Dan Wilson, long-time manager of UBS PaineWebber Inc.'s municipal bonddepartment in Dallas and a respected force in the Texas market, will retire Friday after20 years of service to the firm.
Wilson, 54, is credited by many Texas bankers with helping develop the state's tradition of close cooperation betweentraders, underwriters, and brokers.
He started his public finance career in the bond department of the First National Bankof Fort Worth, and then moved to PaineWebber as a trader in 1982. He left the firm in1985 to run the trading desk for the Houston office of Cowen & Co. but returned toPaineWebber in 1987 in his current position.
Patrick Fox, 34, will step into Wilson's job upon his retirement. He joined UBSPaineWebber as a first vice president and regional manager in September after a stint asmarketing director at TheMuniCenter, before which he worked at Merrill Lynch & Co. fornearly 10 years.
Wilson said that his favorite part of his tenure in muni finance has been thefriendships he has cultivated with colleagues and clients, including Fox, with whom he'sworked for six months toward what he calls a "textbook" transition.
"This is a relationship business - that's probably the part I've enjoyed the most," hesaid. "One of my greatest enjoyments in this business came after I had developed mybusiness and reached a place where I could encourage and help people in their owncareers."
Colleagues say that Wilson's long tenure in Texas helped him build a business that willcontinue to thrive.
"He created a great team there; not only is it a fully integrated part of our company,but it's also a family," said William Jester, a managing director for UBS PaineWebber and manager of the firm's municipal bond department in New York. "He has a tremendous ability to gain people's trust and confidence."
Jester said that not only is Wilson a "consummate gentleman," but he's also one of the best bankers he has ever met.
"He is truly a great municipal bond man," Jester said. "He's been a student of thebusiness and is one of the best bond marketing people I've ever come across. His business has grown three timessince I arrived at UBS seven years ago, and it's grown 50% in the last three years - atremendous accomplishment, considering the economic climate."
Bond professionals say that Wilson's understanding of the Texas market has made him aninvaluable colleague.
"Dan definitely has always known the Texas bond community - where it was, where it wasgoing," said Jerry Chapman, a managing director with Morgan Keegan & Co. in Memphis."Texas, thanks to the work of people like Dan, can be held up as an example to the restof the states - it has an exemplary bond community. The state's Municipal AdvisoryCouncil - and Dan has sat on that board - is a prime example of what Texas does toensure that the community does right."
Chapman was a trader and bond department manager in the Dallas office of Lehman Brotherswhen he met Wilson, who was still working at the First National Bank of Fort Worth.
"We had a lot of joint accounts over the years," said Chapman, one of many who attendeda retirement party for Wilson last week. "He's done a great job for UBS, and a great jobfor the Texas market."
Lewis Pollok, a vice president and manager of underwriting for PaineWebber in Dallas,also worked with Wilson during his Fort Worth bank days.
"In the early '70s, Dan worked at First National and I worked at Fort Worth National. Sowe were competitors and associates," he said. "Then I came to PaineWebber in 1988, so wego back a long time."
Pollok said he believes Wilson's success can be attributed to his vision of the businessduring a time of rapid change.
"The Tax Reform Act of 1986 really helped turn the muni bond business from a bankbusiness to an individual business," Pollok said. "Dan worked to evolve himself and hisstaff, and he's been very intuitive. His instincts are a key reason that our operationshere have been so successful."
He said that Wilson has also been known as a banker who cultivates top results from hisstaff and colleagues.
Joe Liberty, a senior vice president of investments in UBS PaineWebber's Midland office,said Wilson has helped him give his clients sound advice about how to manage theirportfolios for years.
"But it's also a testament to Dan's management skills and organization that he has been able to impart his expertise to the people who work with him," he said."That's the ultimate compliment to any manager - that you have been able to strengthenyour team to create a seamless unit by empowering your people."
John Bagley, managing director of retail investments for UBS PaineWebber nationally, hasworked with Wilson for more than 17 years.
He said the departing veteran has always been a strong asset who has helped build boththe Dallas office and the firm's Texas business.
"For all his accomplishments - and they are many - the one thing I will take away fromhaving worked with Dan and had him as my adviser, my confidant, and my friend, is thathe is one of the finest human beings I have ever met," Bagley said.
Wilson said he plans to take about a year off to travel and reflect before choosinganother career.
"What that will be I have no idea," he said.
