Lights of L.A.: Wedbush Morgan securities carves out its Niche in Sunny California. (Research Department Profile: Wedbush Morgan Securities).

Buyside, June, 2002 by Serva, Sandy

Wedbush Morgan Securities may be the only investment bank in Los Angeles, but while some might view this as an obstacle, the company sees only opportunities.

Other firms left town to follow the tech boom in San Francisco, were gobbled up by larger banks or simply closed up shop, but Wedbush soon realized there were benefits to staying put.

"In 1999, the company got very serious about capital markets and recognized that we have a very large geographic advantage,' says Research Director Michael Pachter. "There were 13 to 14 firms that used to provide equity research coverage in Los Angeles that moved their operations, were acquired or folded. We thought there was an under-exploited opportunity and we chose to exploit it."

Pachter says the...

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