Meet this year's Rising Stars of municipal finance.
An in-depth look at the 2023 Rising Stars
August 8, 2023 9:00 AM
© Gittings Photography
Joshua Bonney
Age: 33
Title: Managing Associate
Firm: Orrick, Herrington & Sutcliffe LLP
Early in his career, Joshua Bonney, a managing associate at Orrick, Herrington & Sutcliffe LLP, has already worked with some of the municipal bond market's most prominent issuers and on the latest innovative deals.
Last year, he worked on Washington, D.C.'s first public-private partnership for the modernization of the district's streetlamps, a complex financing that was the first streetlighting project to tap tax-exempt private activity bonds.
Click here to read the full profile.
Title: Managing Associate
Firm: Orrick, Herrington & Sutcliffe LLP
Early in his career, Joshua Bonney, a managing associate at Orrick, Herrington & Sutcliffe LLP, has already worked with some of the municipal bond market's most prominent issuers and on the latest innovative deals.
Last year, he worked on Washington, D.C.'s first public-private partnership for the modernization of the district's streetlamps, a complex financing that was the first streetlighting project to tap tax-exempt private activity bonds.
Carrie J. Cecil
Age: 38
Title: Partner
Firm: Frost Brown Todd
Carrie J. Cecil, a partner at Frost Brown Todd, focuses on public and project finance, a field she has worked in for over a decade.
She has served as bond counsel, underwriter's counsel and issuer's counsel in public and governmental financing, primarily involving tax-exempt bonds. Her practice also includes the financing and development of infrastructure and economic development projects, including tax increment financing and tax abatement structures.
Click here to read the full profile.
Title: Partner
Firm: Frost Brown Todd
Carrie J. Cecil, a partner at Frost Brown Todd, focuses on public and project finance, a field she has worked in for over a decade.
She has served as bond counsel, underwriter's counsel and issuer's counsel in public and governmental financing, primarily involving tax-exempt bonds. Her practice also includes the financing and development of infrastructure and economic development projects, including tax increment financing and tax abatement structures.
Prachi Chandhok
Age: 34
Title: Head of product, ESG data
Firm: Kestrel
Prachi Chandhok ended up in municipal finance by chance but attributes her success to her parents.
Growing up in India, Prachi's parents instilled in her the merits of hard work and integrity.
"One of the things that my parents said to me early on in my life is, 'If you have the will to do something, you can make it happen,'" she said.
Click here to read the full profile.
Title: Head of product, ESG data
Firm: Kestrel
Prachi Chandhok ended up in municipal finance by chance but attributes her success to her parents.
Growing up in India, Prachi's parents instilled in her the merits of hard work and integrity.
"One of the things that my parents said to me early on in my life is, 'If you have the will to do something, you can make it happen,'" she said.
Ben Hider
Morgan Fahy
Age: 32
Title: Vice President, Capital Markets
Firm: Build America Mutual
During a two-year analytics program at Citigroup Global Markets, Morgan Fahy found her love for munis, noting that she liked learning about the market and being able to see the projects she worked on come to fruition.
"This market on a daily basis gives me the opportunity to continue to learn, challenges me to think about things differently and navigate an ever-changing environment," she said.
Click here to read the full profile.
Title: Vice President, Capital Markets
Firm: Build America Mutual
During a two-year analytics program at Citigroup Global Markets, Morgan Fahy found her love for munis, noting that she liked learning about the market and being able to see the projects she worked on come to fruition.
"This market on a daily basis gives me the opportunity to continue to learn, challenges me to think about things differently and navigate an ever-changing environment," she said.
Ashlee Gabrysch
Age: 39
Title: Director, Regional Manager
Firm: Fitch Ratings
As Ashlee Gabrysch wrapped up her bachelor's degree in interdisciplinary Slavic studies at the University of Chicago, she realized she might need to change her career plan.
She observed the poverty and tensions in her community and decided that a Ph.D. and career in the ivory rower wouldn't be fulfilling for her.
Click here to read the full profile.
Title: Director, Regional Manager
Firm: Fitch Ratings
As Ashlee Gabrysch wrapped up her bachelor's degree in interdisciplinary Slavic studies at the University of Chicago, she realized she might need to change her career plan.
She observed the poverty and tensions in her community and decided that a Ph.D. and career in the ivory rower wouldn't be fulfilling for her.
Regina Gaysina
Age: 34
Title: Director
Firm: RBC Capital Markets
Regina Gaysina is the most active K-12 municipal financial advisor in New Mexico — and the only woman in her role in the state.
As a woman and a first-generation immigrant, Regina may not be the average municipal financial advisor, but she said she's excelled because she finds meaning in her work.
Click here to read the full profile.
Title: Director
Firm: RBC Capital Markets
Regina Gaysina is the most active K-12 municipal financial advisor in New Mexico — and the only woman in her role in the state.
As a woman and a first-generation immigrant, Regina may not be the average municipal financial advisor, but she said she's excelled because she finds meaning in her work.
Michael Ivcic
Age: 38
Title: Managing Director, Municipals
Firm: Bancroft Capital
In five years at Bancroft Capital, Michael Ivcic founded and then expanded its public finance underwriting and syndication operations from just himself to a 15-person team.
Michael has attracted and retained seasoned muni professionals to work for the firm, said Dana Villanova, Bancroft Capital's director of municipals. He has transacted over $36 billion of par value. In February he helped Bancroft become the first veteran-owned firm to win a competitive bid for municipal bonds as sole manager.
Click here to read the full profile.
Title: Managing Director, Municipals
Firm: Bancroft Capital
In five years at Bancroft Capital, Michael Ivcic founded and then expanded its public finance underwriting and syndication operations from just himself to a 15-person team.
Michael has attracted and retained seasoned muni professionals to work for the firm, said Dana Villanova, Bancroft Capital's director of municipals. He has transacted over $36 billion of par value. In February he helped Bancroft become the first veteran-owned firm to win a competitive bid for municipal bonds as sole manager.
Olyvia Jarmoszka
Age: 39
Title: Debt Manager
Firm: Cook County, Illinois
Cook County Director of Debt Management Olyvia Jarmoszka held positions in finance around the country before returning home to pursue a passion for public service in her native Chicago.
This 39-year-old Rising Star began her career in 2006 as an executive assistant with what was then Siebert Brandford Shank, where the DePaul University international relations graduate excelled.
Click here to read the full profile.
Title: Debt Manager
Firm: Cook County, Illinois
Cook County Director of Debt Management Olyvia Jarmoszka held positions in finance around the country before returning home to pursue a passion for public service in her native Chicago.
This 39-year-old Rising Star began her career in 2006 as an executive assistant with what was then Siebert Brandford Shank, where the DePaul University international relations graduate excelled.
Sarah Jensen
Age: 34
Title: Vice President and Group Credit Officer, US Public Finance Group
Firm: Moody's Investors Service
Sarah Jansen is responsible for maintaining all Moody's Investors Service Public Finance Group ratings, working closely with rating analysts and managers to identify credit risks.
In that capacity, she also acts as the chair for sector portfolio reviews and provides training and guidance to rating teams to ensure consistency across rating practices and policies.
Click here to read the full profile.
Title: Vice President and Group Credit Officer, US Public Finance Group
Firm: Moody's Investors Service
Sarah Jansen is responsible for maintaining all Moody's Investors Service Public Finance Group ratings, working closely with rating analysts and managers to identify credit risks.
In that capacity, she also acts as the chair for sector portfolio reviews and provides training and guidance to rating teams to ensure consistency across rating practices and policies.
Stephanie Kim
Age: 36
Title: Of Counsel
Firm: Ballard Spahr LLP
Stephanie Kim packs a full legal toolbox for her role as of counsel in the Washington, D.C., office of Ballard Spahr.
Since moving from the Atlanta branch in 2018, her accomplishments include serving as bond counsel for the District of Columbia for a large charter school, various cultural and nonprofit organizations, affordable housing transactions for Freddie Mac, tax-exempt loan financings, and complex secondary market credit enhancement transactions.
Click here to read the full profile.
Title: Of Counsel
Firm: Ballard Spahr LLP
Stephanie Kim packs a full legal toolbox for her role as of counsel in the Washington, D.C., office of Ballard Spahr.
Since moving from the Atlanta branch in 2018, her accomplishments include serving as bond counsel for the District of Columbia for a large charter school, various cultural and nonprofit organizations, affordable housing transactions for Freddie Mac, tax-exempt loan financings, and complex secondary market credit enhancement transactions.
William Kim
Age: 34
Title: Founder & CEO
Firm: MuniPro
Bringing digital transformation to the municipal bond market is a long way from becoming a doctor, but William Kim's career path has taken him from a short internship at Jacobi Hospital in the Bronx to Wall Street, focusing on the tech side of the financial industry.
"I traded in my labor and delivery scrubs for a career in finance when I had an incredible opportunity to intern at Merrill Lynch as a 16-year-old senior at Stuyvesant High School," Will recalled.
Click here to read the full profile.
Title: Founder & CEO
Firm: MuniPro
Bringing digital transformation to the municipal bond market is a long way from becoming a doctor, but William Kim's career path has taken him from a short internship at Jacobi Hospital in the Bronx to Wall Street, focusing on the tech side of the financial industry.
"I traded in my labor and delivery scrubs for a career in finance when I had an incredible opportunity to intern at Merrill Lynch as a 16-year-old senior at Stuyvesant High School," Will recalled.
Anthony J. Kinsey
Age: 31
Title: Director
Firm: UBS
Anthony J. Kinsey is helping to keep things moving in the Midwest.
Serving as a director at UBS' Chicago office for over two years, he's developed a deep knowledge of infrastructure and the role of public finance.
"My work in the transportation sector has been exciting," he said. "It includes understanding the federal highway system and studying comparable toll roads, airports and mass transit systems across the country."
Click here to read the full profile.
Title: Director
Firm: UBS
Anthony J. Kinsey is helping to keep things moving in the Midwest.
Serving as a director at UBS' Chicago office for over two years, he's developed a deep knowledge of infrastructure and the role of public finance.
"My work in the transportation sector has been exciting," he said. "It includes understanding the federal highway system and studying comparable toll roads, airports and mass transit systems across the country."
Taylor Klavan
Age: 33
Title: Principal
Firm: Squire Patton Boggs
Squire Patton Boggs principal Taylor Klavan has made a name for herself providing counsel on a range of tax advantages for state and local debt, including governmental financings for nonprofits, private-activity bond financings in the transportation, solid waste disposal and sewage facility sectors, and many more.
As a member of Squire's Public and Infrastructure Practice Group, her clients have included the Empire State Development Corp., where she provided tax advice on the $4.2 billion public-private partnership financing for Terminal 6 at John F. Kennedy International Airport, in addition to working on the Delta terminal deal at LaGuardia Airport in 2020; the Pittsburgh International Airport where she was part of multiple financings; and the San Francisco International Airport, where she assisted with bond issuances.
Click here to read the full profile.
Title: Principal
Firm: Squire Patton Boggs
Squire Patton Boggs principal Taylor Klavan has made a name for herself providing counsel on a range of tax advantages for state and local debt, including governmental financings for nonprofits, private-activity bond financings in the transportation, solid waste disposal and sewage facility sectors, and many more.
As a member of Squire's Public and Infrastructure Practice Group, her clients have included the Empire State Development Corp., where she provided tax advice on the $4.2 billion public-private partnership financing for Terminal 6 at John F. Kennedy International Airport, in addition to working on the Delta terminal deal at LaGuardia Airport in 2020; the Pittsburgh International Airport where she was part of multiple financings; and the San Francisco International Airport, where she assisted with bond issuances.
Timothy Little
Age: 36
Title: Principal, Municipal Markets Specialist
Firm: Federal Reserve Bank of New York
For Timothy Little, joining the Federal Reserve Bank of New York was an "opportunity to contribute to something larger."
"Part of the mission of the New York Fed is making the U.S. economy stronger and the financial system more stable for all segments of society," he said, "and I really feel the municipal market is a critical component of that."
Click here to read the full profile.
Title: Principal, Municipal Markets Specialist
Firm: Federal Reserve Bank of New York
For Timothy Little, joining the Federal Reserve Bank of New York was an "opportunity to contribute to something larger."
"Part of the mission of the New York Fed is making the U.S. economy stronger and the financial system more stable for all segments of society," he said, "and I really feel the municipal market is a critical component of that."
Alice Livingston
Age: 39
Title: Managing Director
Firm: Stern Brothers
The stories of how people end up focusing on the muni sector are wide and varied; Rising Star Alice Livingston is no different.
Alice, a managing director with underwriter Stern Brothers, said she "wanted nothing to do with this industry growing up."
Her stepdad, Bill D'allaird, was a muni underwriter, and when she was a kid she thought she needed to step lightly around him because she thought he worked with bombs, not bonds.
Click here to read the full profile.
Title: Managing Director
Firm: Stern Brothers
The stories of how people end up focusing on the muni sector are wide and varied; Rising Star Alice Livingston is no different.
Alice, a managing director with underwriter Stern Brothers, said she "wanted nothing to do with this industry growing up."
Her stepdad, Bill D'allaird, was a muni underwriter, and when she was a kid she thought she needed to step lightly around him because she thought he worked with bombs, not bonds.
Claude Lockhart, Jr.
Age: 31
Title: Director
Firm: Stifel
Claude Lockhart Jr. lines his desk with "souvenirs" from bond projects he's worked on.
Letters and thank you notes, gifts and plaques from cities that were grateful for his help in raising funds. The collection's main attraction: a belt buckle from a small fire district in Arizona.
Click here to read the full profile.
Title: Director
Firm: Stifel
Claude Lockhart Jr. lines his desk with "souvenirs" from bond projects he's worked on.
Letters and thank you notes, gifts and plaques from cities that were grateful for his help in raising funds. The collection's main attraction: a belt buckle from a small fire district in Arizona.
Stephanie Lom
Age: 38
Title: Managing Director
Firm: Raymond James
Stephanie Lom grew up with a mother who worked in government for the city of Stamford, Connecticut, and as a result, she's always had an idea of how it all works.
After graduating with a degree in finance from Lehigh University, she began her career as an analyst at Raymond James and has been with the firm for 17 years, eventually earning her way up to managing director, her current position.
Click here to read the full profile.
Title: Managing Director
Firm: Raymond James
Stephanie Lom grew up with a mother who worked in government for the city of Stamford, Connecticut, and as a result, she's always had an idea of how it all works.
After graduating with a degree in finance from Lehigh University, she began her career as an analyst at Raymond James and has been with the firm for 17 years, eventually earning her way up to managing director, her current position.
Kevin Plunkett
Age: 39
Title: Executive Director, Head of Public Power
Firm: JPMorgan
A summer internship in finance erased all thoughts of Kevin Plunkett becoming a lawyer; he took an analyst position in public finance a few months into a paralegal job and he never looked back.
Now, executive director and head of public power at J.P. Morgan Securities LLC for nearly eight years, Kevin left his job as a paralegal — a week after taking the LSATs — when he was offered a job as a public finance analyst.
Click here to read the full profile.
Title: Executive Director, Head of Public Power
Firm: JPMorgan
A summer internship in finance erased all thoughts of Kevin Plunkett becoming a lawyer; he took an analyst position in public finance a few months into a paralegal job and he never looked back.
Now, executive director and head of public power at J.P. Morgan Securities LLC for nearly eight years, Kevin left his job as a paralegal — a week after taking the LSATs — when he was offered a job as a public finance analyst.
Mattie Prodanovic
Age: 33
Title: Senior Vice President
Firm: HilltopSecurities
Having the right professor at the right time can make all the difference.
Mattie Prodanovic enrolled at the Harris School of Public Policy at the University of Chicago thinking the public policy master's degree she earned there would launch a career in agency management.
Along the way she took a municipal finance course from industry veteran Michael Belsky.
Click here to read the full profile.
Title: Senior Vice President
Firm: HilltopSecurities
Having the right professor at the right time can make all the difference.
Mattie Prodanovic enrolled at the Harris School of Public Policy at the University of Chicago thinking the public policy master's degree she earned there would launch a career in agency management.
Along the way she took a municipal finance course from industry veteran Michael Belsky.
Steven Scharff
Age: 32
Title: Senior Manager
Firm: Baker Tilly Municipal Advisors
Steve Scharff has been in his current position with Baker Tilly for about two years but has been working in the financial world since 2015.
What Steve offers to the firm's clients is exemplified by the innovative and creative approach he used to help design a revolving fund supporting affordable housing for the city of Bloomington, Minnesota.
Click here to read the full profile.
Title: Senior Manager
Firm: Baker Tilly Municipal Advisors
Steve Scharff has been in his current position with Baker Tilly for about two years but has been working in the financial world since 2015.
What Steve offers to the firm's clients is exemplified by the innovative and creative approach he used to help design a revolving fund supporting affordable housing for the city of Bloomington, Minnesota.
Matthew Shapiro
Age: 35
Title: Director
Firm: Assured Guaranty
The challenge of covering healthcare and higher education credits has never scared Matthew Shapiro.
"I like rolling my sleeves up, looking at the numbers, figuring out the story in my head, as I'm reading everything," he said.
Shapiro started at Assured Guaranty out of college. He left after five years and worked at IHS Markit and Fitch Ratings before returning to Assured. Over the last four years he has served as a lead surveillance analyst covering healthcare and higher education credits within Assured's municipal portfolio.
Click here to read the full profile.
Title: Director
Firm: Assured Guaranty
The challenge of covering healthcare and higher education credits has never scared Matthew Shapiro.
"I like rolling my sleeves up, looking at the numbers, figuring out the story in my head, as I'm reading everything," he said.
Shapiro started at Assured Guaranty out of college. He left after five years and worked at IHS Markit and Fitch Ratings before returning to Assured. Over the last four years he has served as a lead surveillance analyst covering healthcare and higher education credits within Assured's municipal portfolio.
Gretchen Sherwood
Age: 35
Title: Counsel
Firm: Nixon Peabody LLP
Gretchen Sherwood has developed Nixon Peabody's charter school finance practice into a nationally respected program while maintaining excellent relations with clients, mentees, and those she works with.
She has spent her entire legal career at Nixon Peabody and has gained extensive experience as borrower's, underwriter's, and bank counsel.
Click here to read the full profile.
Title: Counsel
Firm: Nixon Peabody LLP
Gretchen Sherwood has developed Nixon Peabody's charter school finance practice into a nationally respected program while maintaining excellent relations with clients, mentees, and those she works with.
She has spent her entire legal career at Nixon Peabody and has gained extensive experience as borrower's, underwriter's, and bank counsel.
Gregory Shuman
Age: 37
Title: Partner & Portfolio Manager
Firm: Lord Abbett
Greg Shuman's career has always been focused on becoming a portfolio manager.
Greg, a partner and portfolio manager at Lord Abbett & Co., is also a chartered financial analyst.
He focuses on the firm's Sustainable Municipal Bond Fund, California Fund, Short High Income Municipal Fund, National Fund and High Income Fund.
Click here to read the full profile.
Title: Partner & Portfolio Manager
Firm: Lord Abbett
Greg Shuman's career has always been focused on becoming a portfolio manager.
Greg, a partner and portfolio manager at Lord Abbett & Co., is also a chartered financial analyst.
He focuses on the firm's Sustainable Municipal Bond Fund, California Fund, Short High Income Municipal Fund, National Fund and High Income Fund.
Matthew Stitt
Age: 35
Title: Co-Director, PFM Center for Budget Equity & Innovation
Firm: PFM
Matthew Stitt is a director and national lead for equitable recovery and strategic financial initiatives in PFM's Management and Budget Consulting team.
He advises public sector leaders on structural changes, budget reforms and financial planning. He also co-leads a significant consulting practice at PFM — the Center for Budget Equity and Innovation (CBEI) — while serving as a leader/advocate for junior staff members.
Click here to read the full profile.
Title: Co-Director, PFM Center for Budget Equity & Innovation
Firm: PFM
Matthew Stitt is a director and national lead for equitable recovery and strategic financial initiatives in PFM's Management and Budget Consulting team.
He advises public sector leaders on structural changes, budget reforms and financial planning. He also co-leads a significant consulting practice at PFM — the Center for Budget Equity and Innovation (CBEI) — while serving as a leader/advocate for junior staff members.
Brittany Whelan
Age: 36
Title: Senior Vice President
Firm: Acacia Financial Group
Thirty-six-year-old Brittany Whelan has ascended the ranks of Acacia Financial Group — from intern to senior vice president — during periods of large losses and gains in the public finance market.
After earning a bachelor's degree in economics with a concentration in finance from the University of Coastal Carolina, Brittany joined Acacia in 2011. She had interned there as a financial assistant since 2005.
Click here to read the full profile.
Title: Senior Vice President
Firm: Acacia Financial Group
Thirty-six-year-old Brittany Whelan has ascended the ranks of Acacia Financial Group — from intern to senior vice president — during periods of large losses and gains in the public finance market.
After earning a bachelor's degree in economics with a concentration in finance from the University of Coastal Carolina, Brittany joined Acacia in 2011. She had interned there as a financial assistant since 2005.
Rob Widigan
Age: 33
Title: Deputy Chief Financial Officer
Firm: Wayne County, Michigan
Rob Widigan, deputy chief financial officer of Wayne County, Michigan, has a history of helping to build fiscally stable communities across his state.
Rob , 33, began his public finance career in 2013 as an intern for the Michigan Department of Treasury, working in city management with financially struggling communities across the state for several years.
Click here to read the full profile.
Title: Deputy Chief Financial Officer
Firm: Wayne County, Michigan
Rob Widigan, deputy chief financial officer of Wayne County, Michigan, has a history of helping to build fiscally stable communities across his state.
Rob , 33, began his public finance career in 2013 as an intern for the Michigan Department of Treasury, working in city management with financially struggling communities across the state for several years.
Chris Wimsatt
Age: 34
Title: Deputy Director for Finance and Administration
Firm: Sacramento County Department of Airports
Chris Wimsatt is leading efforts on the Sacramento County Department of Airports' $1.3 billion capital improvement program.
Two years into his job as deputy director for finance and administration, Chris was nominated to be a Rising Star for his work on the capital improvement program.
Click here to read the full profile.
Title: Deputy Director for Finance and Administration
Firm: Sacramento County Department of Airports
Chris Wimsatt is leading efforts on the Sacramento County Department of Airports' $1.3 billion capital improvement program.
Two years into his job as deputy director for finance and administration, Chris was nominated to be a Rising Star for his work on the capital improvement program.
Patrick Zagar
Age: 32
Title: Director
Firm: S&P Global Ratings
Patrick Zagar has been with S&P Global Ratings since graduating from college in 2014. Based in Dallas, he works with a diverse portfolio of healthcare entities, acts as a chair for ratings committees, contributes to team thought leadership, and actively participates in S&P webinars and external conferences.
As a member of S&P's not-for-profit healthcare team Patrick has provided excellent service to clients and skillfully coached and mentored junior analysts.
Click here to read the full profile.
Title: Director
Firm: S&P Global Ratings
Patrick Zagar has been with S&P Global Ratings since graduating from college in 2014. Based in Dallas, he works with a diverse portfolio of healthcare entities, acts as a chair for ratings committees, contributes to team thought leadership, and actively participates in S&P webinars and external conferences.
As a member of S&P's not-for-profit healthcare team Patrick has provided excellent service to clients and skillfully coached and mentored junior analysts.
