Aiming to build upon the success it has experienced in the Western region of the U.S, the municipal finance department at RBC Capital Markets has opened a new office in Salt Lake City, which will be led by public finance veteran Kelly Murdock.
Last year, the investment bank was ranked number one among municipal bond underwriters in five states in the Western region, including Utah, according to Thomson Reuters data.
Bob Spangler, managing director and manager of the West Region of the firm's municipal finance group said the success in Utah has been largely driven by the firm's work with the Utah State Board of Regents.
"In hiring Kelly we are looking to build upon that success by increasing the number of Utah issuers we represent as senior managing underwriter," Spangler said. "To be truly successful in Utah you need to have a local presence and demonstrate that you are part of the fabric of the local municipal bond community."
RBC announced Wednesday that Murdock has been hired as a director and will be responsible for the development of RBC's municipal finance business in Utah. He will cover all issuers in Utah, and will also focus on certain higher education issuers in the surrounding states. Murdock will report to Jon Moellenberg, managing director and manager of the firm's municipal finance office in Denver.
"Kelly brings significant market experience and knowledge of Utah issuers and we look forward to teaming him up with our sector and product experts to further enhance our business in the state of Utah and with colleges and universities in the Mountain West," Moellenberg said.
Murdock will be the muni group's sole banker in Utah, supported out of RBC's Denver office. He has joined the firm's wealth management office, located in downtown Salt Lake City.
"Similar to how we have built our business in Arizona, Colorado, and New Mexico, he will look to underwrite negotiated business with a wide variety of issuers in the state and will team up with sector and product specialists from throughout our banking system as appropriate to best serve the needs of Utah issuers," Spangler said.
Murdock joins RBC after a 23-year municipal finance career with Wells Fargo, where he was also a director. Before he began a career in public finance, Murdock served in various appointed positions on Capitol Hill representing the state of Utah.
He received his MBA from the George Washington University and his bachelor's degree from the University of Utah.
"I am pleased to join the RBC Capital Markets platform with its strong history of a commitment to municipal clients, its highly rated credit products and its first-rate execution," Murdock said.
RBC's municipal markets group employs more than 345 people. The new office in Salt Lake City will be the group's 27th location.
The firm ranked fifth among municipal underwriters for the first quarter of 2013, according to Thomson Reuters. RBC worked on 178 issues totaling $4.9 billion, with a 6% market share during the quarter.