New York-based Academy Securities has filled its Chicago vacancy with public finance banker James Carter who is being charged with leading the firm’s Midwest efforts as it looks to snare more senior managed business.
Carter joined the firm last month — a veteran and disabled-veteran owned and operated investment bank with its hand in capital markets, public finance, fixed income and equity trading — as a director in charge of the Midwest.
He most recently was a managing director in Melvin & Co.’s public finance banking group dating back to 2016. He previously held banking positions with the Williams Capital Group, Jackson Securities, and Cabrera Capital Markets.
Carter is also a board member of the Chicago Business Institute, which provides Chicago Public Schools’ high school students with summer internships at local financial firms and investment banks.
The firm has been on the hunt to fill the Chicago position vacated by Frank Paul in the spring when he joined veteran-owned Multi-Bank Securities Inc. to expand its municipal business by moving into negotiated sales.
Carter is being charged with capitalizing on Midwest banking opportunities and the firm also intends to use his experience in Florida and Texas.
“I liked James’ experience, his background in investment banking, his level of knowledge and experience as well as his involvement in the Chicago community,” said Rick Kolman, head of the Municipal Securities group at Academy, adding that in a small but growing Investment bank breadth of experience is key. “He has a wide range of experience as a coverage guy and knows credit. I like his demeanor, his style and knowledge. So for me, he was a good choice.”
The firm is already a frequent co-manager participant for Chicago but its goal is to rise among the ranks of co-managers after cracking the top 20 and to build on its first senior managed deals.
While the veteran-owned status opens doors for the firm, issuer coverage and performance during a sale is what wins repeat work and with the addition of other veteran-owned broker-dealers competition is growing.
The firm completed one senior manager deal so far this year for $78 million and ranked 19th among co-managers. The firm completed one senior manager deal last year for $6.5 million – it’s first in that sole senior position -- and ranked 30th among co-managers, according to data from Refinitiv.
“We are looking to elevate our game and that’s a long term goal to underwrite more deals” as a co-senior and senior manager, Kolman said in a recent interview. “We have made a couple of important hires over the past year and James is an excellent addition. The firm employs about 20 professionals working in municipals, including eight bankers located in its offices in Chicago, New York, Chapel Hill, and California.
With other new hirers including that of Bill Laverty as head of the municipal underwriting department and several in the sales group and a broadening of products with addition of a short term liquidity team, Kolman believes the ground is in place to build on those goals.
The firm also offers presentations and advice from experts through the firm’s Geopolitical Intelligence Group that provides clients with information on foreign policy, national security, and regional instability. The group translates how world developments impact the economy and market and one area of expertise offered by the group that can aid local government issuers is on cyber-security, a growing concern in the municipal market.
