CHICAGO -- Indiana-based Sycamore Advisors LLC has hired Melanie Shaker to open an office in downtown Chicago as it increases its efforts in the Midwest's largest market.
Sycamore began to move into the Chicago market a few years ago, and is qualified to work as an advisor to Cook County, the Metropolitan Water Reclamation District of Greater Chicago, and the Regional Transit Authority of Illinois.
Shaker's hire signals a more aggressive move into the Windy City.
"We've been thinking about this for a long time, and Chicago market presents a lot of opportunity," said Sycamore President Diana Hamilton. "We think the financial advisory business has a very evolving status as a result of change in the MSRB and SEC rules, which we think will place a premium on the independence and depth of expertise of FA firms."
The office will open June 2. Shaker is leaving her position as chief financial officer at the City Colleges of Chicago, which she joined in September 2012.
She will join Sycamore as a senior vice president.
Before her work at City Colleges, Shaker was deputy CFO and treasurer at the Chicago Board of Education. Prior to CPS, Shaker worked for seven years at Fitch Ratings as director and lead Midwest analyst covering public finance.
"I felt like I had accomplished what I'd set out to do at City Colleges," said Shaker, who launched the college's first credit rating, completed a $250 million bond transaction, and helped craft a $650 million budget. "I have lots of contacts in the area, obviously, and I'll be expanding beyond just the Chicago area as well."
Sycamore Advisors specializes in utility infrastructure and capital projects. With Shaker, it will branch into the non-profit higher education and the K-12 sector.
Like Hamilton, who served as Indiana's public finance director from 1997 to 2003, Shaker brings an issuer's perspective to the firm, Hamilton said. She also has strong credit analysis experience, which is increasingly important for FAs post-2008, she said.
"All of the large investors are doing their own credit work in-house, and it's really important that you understand the credit and you communicate that," said Hamilton, who first met Shaker about 12 years ago through Chicago-based Women in Public Finance.
With Shaker on board, the firm -- which is a disadvantaged business enterprise/women's business enterprise qualified business -- will call on the city of Chicago and Chicago Public Schools as well as other colleges, like Purdue University and the College of DuPage. The firm last week responded to a request for proposals from the Illinois Finance Authority.
In its home state, the firm's clients include Indianapolis, the Indiana Finance Authority, the Indianapolis Airport Authority, and the Indianapolis Museum of Art.
Outside of Indiana, Sycamore works with the state of Wisconsin, the Scranton, Pa. Sewer Authority, and has been hired by the private firm that's working on a public-private partnership for a $500 million criminal justice center in downtown Indianapolis. With the new hire, Sycamore now has six employees and offices in Indianapolis, Chicago, and Atlanta.
