Today’s big Bear Stearns news is that Jimmy Cayne has stepped down as CEO. But peHUB has learned of another Bear departure that has a bit more relevance for our purposes: Jerry Newman, a senior managing director and head of venture capital coverage.
Jerry has left to join his 34-year-old son Ari at Newman Venture Advisors, a Boulder, Colo.-based VC fundraising and advisory services firm launched in 2005. His official title is senior partner, and it is very much a fulltime job.
“I had been thinking about leaving for the past two years,” Jerry told me this morning. “I’ve spent nearly 40 years in the Valley, and really wanted to do a bunch of things that I was prevented from doing because of compliance and regulatory reasons.”
Newman began his career managing Nasdaq trading desks at Merrill Lynch and H&Q, before joining Cowen & Co. as a partner. He would create Cowen’s venture capital coverage group, before leaving to do the same thing at JP Morgan. He left after the Chase merger, at which point he joined Bear Stearns.
Newman currently sits on the boards of VC-backed PodShow and Desi Hits, based on personal investments. He plans to maintain those positions, and probably make additional investments.