Raymond James establishes a public finance office in Seattle for the firm, creates a dedicated public power practice, expands its footprint on the West Coast and strengthens the firm's housing finance group as part of an expansion effort , scouted 10 former City employees, including six senior bankers. .
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Gavin Murray, Raymond James' executive vice president and finance director, said he began talking with the people he hired from Citi about the move in December.
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Raymond James' continued focus on finances and willingness to hire entire teams were attractive to those hired, Murray said.
“The hires we've made over the past few years have demonstrated our dedication to the business,” Murray said. He said the company has 8,000 to 9,000 retail advisors covering large municipal buyers and mid-market fixed accounts and needed a product for those accounts.
He said the bankers have also laid out a convincing plan for what they believe they can do for Raymond James.
The securities dealer has hired 51 people over the past two years, but only added 14 managing directors due to retirements, bringing the total to 180 finance staff members, Murray said. He said headcount in the firm's public finance division has ranged from 165 to 180 people over the past few years.
The incoming Citi California team will be led by Chris Mukai, who was hired as managing director and co-head of Western Regional Finance with Parker Colvin, who has been with Raymond James since 2013. there was.
“Raymond James is a well-respected figure in the public finance community with a talented team of professionals and a solid platform to serve the unique needs of the California market and beyond,” Mukai said in a statement. said. “I am honored to join Mr. Parker to lead our efforts in the Western United States. His partnership will allow us to continue the steady growth and positive momentum we have built here over the past decade. I’m thinking of coming.”
Mr. Mukai has 33 years of experience in public finance and has worked on $485 billion in transactions. He joined Citi in his 2001 year and led the Western US public finance practice for the past 15 years. Prior to joining Citi, Mr. Mukai spent 10 years at Merrill Lynch in the finance department.
Other members of Mukai's team hired by the company include Victor Andrade of Los Angeles, Brian Olin of Seattle, and Stephen Field of Orange County, California, all of whom were hired as managing directors and Harley Huy was hired as vice president. president.
Seattle resident Brian Selberg is a managing director leading Citi's utility power, energy and renewable finance practice, and will do the same for Raymond James. Analyst Vera Main has also joined the Seattle office.
Mr. Sellberg has been with Citi for 19 years, and during his time there he helped raise $50 billion, Raymond James said.
While most of the jobs will be on the West Coast, the company also added Susan June, managing director of National Housing Group in Chicago. Sara Campbell, an associate in Philadelphia, and Neha Chaudhry, an analyst in New York.
Jun has nearly 30 years of experience in housing banking and has worked as a senior banker for many of the nation's largest affordable housing issuers. She will help further expand and deepen National Her Housing Group's customer base, with a particular focus on state housing finance institutions.
The ability to attract such a talented group of bankers will help the firm's public finance team “drive growth and advance our strategic vision to become one of the most respected public finance platforms in the country.” Murray said it was a testament to his tireless efforts. He said.
It's been a remarkable year so far for Raymond James.The big trade helped him climb up the rankings from his 10th place since the start of the year.th According to LSEG data, in 2023, the top underwriter will be in fifth place, underwriting $5.7 billion. The company's largest transaction this year was in Jefferson County, Alabama, where it sold $2.2 billion in sewer revenue warrants. Midland Independent School District in Texas brought in $861 million. and $550 million to the Conroe Independent School District in Texas.
According to LSEG, the company ranked 10th as a top underwriter in 2023, up from 12th in 2022, with a market share of $14.9 billion and a market share of 4.1%. This is up from a total of $12.9 billion and 3.6% market share in 2022, it said.
