James Jang will become Aegis Capital's first shipping analyst, three weeks after parting ways with fellow New York investment bank Maxim Group.
Jang, 38, was let go from Maxim three weeks ago, joining a handful of shipowners that have left since August 2015.
"Aegis presented an opportunity to continue my shipping coverage while giving me the option to expand my coverage into other growth oriented sectors," he told TradeWinds.
Sole shipping analyst
"I’m grateful for the opportunity to join Aegis, a firm with a strong presence on Wall Street.
"I will be the head of maritime and special situations and, aside from shipping, I will look for underserved companies with positive growth prospects in multiple sectors."
Jang said he is the only analyst dedicated to the shipping sector at Aegis, which has a team of analysts covering various sectors.
He declined to comment on Maxim.
Companies under Jang's coverage while at Maxim included bulker players, such as Seanergy Maritime, Eagle Bulk and Genco Shipping & Trading, and tanker owners DHT Holdings and Navigator Gas.
Maxim will continue covering Seanergy through in-house analyst Tate Sullivan, recruited last year to cover the industrial sector.
Before Maxim, Jang was senior equity research analyst covering furniture and textiles for Equity Research from September 2015 to May 2016, according to his LinkedIn profile.
His background includes one year as maritime shipping equity research associate for Canaccord Genuity and 19 months as vice president of Meriel Partners' investment banking.
His career in finance began in 2011 when he became private equity associate for DeltaPoint Capital Management, a position he held for 13 months.
Before that, he held various product development and marketing roles from 2004 until 2008 for LG Electronics, Sharp Electronics, the NPD Group and Unison Site Management.
He holds a master's degree in business administration specialising in finance and corporate accounting from the University of Rochester, New York.
He also has bachelor of arts degrees in history from the State University of New York at Stony Brook and the State University of New York at Binghamton.Exit stage left
Jang's relocation to Aegis comes when several banks have dropped shipping coverage.
Three weeks ago, Morgan Stanley left the sector when it parted ways with Fotis Giannakoulis, a veteran analyst with 29 shipowners under his research. He had been with the firm for a decade.
In early April, Seaport Global Securities stopped following 21 shipping stocks, signalling the departure of analyst Magnus Fyhr.
He joined Seaport in 2016 and has covered shipping equities for 20 years.
Larger banks Credit Suisse and UBS have also dropped their shipping equity researchers in recent months.
Jang declined to comment on analysts leaving other banks.