is a Managing Director and senior research analyst covering cleantech and industrial technologies.

    Prior to joining JMP, Shawn was a managing director and senior research analyst at ThinkEquity Partners.  He formerly served as a director and institutional salesperson in the London office of Robert W. Baird & Co., primarily covering global hedge funds and proprietary trading desks.  For more than eight years, Shawn was an equity research analyst at Raymond James, where he followed the IT supply chain and won repeated recognition in the “Best on the Street” survey conducted by The Wall Street Journal.  He began his financial services career in an equity research role at Kemper Securities.  

    Shawn holds a BA in finance and economics from Augustana College.

  • Michael G. SmithSenior AnalystHousing & Real Estate

    Michael G. Smith

    Senior Analyst
    Housing & Land Development

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    Michael Smith is a Vice President and senior research analyst covering the housing industry, including homebuilders, the housing supply chain, and land development companies.

    Michael joined JMP in 2009 as an equity research associate under Director of Research Jim Wilson, assisting in the coverage of the housing industry and housing-related sectors, including homebuilding, the housing supply chain, land development, residential real estate investment trusts (REITs) and real estate technology. Michael previously worked in Washington, D.C., as a Congressional aide and in the lobbying arm of a major national organization.

    Michael holds a BA from the University of California, Berkeley.

  • Erik SuppigerSenior AnalystCommunications Equipment

    Erik Suppiger

    Senior Analyst
    Communications & Internet Security

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    Erik Suppiger is a Managing Director and senior research analyst covering makers of communications and Internet security equipment.

    Prior to joining JMP, Erik was a managing director and senior analyst at Signal Hill Capital covering Internet infrastructure technology and services.  He was previously a managing director and senior analyst at Pacific Growth Equities and a senior analyst at J.P. Morgan and its predecessor, Hambrecht & Quist, following the networking and security sectors.  Early in his career, Erik focused on the communications sector as a member of the Deutsche Bank DMG Technology Group.   

    Erik ranked first among all stock pickers in both the Communications Equipment category and the Internet Software & Services category in the 2010 FT | StarMine Analyst Awards.  Also in 2010, he placed first in the Telecommunications Equipment category and second in the Internet & Computer Services category in the annual “Best on the Street” analyst survey conducted by The Wall Street Journal.  In 2005, he placed second in the Communications Equipment category in the “Best Brokerage Analysts” rankings released by Forbes.com in conjunction with StarMine.

    Erik holds a B.S. in business administration from the Boston University School of Management.

     

  • David M. TroneSenior AnalystInvestment Banks & Brokers

    David M. Trone

    Senior Analyst
    Investment Banks & Brokers

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    David Trone is a Managing Director and senior research analyst covering the investment banking and brokerage industry.

    Prior to joining JMP, David was a Managing Director and senior equity analyst at Fox-Pitt Kelton Cochran Caronia Waller and its successor, Macquarie Capital (USA), where he was head of commercial and investment bank research. David previously served as a research analyst at Prudential Equity Group, where he covered broker-dealers and mid-cap banks, and at Credit Suisse First Boston, where he focused on mid-cap banks and mortgage finance.

    David holds an MBA from The Robert H. Smith School of Business at the University of Maryland.

  • Jason N. Butler, PhDResearch AnalystBiotechnology

    Jason N. Butler, PhD

    Research Analyst
    Biotechnology

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    Jason Butler is a Vice President and research analyst covering the biotechnology industry.

    Prior to joining JMP, Jason served as a senior associate equity analyst at Rodman & Renshaw covering biotechnology companies focused on therapies for metabolic and infectious diseases.

    Jason holds a PhD in neuroscience and a Bachelor’s degree in biology from Imperial College London.

  • Trevor Cranston, CFAResearch AnalystMortgage Finance

    Trevor Cranston, CFA

    Research Analyst
    Mortgage Finance

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    Trevor Cranston is a Vice President and research analyst covering the mortgage finance industry, including mortgage REITs.

    In 2009, Trevor was part of the equity research team that won recognition in several categories in the FT/StarMine annual survey of analyst performance, ranking first in earnings estimation and fourth in stock picking among all equity analysts nationally as well as ranking first among earnings estimators and third among stock pickers in the Real Estate Investment Trusts (REIT) category.

    Prior to joining JMP, Trevor worked as an equity research associate at Flagstone Securities covering residential mortgage lenders, mortgage REITs and specialty finance companies.

    Trevor holds a BA in economics with honors from the University of Saskatchewan and is a chartered financial analyst.

  • Steven Fu, CFAResearch AnalystAsset Managers

    Steven Fu, CFA

    Research Analyst
    Asset Managers

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    Steven Fu is a Vice President and research analyst covering investment banks, brokers and asset managers.

    Prior to joining JMP, Steven served as a senior associate equity analyst at Macquarie Capital (USA) covering small- and mid-cap brokers. He joined Macquarie upon its acquisition of Fox-Pitt Kelton Cochran Caronia Waller, where he had been a senior research associate covering the capital markets industry.

    Steven holds an MBA from New York University’s Stern School of Business and a BS from the University of Chicago.

  • Greg McDowellResearch AnalystSoftware

    Greg McDowell

    Research Analyst
    Software

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    Greg McDowell is a Vice President and research analyst covering the software industry.

    Prior to joining JMP in 2007, Greg spent nine years at Oracle in various account executive and finance positions.  While at Oracle, Greg was responsible for selling both the company’s application solutions, including e-Business Suite and PeopleSoft solutions, and its core technology solutions, including database software, business intelligence software and middleware software.

    Greg holds an MBA from The Robert H. Smith School of Business at the University of Maryland and a BA from the University of California, Davis.

  • Chris Ross, CFA, CPAResearch AnalystMarket Structure

    Chris Ross, CFA, CPA

    Research Analyst
    Market Structure

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    Chris Ross is a research analyst following the capital markets industry, including market structure, universal banking and investment banking. 

    Prior to joining JMP, Chris served as an equity research analyst at Macquarie Capital (USA), where he covered electronic brokerage as well as financial processing and outsourcing.  He previously spent two years as a senior research associate at Fox-Pitt Kelton Cochran Caronia Waller, prior to its acquisition by Macquarie, focused on the market structure industry.  Chris began his career as an external auditor for Ernst & Young’s asset management practice, engaged in financial audits of hedge funds and funds of funds. 

    Chris holds an MS in accoutancy and a BS in finance from Wake Forest University. 

  • Kevane A. WongResearch AnalystMarket Structure & Financial Processing

    Kevane A. Wong

    Research Analyst
    Business & Professional Services

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    Kevane Wong is a Vice President and research analyst covering business and professional services in addition to market structure and financial processing.

    Prior to joining JMP, Kevane was co-founder and Vice President of Finance at InterBex Corporation, a startup that provided Internet infrastructure solutions facilitating digital payments and financial services transactions. From 1996 through 2000, Kevane served as an associate equity research analyst at Jefferies & Co. covering the business services industry and the business-to-business e-commerce sector. Kevane was previously a branch manager at Transglobal Investments, where he supervised broker activities for two years.

    Kevane holds an MBA from the Graduate School of Management at the University of California, Davis and a BA from the University of California, Berkeley.