In “Not Your Father's Regional” (January 2007, p. 55), Baird CEO Paul Purcell gave the following quote on the subject of Baird's lawsuit against two former asset managers: “They recruited clients while they were here, and we don't like that.” Registered Rep. has since learned that Purcell's description of the lawsuit was inaccurate. Prior to the interview, Baird had already agreed to withdraw its direct allegations of recruitment against former employees Joel Vrabel and David Bowman after the Baird Investments managing director to whom Vrabel and Bowman had reported stated in a deposition that he was unable to name any client who had been recruited while the managers were still employed at Baird. (Baird continues to allege, “upon information and belief,” that such recruitment might have occurred.) In printing Purcell's unqualified statement we erred and, therefore, retract our republication of his inaccurate statement. Registered Rep. regrets the error.
— The Editors
In that same story, Oppenheimer was mistakenly left out of the chart titled “Takeover Bait? Top five independent regional firms as ranked by reps.” Oppenheimer has 1,400 reps.
In Not Your Father's Regional (January 2007, p. 55), Baird CEO Paul Purcell gave the following quote on the subject of Baird's lawsuit