Financial advisory firms are actively recruiting and hiring experts in municipal finance to both deepen market footprints and help clients weather legislative changes — in particular, the potential death of the tax-exempt status.
Industry advocates with the Bond Dealers of America took to Capitol Hill this month to meet with members of the House Ways and Means and Senate Finance committees. The BDA's mission has been to sway legislators to preserve the tax exemption in the face of widespread budget cuts, as politicians seek to renew expiring provisions of the 2017 Tax Cuts and Jobs Act.
Whether on
Read more:
Advisory firms like PFM, Ramirez & Co. and others have begun recruiting muni experts to better prepare for any investment-strategy changes and get a jump on the activity kicking off 2025.
For example, the
The series F and G bonds, which have been rated "AAA" by
Read more:
Below is a recap of notable talent shifts in the public finance industry over the last few weeks.
PFM promotes two longtime employees to managing director roles
Margaret "Hope" Scarpinato and Gregory C. Butler, both of whom have been with the Philadelphia-based PFM for more than a decade, have been promoted to managing directors.
Scarpinato started off with the firm in 2011 as a consultant and is now co-director of PFM's national transportation practice, guiding transportation clients through funding efforts and nuanced loan applications. This includes more than $1.2 billion in TIFIA loans.
Butler has been a director in PFM's management and budgeting consulting practice since 2008, providing local governments with insight into public-sector compensation and benefits, developing recruitment and retention strategies and more.
"Their leadership will shape PFM's strategic direction and strengthen our ability to provide exceptional service to our clients and the communities they support," Dan Hartman, CEO of PFM, said in a
Read more:
Ramirez shifts tenured employees to senior ranks
Ramirez & Co. announced in late January that Patty McGrorry and Lorry Palacios, both managing directors and each with more than a decade at the firm, have been appointed to lead different departments.
McGrorry joined Ramirez in 2009 as a banker, bringing with her roughly eight years of public finance experience from her time with UBS and TD Securities. She moved to the firm's underwriting desk in 2014 and is now head of underwriting.
Palacios also worked for UBS prior to her 2011 start at Ramirez, leaving after the organization
"I could not be more excited about and proud of both Patty and Lorry," said Sam Ramirez, founder and president of Ramirez, in a press release.
Read more:
Estrada Hinojosa & Co. puts new capital to work acquiring muni talent
Estrada Hinojosa & Co. is using the capital boost from its deal with Texas Regional Bank to expand its municipal finance team and deepen its market presence.
Following Estrada Hinojosa's
"Our goal is to initially build the premier municipal division in the state of Texas with relationships at the forefront," John Tippit, president of TRB Divisions, told The Bond Buyer's
Read more:
Kutak Rock LLP doubles public finance footprint in Minnesota with new hires
Jenny Boulton, Julie Eddington, Gina Fiorini and Sofia Lykke have all left the Minneapolis-based Kennedy & Graven Chartered to join the Nebraska-based Kutak Rock LLP's Minnesota office.
The four bring with them expertise on topics ranging from the issuance of revenue and general obligation bonds to financing affordable housing and charter school bonds.
"We're excited to really deepen our bench in the areas of tax increment financing as well as economic development work, which allows us to enhance the services we can provide to our current clients, as well as the other clients joining us," Justin Reppe, a public finance partner in the firm's Minneapolis office, told The Bond Buyer.
Read more:
Nixon Peabody staffer joins BAM Mutual
Dia Walrath, a former counsel in the public finance department at Nixon Peabody, was picked up by BAM Mutual to join its San Francisco office as an associate counsel and vice president.
During Walrath's ten-year stint at Nixon Peabody, she had a hand in muni market deals and public-private partnerships for cities and counties, school districts, airports and other transportation issuers and 501(c)(3) borrowers. Now, she will use her experience to guide BAM's underwriting and credit professionals through credits the firm insures and provide insight on legal issues.
"Dia has worked on many types of municipal finance transactions in the market today, and BAM and our member-issuers will benefit from her diverse skill sets, particularly as we respond to increasing investor demand for insured bonds in additional states and sectors," Jeff Fried, BAM's general counsel, told The Bond Buyer.
Read more:
