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Joseph Rallo's EF Hutton returns to Wall Street
(Reuters) - EF Hutton said on Wednesday it is making a comeback to Wall Street, reviving one of the most prominent brands in the brokerage industry.
It will be led by CEO Joseph Rallo, who, along with former business partner David Boral, had previously resurrected the brand in 2021.
Rallo and Boral positioned EF Hutton at the center of Wall Street's special purpose acquisition company boom. The company was crowned Dealogic's most prolific IPO underwriter by deal volume in 2022 and early 2023.
One of EF Hutton's most famous deals was leading the IPO of Digital World Acquisition, the SPAC that went on to sign a $1.25 billion merger with Trump Media & Technology Group in 2021.
But the brand was retired last year following a legal clash between Rallo and Boral, who resolved their dispute in November and went their separate ways.
Originally, EF Hutton was founded in 1904 and was a major brokerage firm on Wall Street. It fell apart in the late 1980s and 1990s through a series financial scandals and of mergers.