Morgan Stanley has hired four former
Three of the new hires will be group heads in key public sector and structured finance businesses, a source said.
Alex Zaman is Morgan Stanley's new head of surface transportation and urban development, Lori Small has been hired as head of airports, and Shai Markowicz will be head of social infrastructure. Imani Boggan also joined the firm.
Zaman and Boggan are based in Los Angeles. Small is based in Chicago, while Markowicz is based in South Florida.
The new hires will report to Zachary Solomon, executive director and co-head of public finance investment banking at Morgan Stanley, and David Gallin, managing director and co-head of public finance investment banking, at the firm.
Morgan Stanley's hiring comes as other firms snatch up the talent from Citi and
In the wake of Citi's exit from the muni market, around 10 healthcare bankers were hired by Jefferies, while
Morgan Stanley's new hires have vast experience in the public finance space, which sources said shows that competition to bring on former Citi employees is tough.
Zaman spent nearly 13 years at Citigroup based in Los Angeles and San Francisco, and
Zaman worked on over $40 billion of financings as book-running or co-senior manager to execute a variety of credit structures, including tax-exempt, taxable, private placements, revenue bonds, general obligation bonds, tax allocation bonds, pension obligation bonds, lease-leasebacks, public-private partnerships, project finance transactions, various federal credit programs including TIFIA and RRIF, as well as ESG-designated financings including social and green bonds.
Small, who spent more than 13 years at Citi, ascended the ranks at the firm and most recently was co-head of the Citi's Airport Finance Group
Markowicz spent almost 20 years at Citi as a director.
Morgan Stanley ranks third among top underwriters year-to-date, underwriting $4.952 billion with a 9.1% market share. The largest deals include the
The top two underwriters so far in 2024 are BofA Securities with $8.885 billion and J.P. Morgan with $5.431 billion.
Morgan Stanley was in the top five underwriters for 2023. The firm fell to fourth last year from third in 2022, accounting for $26.988 billion and a market share of 7.4%. This was a decrease the $27.489 billion and its market share of 7.6% in 2022.