Ramirez & Co. promoted two investment bankers to senior management.
Patty McGrorry, managing director, was promoted to head of underwriting. Lorry Palacios, senior managing director, was promoted to co-head of public finance. The two have worked at Ramirez for over a decade, but their employment relationship predates their time at the firm.
"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. "They have been critical to our success and I am looking forward to working with them in their expanded roles."
"Lorry and Patty began their careers together and their continued collaboration will be instrumental to furthering the great relationship we have between banking and our underwriting desk," Ramirez added.
McGrorry joined Ramirez as a banker in 2009 and transitioned to the underwriting desk in 2014, according to Ramirez.
She started her career in public finance in 2001 as part of UBS's Northeast group, then spent a few years in San Francisco working on UBS' Western team, until the firm left the municipal business in 2008, according to Ramirez. She then had a brief stint with TD Securities before joining Ramirez.
"I moved to the desk at the urging of Sam and Dan Keating and I am forever thankful for their encouragement and support," McGrorry said. "I love the analytical side of underwriting and the constant puzzle-like work of putting the best deal together with and for our issuer clients."
"Over the past decade McGrorry has worked very closely with Jamie Cortese, Ramirez's head of competitive underwriting, and John Young, a 50-year underwriting veteran who joined Ramirez in 2008 and retired at the end of 2024," the firm said. McGrorry will now assume many of Young's responsibilities.
Palacios also spent the beginning of her career at UBS, as a housing finance specialist in its New York and California offices, according to Ramirez. Upon UBS' exit from municipal finance, Palacios joined RBC, then joined Ramirez in 2011.
Palacios has been based in Austin, Texas, since she joined Ramirez, and will stay there, she said. The firm credited her with helping build Texas into one of Ramirez's most successful regions.
"My roles will be to continue to cover my banking clients, but to be available as a resource internally and across our banking network," Palacios said, "for anything that is needed to make sure we're telling our best story, our strongest story, to our issuer clients across the country."
"Lorry is one of our strongest technical bankers while also being exceptionally gifted working with issuers around the country," said Ted Sobel, Ramirez's head of public finance since 2009. "Lorry will be a terrific partner in managing the banking team with me."
Palacios and McGrorry's friendship will be crucial to their approach to their new roles, Palacios said.
"We're just going to continue to work even closer," Palacios said. "Part of it is making sure there are larger discussions on strategy. Our firm is about to embark next year on its 55th year of continuous existence. How do she and I work with the senior management to make sure we continue to have that forward-looking vision?"
"We're already on the phone mostly every day," Palacios said, "but it's going to be even more, on that level, more strategy."
