One of the city’s most esteemed stockbrokers has left PNC Investments to join rival City Securities Corp.
L. Gene Tanner, a longtime Indianapolis broker, started at his new firm on Monday and brought with him financial advisers Suzanne Marshall and J. Miller, as well as registered financial associate Cynthia Staggs.
Tanner, 77, is a 52-year veteran of the brokerage industry who spent several years at the Indianapolis office of Cleveland-based NatCity Investments Inc. before Pittsburgh-based PNC purchased National City Bank in December 2008 for $5.6 billion.
“The addition of these investment professionals will continue to help expand our footprint in the greater Indianapolis area,” City Securities CEO and President Mike Bosway said in a prepared statement.
City Securities has added offices in Crown Point and Zionsville, and has nine locations throughout the state. With 34 local employees, it is the 15th-largest investment brokerage in the Indianapolis area, according to the most recent IBJ statistics.
It’s much smaller than PNC Investments, which boasts 112 local employees. But that’s all right with Tanner.
“I think it was just an interest in getting back to a little smaller firm, and I’ve known these people for a long time,” Tanner said in explaining his move.
He began his career in 1958 at the former Raffensperger Hughes firm, which National City purchased in 1996. His move to City Securities brings him nearly full circle from the beginning of his career.
The office of Raffensperger was located at 20 N. Meridian St., and City Securities is just a block away at 30 S. Meridian St., “so I’m about 200 yards from where I started,” Tanner said.
In addition, City Securities employs about a dozen former Raffensperger staffers.
“Although it’s a big move,” Tanner said, “it was to very friendly territory.”
Founded in 1924, City Securities is one of the few large brokerages operating in the city that's based in Indianapolis. It has $3 billion in assets under management.