Jeffrey H. SpurrDirector of Research-
Jeffrey H. Spurr
Director of Research
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.
Steven C. DeLaneyDirector of Specialty Finance ResearchMortgage Finance
Steven C. DeLaney
Director of Specialty Finance Research
Senior Analyst, Mortgage Finance
Steve DeLaney is a Managing Director and senior research analyst following residential and commercial mortgage finance. Additionally, Steve serves as Director of Specialty Finance Research, broadly overseeing the firm’s coverage of non-bank commercial and consumer lenders.
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.
Patrick D. WalravensDirector of Technology ResearchSoftware
Patrick D. Walravens
Director of Technology Research
Senior Analyst, Software
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.
Devin P. RyanSenior AnalystInvestment Banks & Brokers
Devin P. Ryan
Investment Banks & Brokers
Devin Ryan is a Managing Director and senior research analyst covering the capital markets industry, with a particular focus on the investment banking and brokerage sector.
Devin previously spent more than eight years in equity research at Sandler O’Neill & Partners, concluding his tenure there as a managing director and senior analyst while covering a range of companies in the capital markets industry with business lines spanning investment banking and securities trading, asset and wealth management, and retail and commercial banking. During his time at Sandler O’Neill, Devin was a three-time winner of the top spot in his sector in an annual ranking of all U.S. equity research analysts conducted by StarMine and published in The Financial Times. He began his Wall Street career in the institutional investor group at Citigroup Smith Barney.
Devin holds a BBA in management information systems from University of Notre Dame.
Liisa A. BaykoSenior AnalystBiotechnology
Liisa A. Bayko
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.
Jason N. Butler, PhDSenior AnalystBiotechnology
Jason N. Butler, PhD
Jason Butler is a Director and senior 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.
Matthew J. CarlettiSenior AnalystInsurance
Matthew J. Carletti
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.
Alex GaunaSenior AnalystWireless & Cloud Computing Technologies
Wireless & Cloud Computing Technologies
Alex Gauna is a Managing Director and senior research analyst covering manufacturers of wireless and cloud computing technologies.
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 AnalystReal Estate Investment Trusts
Mitchell B. Germain
Real Estate Investment Trusts
Mitch Germain is a Managing Director and senior research analyst covering 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.
Jose J. Haresco III, PhDSenior AnalystMedical Devices
Jose J. Haresco III, PhD
Medical Devices and Life Science Tools & Diagnostics
Jose Haresco is a Managing Director and senior research analyst covering two verticals: medical devices as well as life science tools and diagnostics.
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, before starting his Wall Street career, held roles at Roche Molecular Systems and Boehringer Mannheim.
Jose holds a PhD in biological and medical informatics from The University of California, San Francisco, where he developed genetic algorithms for structure-based drug design in the lab of Professor Emeritus Irwin “Tack” Kuntz, and a BS in genetics from The University of California, Davis. He has been granted two patents involving small molecule-mediated PDZ domain inhibition.
Ronald V. Josey IIISenior AnalystInternet
Ronald V. Josey III
Ron Josey is a Managing Director and senior research analyst covering the Internet industry.
Prior to joining JMP, Ron served as a senior research analyst at ThinkEquity LLC, where he focused on Internet subsectors such as e-commerce, online advertising, mobile Internet, online video and online travel. He was previously a vice president in equity research at Barclays Capital and its predecessor, Lehman Brothers, with coverage of small- and mid-cap Internet stocks. Ron also worked as a business development and marketing manager at AOL, concentrating on product strategy and development. He began his career as a consultant in the communications and high technology market unit at Accenture.
Ron holds an MBA from The Robert H. Smith School of Business at University of Maryland and a BS from Villanova University.
Michael G. King, Jr.Senior AnalystBiotechnology
Michael G. King, Jr.
Mike King is a Managing Director and senior research analyst covering the biotechnology industry.
Prior to joining JMP, Mike was a Managing Director at Dawson James Securities, where he served as Director of Research and as a senior biotechnology analyst. He was previously a Managing Director and senior research analyst at Rodman & Renshaw, a Senior Vice President and Director of Corporate Development at publicly traded ZIOPHARM Oncology, and a Managing Director and senior equity analyst at Wedbush Securities. Beforehand, Mike served as a Managing Director and senior biotechnology analyst both at Merriman Curhan Ford and at Rodman & Renshaw, where, in his initial tenure with the company, he was also the Director of Research. Additionally, Mike has held senior equity research positions at Banc of America Securities, Robertson Stephens, Vector Securities and Dillon Read & Co., covering a wide range of market capitalizations and therapeutic categories. He began his career as a biotechnology specialist in the private client sales divisions of Alex. Brown & Co., Hambrecht & Quist and Kidder, Peabody & Co.
In 2013, Mike ranked first among all stock pickers in the Pharmaceuticals category in the annual “Best on the Street” analyst survey conducted by The Wall Street Journal.
Mike holds a BA in finance from The Bernard M. Baruch College of the City University of New York.
Robert A. LaFleurSenior AnalystResorts & Lodging
Robert A. LaFleur
Resorts & Lodging
Bob LaFleur is a Managing Director and senior research analyst following the resort and lodging industry.
Prior to joining JMP, Bob was a Managing Director and senior research analyst at Cantor Fitzgerald & Co. covering the gaming and lodging sectors. He previously served as a senior analyst following gaming, lodging and leisure at both Rodman & Renshaw and at Susquehanna Financial Group and served as an associate analyst covering those same sectors at Deutsche Bank Securities and Bear, Stearns & Co. Before starting his equity research career, Bob worked as a hospitality industry consultant at PKF Consulting and held financial and operational positions at The Plaza Hotel in New York and at Walt Disney World in Orlando, Florida.
In 2013, Bob won recognition in the annual FT | StarMine survey of analyst performance, ranking fourth in stock picking among all equity analysts nationally.
In 2002, Bob was a visiting lecturer at Cornell University’s School of Hotel Administration, where he taught an advanced management strategy course. He holds a MS in real estate finance from New York University and a BS from the School of Hotel Administration at Cornell University.
Oren G. LivnatSenior AnalystSpecialty Pharmaceuticals
Oren G. Livnat
Oren Livnat is a Director and senior research analyst following the specialty pharmaceuticals industry.
Prior to joining JMP Securities, Oren spent four years in equity research at Jefferies & Company, where he covered development-stage and commercial-stage brand and generic specialty pharmaceutical companies, with a specific focus on CNS, pain and specialty generics. Prior to that, he worked in equity research following specialty pharmaceuticals at Natixis Bleichroeder.
Oren received a BA in economics from Wesleyan University and is a CFA charterholder.
Peter L. Martin, CFASenior AnalystHousing and Healthcare Facilities
Peter L. Martin, CFA
Housing and Healthcare Facilities
Peter Martin is a Managing Director and senior research analyst covering the housing and homebuilding industry as well as healthcare real estate, including healthcare services and facilities companies and healthcare REITs.
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.
Greg McDowellSenior AnalystSoftware
Greg McDowell is a Director and senior 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 University of Maryland and a BA from University of California, Davis.
David M. ScharfSenior AnalystFinancial Processing & Outsourcing
David M. Scharf
Consumer Finance and Financial Processing & Outsourcing
David Scharf is a Managing Director and senior research analyst covering the consumer finance industry as well as financial processing and outsourcing.
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.
Erik SuppigerSenior AnalystCommunications Equipment
Communications Equipment & Internet Security
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 L. TurkalySenior AnalystMedical Devices
David L. Turkaly
David Turkaly is a Managing Director and senior research analyst focused on the medical devices industry.
Prior to joining JMP, David served as a senior research analyst at Susquehanna International Group, where he covered medical devices for six years. He was previously a Managing Director and senior analyst covering the medical devices industry at WR Hambrecht + Co. and a Director and senior analyst primarily following the neurological and orthopedic markets at CIBC World Markets Corp. Earlier in his career, David worked in healthcare equity research at ING Barings and in healthcare investment banking at Smith Barney.
David holds an MBA from Columbia Business School and a BS in accounting from University of Richmond.
Christopher YorkSenior AnalystCommercial & Specialty Finance
Commercial & Specialty Finance
Chris York is a Vice President and senior research analyst covering the commercial and specialty finance industries, including business development companies, or BDCs.
Prior to joining JMP, Chris was an equity research analyst at ROTH Capital Partners, where he helped establish the company’s financial services group, initiating coverage of companies in the specialty finance and mortgage finance industries. He previously worked as an equity research associate at William Blair & Company following commercial banks, specialty finance companies and electronic payment processors and gained commercial credit experience in the real estate capital markets division of Bank of America following its acquisition of LaSalle Bank.
Chris holds a BBA from the University of Wisconsin–Madison.
Trevor Cranston, CFAResearch AnalystMortgage Finance
Trevor Cranston, CFA
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.
Christine WorleyResearch Analyst Insurance
Christine Worley is a Vice President and research analyst covering property & casualty insurers, mortgage insurers, and reinsurers.
Prior to joining JMP, Christine worked in the asset-based lending department at Wells Fargo and as an equity research associate covering property and casualty insurers and reinsurers with Fox Pitt Kelton Cochran Caronia Waller.
Christine holds a BA in Accounting from Southern Methodist University.