Morgan Joseph

MORGAN JOSEPH NAMES INDUSTRY VETERAN WILLIAM S. McDERMOTT HEAD OF INSTITUTIONAL SERVICES
Move Underscores Focus on Continuing to Expand Company’s Position Serving Institutional Clients
5/17/10

NEW YORK, NY, May 17, 2010 – Morgan Joseph & Co. Inc., a leading investment banking firm serving middle market companies, today named William S. McDermott as a Managing Director and head of the Company’s institutional group, a new position. The appointment of the 29-year Wall Street veteran is in line with Morgan Joseph’s continuing strategy to significantly expand its institutional sales activities. Mr. McDermott will report to John F. Sorte, Morgan Joseph President and CEO.

“Our institutional group is backed by an outstanding equity research team, and we believe there are opportunities to further increase our firm’s penetration in this market,” said Mr. Sorte. “Given our strategy, we are fortunate to have Will join us to help do just that. He understands and has worked in the institutional area for many years, and is highly respected in the industry for his knowledge, judgment and accomplishments. I am pleased that we have the right person for this very promising segment of our business.”

With an institutional sales force of 10 persons operating coast-to-coast, Morgan Joseph has 13 persons in its equity research department, which is headed by David Kestenbaum. The research group currently covers 108 corporate issuers. The firm also distributes investment information and recommendations on an additional 60 companies covered by equity analysts at J.J.B. Hilliard, W.L. Lyons, LLC.

Mr. McDermott most recently was a Managing Director and head of Institutional Sales at Soleil Securities, a position he held for two years. He previously had similar positions with Wachovia Securities, with which he was associated for three years, and at W. R. Hambrecht & Co, for two years. Prior to that, Mr. McDermott was head of Institutional Sales at Hambrecht & Quist,, which he joined in 1995 and remained through 2002, a period encompassing that firm’s acquisition by JP Morgan & Co. Among other Wall Street firms, Mr. McDermott had key institutional sales assignments with Dean Witter Reynolds, C.J. Lawrence, Alex Brown & Sons and Kidder Peabody. His first Wall Street position was with Paine Webber, Jackson & Curtis, which he joined in 1981.

About Morgan Joseph
Morgan Joseph & Co. Inc., a New York City headquartered full service investment bank, provides financial advisory and capital raising services including M&A and restructuring advice, and equity and debt private placements and public offerings. In addition, Morgan Joseph provides research and trading for institutional clients. Morgan Joseph’s staff of over 120 includes more than 65 investment bankers, who are highly experienced professionals mostly from major Wall Street firms and intimately familiar with the issues facing middle market companies. The firm is a member of both the Financial Industry Regulatory Authority (FINRA) and the Securities Investors Protection Corp. (SIPC).