Williams Capital Group Forms Muni Team

Williams Capital Group LP, a minority-owned investment bank headquartered in New York City, has formed a municipal finance team in an effort to expand the firm and diversify product for its clients.

The bank has grown rapidly since its founding in 1994, and last year ranked as the 17th-largest senior manager of corporate debt, according to Thomson Reuters. Its team of 40 investment professionals in seven offices around the country led 114 corporate deals totaling nearly $150 billion last year.

"I think it's an opportune time for a firm with the resources and skill sets that we have to penetrate the municipal market," said Christopher Williams, the firm's founder, chairman, and chief executive officer.

Williams called the tax-exempt market "vibrant," noting that the high volume of borrowing needs creates opportunities to help issuers achieve their goals.

He also said the muni market is less dominated by bigger banks and "tends to be more receptive to a broader range and size of firms."

In addition, the advent of taxable Build America Bonds last year has opened the market to a broader base of investors where the firm has a clear presence.

"Our taxable fixed-income sales force obviously has a broad range of investors — that's a very developed area within our firm — and I think that enables us to bring a strong distribution network to the benefit of our clients who are looking to access that market," Williams said.

Jacqueline B. Knights, a former managing director at Bear Stearns, where she spent a decade beginning in June 1998, was appointed director of public finance in February.

More recently, Knights was a managing director of public finance at Atlanta-based Jackson Securities LLC from August 2008 to January 2010. Her specialties are pension funding, transportation, and general infrastructure financing, with a focus on the Northeastern and mid-Atlantic states.

Frank Quinn was hired last month as a principal in the new division. He is a 37-year public finance veteran and has held senior positions at Bear Stearns, Siebert Brandford Shank & Co., and Merrill Lynch, among others.

On the sales side, Williams snatched three veteran traders with more than 30 years of experience apiece from Grigsby & Associates in February.

Anthony Shields has also worked at UBS, Dean Witter, and M.R. Beal & Co.

Lawrence Littig spent time at Dean Witter, Smith Barney, and Lebenthal & Co.

Kevin O'Rourke was the head municipal retail trader for 24 years at Bear Stearns.

Williams Capital was co-manager on a California general obligation issuance of Build America Bonds in late February, but Williams said he postponed announcing the firm's move into munis until it had "a critical mass of people."

Going forward, the firm plans to extend its reach to a national level by hiring professionals who can work on specific regions.

"Certainly we will be looking in a very deliberate manner, though not overly aggressive," Williams said. "We'll be looking to hire individuals in specific regions to the extent that we identify the right individual and they can really help us to grow the business."

williams-chris.jpg
knights-jacqueline.jpg

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER