Investment bank Stern Brothers & Co. hired Richard DeProspo, Richard Clark and Ken Yoon from Wedbush Securities Inc. as part of an expansion on the West Coast.
DeProspo will join Stern as managing director and manager in the Western Region, while Clark will be a managing director, and Yoon a vice president. They will focus on providing customized financial services for public sector clients and be based in Los Angeles.
The three had been at Wedbush Securities’ Los Angeles office. DeProspo was a managing director and manager in the public finance group at Wedbush. Prior to that, he was a principal and partner at De La Rosa & Co.
Clark was also a managing director at Wedbush. He previously worked as a principal at RBC Capital Markets. Yoon was an assistant vice president in public finance at Wedbush. Previously, he worked at UBS Investment Bank.
“The addition to our Los Angeles staff complements the expertise of Dennis Ciocca, a veteran municipal finance professional,” the firm said in a statement. “With the retirement of Charlie Forrest from Stern Brothers’ LA office, the hiring of an experienced team demonstrates Stern Brothers’ ongoing commitment to the West.”
St
Stern Brothers is a registered woman-owned business enterprise and currently has 68 employees and 15 offices nationwide, including in Atlanta, Chicago, New York, and Tampa.
The firm ranks fifth among U.S. municipal book runner minority owned firms by number of deals, and is the nation’s ninth-largest senior managing municipal bond underwriter among minority- and women-owned firms by par amount of bonds, according to Thompson Reuters.
Stern Brothers is also the 10th largest municipal variable rate demand note remarketing agent in the U.S. It is now the single largest women-owned municipal VRDN remarketing agent in the nation with more than 400 transactions completed and a portfolio of more than $4 billion par amount of securities.
