This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Star Bear Bankers to Fly Solo

Two top Bear Stearns investment bankers are opening an advisory boutique and plan to split with JPMorgan Chase (JPM) the fee they expect to earn on a $5.2 billion buyout deal, sources close to the deal say.

Denis Bovin and Mike Urfirer were not offered positions at JPMorgan following its acquisition of Bear Stearns, which closed last week, according to a JPMorgan source and a former Bear Stearns colleague. The chief reason for their departure appears to be that they were accustomed to calling on a wide range of companies in the defense and technology industries, and they would have clashed with other bankers who had some of the same clients, the sources said.

Bovin and Urfirer, however, will split the fee they expect to earn from the sale of defense contractor DRS Technologies (DRS) to Italian defense company Finmeccanica for about $5.2 billion. The deal was agreed to last month and is expected to close in the fourth quarter.

Bovin could not be reached, and Ufirer did not return a call placed to his home.

A spokeswoman for DRS explained that the company has been highly acquisitive over the past decade and that Bear has usually been the "key" bank on "pretty much all" of its deals. "In the midst of Bear Stearns being sold, it wasn't immediately clear to us what was going to be happening or where people were going to be going, but we already had the established relationships [with Bovin and Urfirer] and so just continued along that same path," she said.

Though Bear Stearns typically served mid-cap clients, Bovin and Urfirer regularly advise large-cap companies. Current clients include Nortel Networks (NT), Hewlett-Packard (HPQ), IBM (IBM) and General Dynamics (GD), according to a former colleague of the two executives.

The former colleague says Bovin was close to receiving an offer to become secretary of the Navy in 2005, but told then-Joint Chiefs of Staff Chairman Peter Pace that he was not interested. The former colleague says Bovin turned down the opportunity because he was making too much money at the time.

Bovin's name was regularly floated as a candidate for the post in military trade publications at the time.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,653.09 -227.27 -1.35%
S&P 500 1,943.57 -26.50 -1.35%
NASDAQ 4,394.71 -68.1920 -1.53%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs