Another new player enters the US proxy space

Eagle Rock Proxy Advisors is the latest team of industry veterans to throw its hat into the ring

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While the 2010 proxy season may have been unusually slow, the post-season has been nothing of the kind. Already in the past few months we have seen the entry of two new firms, and now a third team of industry veterans has thrown its hat into the ring.
Joe Contorno, former managing director at the Altman Group, has teamed up with Tom Montrone, chairman and CEO of Registrar and Transfer Company (RTC), to form Eagle Rock Proxy Advisors.

The formation of Eagle Rock follows Altman’s departure from the domestic proxy business and, according to Montrone, who is also CEO of the new firm, it comes at the perfect time.

‘There is a lot of change in the market, and with increased investor activity we feel this is the perfect moment to move into the space,’ he enthuses. Some experts question the need for yet another new proxy solicitor, but Contorno and Montrone are bullish about the market and their prospects. ‘Investors are becoming more active and are starting to cast their eye at smaller companies, which opens up the mid to small-cap market,’ says Contorno. ‘These corporate issuers will need help, and not just on the proxy side.’

While Eagle Rock may be new, its close affiliation with RTC gives it access to over 200 staff members and a wealth of connections across various functions. Companies are increasingly seeking single vendors who can provide transfer agent services, proxy solicitation, tender offers, M&A services and employee equity plans.

In addition to Contorno, two other Altman managing directors are on board at Eagle Rock: Jim Gill and Jason Vinick.