(Bloomberg) -- A co-head of mergers and acquisitions at B. Riley Financial Inc.’s investment bank recently left the company, as the subsidiary cut about 15 people.
Duane Stullich, who joined B. Riley in 2022 when it acquired the deal adviser he founded with M&A co-head Nishen Radia, no longer works at B. Riley Securities, according to a person with knowledge of the matter. Brokerage-industry records show Stullich was registered to work at the B. Riley unit until mid-September and that Radia remains.
The wider workforce reduction at B. Riley Securities was described by another person, who also asked not to be identified discussing personnel. A company representative declined to comment.
B. Riley has struggled in recent months following souring investments and as US authorities examine some of its dealings. Last week, the company’s president resigned from the firm, which has yet to file its second-quarter financial report.
Stullich and Radia have been in close orbit for more than two decades after meeting at UCLA’s business school in 2002, where Stullich enrolled after a stint at Houlihan Lokey Inc.
By the time they earned their degrees, they had already founded their company, FocalPoint Securities. B. Riley later agreed to buy that firm for as much as $175 million.
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