The new E.F. Hutton & Co. has taken its first tangible step in resurrecting the venerable firm by registering with the Securities and Exchange Commission.
E.F. Hutton Advisors LLC completed its ADV filings last month. The filing is the first, albeit limited, view into the firm's business model.
Principals involved in the new Hutton so far have revealed little about what they are planning.
Hutton Advisors will “specialize in managed-account programs designed for high-net-worth individuals and institutions such as foundations and endowments,” according to the filings.
The firm “will occasionally engage in investment banking activities which involve generating interested qualified investors in Reg D private placements,” according to the ADV.
Hutton Advisors will refer clients to broker-dealers and allow clients to use multiple custodians.
“The aim is to be custodial-agnostic,” said Hutton general counsel John Lohr.
The advisory firm, which has filed for registration in all states, lists three employees but as of yet has no clients or assets.
“It's kind of a long way off before we do anything to affiliate with advisers,” Mr. Lohr said.
The revised outfit likely will follow an independent-contractor business model, Mr. Lohr said.
Hutton has yet to register a broker-dealer firm, and he said that no such application is pending.
Hutton Advisors is based in Buffalo, Wyo., where Mr. Lohr lives.
E.F. Hutton is based in New York. It, in turn, is owned by E.F. Hutton Group Inc., which is controlled by Brand Equity Growth Fund II and Christopher Daniels, a former Hutton investment banker who will lead the new firm's investment banking effort.
Chief executive Frank Campanale, Mr. Daniels and Mr. Lohr are listed as control persons of Hutton Advisors.
Ownership stakes in the firm will change as financial advisers are brought on board, Mr. Lohr said.
djamieson@investmentnews.com Twitter: @dvjamieson
