GunnAllen regroups after death of CEO

Following the recent death of its chief executive Gordon Loetz, GunnAllen Holdings Inc. of Tampa announced a series of management changes this morning.
APR 06, 2009
Following the recent death of its chief executive Gordon Loetz, GunnAllen Holdings Inc. of Tampa announced a series of management changes this morning. Mr. Loetz, chief executive of both GunnAllen Holdings and its broker-dealer unit, GunnAllen Financial Inc., died in a boating accident in Puerto Rico on March 27. He was 59. Succeeding him as CEO of the holding company is John Sykes, the current chairman and the company’s single largest shareholder. He appointed Mr. Loetz as CEO of GunnAllen in November, in large part due to their long relationship and the fact that Mr. Loetz was Mr. Sykes’ personal financial adviser (a href= http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20090125/REG/301259995&ht=>InvestmentNews, Jan. 25). Fred Kraus, formerly chief financial officer, is now acting chief executive of the broker-dealer and remains CFO. Scott Bendert, CFO of the holding company, is now also acting chairman of the broker-dealer. Additionally, the broker-dealer’s president, co-founder Rick Frueh, stepped down today. Mr. Frueh sold the firm to Mr. Sykes last summer, but remains a significant shareholder. No replacement has yet been named for that position. “The firm will continue and we are committed to seeing Gordie’s vision for the firm fulfilled,” Mr. Sykes said in a statement. Mr. Loetz had developed a plan for creating more products and services for GunnAllen’s 726 reps and advisers to sell, and recently launched a tax advisory service. GunnAllen Holdings and GunnAllen Financial Inc. are both based in Tampa, Fla.

Latest News

SEC bars ex-broker who sold clients phony private equity fund
SEC bars ex-broker who sold clients phony private equity fund

Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.

The key to attracting and retaining the next generation of advisors? Client-focused training
The key to attracting and retaining the next generation of advisors? Client-focused training

From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.

Chuck Roberts, ex-star at Stifel, barred from the securities industry
Chuck Roberts, ex-star at Stifel, barred from the securities industry

"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.

SEC to weigh ‘innovation exception’ tied to crypto, Atkins says
SEC to weigh ‘innovation exception’ tied to crypto, Atkins says

Chair also praised the passage of stablecoin legislation this week.

Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest
Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest

Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.