CHICAGO - New York City-based Cain Brothers & Co. is extending its Midwestern reach with the opening of a new St. Louis office that will house former Wachovia Securities LLC health care bankers Joseph Mulligan and Sara Kisner.
At the same time, capital markets head Andrew Garvey announced senior management changes and the hiring earlier this month of Roger Glasbrenner as a managing director in the firm's sales, trading, and underwriting group within the health care capital markets division. He will focus on "providing optimal financing structures for the firm's issuing and investing clients," a firm statement said.
Glasbrenner most recently worked at UBS Securities LLC where he spent 15 years. Prior to that, he worked at Donaldson Lufkin & Jenrette Inc. and L.F. Rothchild.
"Mr. Glasbrenner has built a particular expertise in the health care, senior living, and high-yield markets over his career, and he has deep relationships with many of the largest institutional investors in the tax-exempt bond market," the statement read.
Glasbrenner joins the closely-held firm as the head of its sales, trading, and underwriting team, Mike Fitzsimons, prepares to retire. He has handed the group's reins to E.C. Hoffman Jr., also a managing director. Fitzsimons, an 18-year veteran at Cain, told the firm's leadership of his retirement plans earlier this year.
"Fitzsimons made a major contribution to Cain Brothers in beginning its securities underwriting and distribution business and expanding it greatly with his partner, E.C. Hoffman, who joined him in 1996," a statement read. Fitzsimons started in the business at the former Reynolds Securities in 1972. He had an ownership interest in Tripp & Co. and later held positions at Kidder Peabody & Co. and Drexel Burnham Lambert.
"My position at Cain Brothers has been the longest and most satisfying of my career. I have seen the firm grow and prosper, and I am very pleased to leave my part of the organization in the extremely capable hands of E.C. Hoffman and his new partner, Roger Glasbrenner," Fitzsimons said.
CEO Jim Cain said: "Although we are very sorry to lose Mike, at the same time we are excited about the capabilities of our sales, trading, and underwriting team going forward and the addition of two very experienced senior health and housing industry bankers."
In the new St. Louis office of the broker-dealer that specializes in the health care and housing sectors, Mulligan joined as a managing director while Kisner was hired as a vice president. Both began working in the health care capital markets division late last month.
Mulligan's prior position was cut earlier in June as Wachovia, which merged with the former A.G. Edwards & Sons Inc. last year, sought to reduce the head count throughout all its divisions by 500. The cuts came as the bank grappled with subprime mortgage-related losses. A number of Wachovia staff members have left the firm's St. Louis team recently.
Mulligan, 42, was an 18-year veteran at Wachovia and the former A.G. Edwards in health care and senior living, leading the firm's national efforts on senior living financings. Mulligan said yesterday he has talked to several firms, but settled on Cain because of its entrepreneurial spirit.
"I also very much appreciated that they are very focused on transparency and education and very focused on client service," he said.
Kisner, 31, joined A.G. Edwards in 1998 to work on fixed-income research. She took on banking duties after the merger last year with a focus on high-yield credits.
The two joined a firm of about 78 professionals, although the firm declined to say how many worked specifically in the tax-exempt market. Cain Brothers has public finance offices in New York, California, Indiana, Illinois, Florida, Texas, Georgia and now Missouri.
Last year, Cain ranked 13th among health care senior managers, underwriting 24 issues totaling $922.6 million, according to data from Thomson Reuters. The firm ranked 13th in 2006 and 14th in 2005.
