STREET MOVES: EF Hutton Adds Former UBS Executive, Price, To Board
05/30/2012| 11:54am US/Eastern
By Brett Philbin
E.F. Hutton Group, a once dormant, storied Wall Street firm, said former UBS AG (UBS, UBSN.VX) brokerage executive Jamie Price would join its board. The move is the company's latest step as it prepares to re-launch as a boutique financial-advisory firm in the second half of 2012.
Price, 52, a former E.F. Hutton financial adviser, will be a member of the boards of both the holding company and of E.F. Hutton & Co., its primary operating unit.
He joins a group of company alumni, led by former E.F. Hutton and Smith Barney manager Frank Campanale, who, in April, announced plans to resurrect the firm. Campanale told The Wall Street Journal that E.F. Hutton would hire financial advisers and other employees in the near future.
In a statement Wednesday, Campanale said, "Jamie is recognized as a leader in the financial-services industry and his participation is an invaluable addition to our team. Most importantly, Jamie shares our same passion for the business and determination to build on the E.F. Hutton prestigious client first tradition."
Price was previously head of UBS's Wealth Management Advisor Group Americas and was chief operating officer of Prudential Securities' brokerage business.
E.F. Hutton, which was founded in 1904, was at one time one of the largest brokerage firms, with 19,000 employees. The E.F. Hutton name though, hasn't been widely circulated since the 1980s. Campanale had said it became available the past few years, after it was most recently part of Citigroup Inc. (>> Citigroup Inc.) and its Smith Barney brokerage, which is now a part of the Morgan Stanley Smith Barney joint venture.
To date, E.F. Hutton hasn't announced specific products and lines of business.
-By Brett Philbin, Dow Jones Newswires; 212-416-2173; email@example.com; Twitter: @brettphilbin