CHICAGO - In its continuing effort to expand its presence to a national level, Chicago-based Loop Capital Markets Inc. has opened a Detroit office, according to Loop president James Reynolds Jr.
Fred Prime 3d was hired as a senior vice president to run the office. Prime was a partner with Detroit-based Graicap Inc., a minority-owned firm that is a frequent participant in deals for the city and other issuers in Michigan.
Prime was an assistant vice president at Graicap in Detroit and worked in investment banking, sales, and trading. The firm also has a Chicago office.
"Graicap has a very strong underwriting presence in Detroit, and he has a lot of contacts there," said Sandy Reynolds, a managing director at Loop.
Prime, 32, will work alone for now, but hopes to eventually add additional bankers.
"I came over to Loop because I thought it was a fantastic opportunity. It's a well-run company, and I think I can add to the growth of the company by bringing in more municipal business," Prime said. "My primary focus will be on investment banking."
The opening of a Detroit office marks the latest expansion of the minority-owned firm that has been steadily increasing its presence in the national market since it opened in 1997.
In April, the firm hired Bill Sadowski, former head of John Nuveen & Co.'s municipal bond department, as a managing director of investment banking in its New York office. Since then, two professionals have joined the Chicago office. They are Jim Howland, a senior vice president in institutional sales who came from Everen Securities Inc., and Bill James, formerly of Nike Securities in Lisle, Ill. James is also senior vice president, and prior to working at Nike, he headed up the short-term trading desk at First Chicago Capital Markets Inc.
Loop's Chicago office now has a staff of 23 trading, sales, and banking professionals. In addition to the Michigan, Chicago, and New York offices, Loop also has an office in Texas. The firm is also looking at opening a California office.
