Cabrera Adds Bankers on the Coasts

CHICAGO – Chicago-based Cabrera Capital Markets again has bankers on the ground on both coasts with the hiring of Brian Corley out west and Bonwick Capital Markets' municipal banking managers out east.

Bonwick's municipal finance co-heads – Tony Stovall and Michael Murray – have joined Cabrera as directors to expand its Northeast presence, Cabrera's chief executive officer Martin Cabrera, Jr. announced Monday.

The additions of Stovall and Murray, who had made inroads in multiple regions after establishing the group in early 2015, comes after the suspension of the firm's broker-dealer license for failing to file a 2015 audit, according to a check on the Financial Industry Regulatory Authority's website.

Out west, Cabrera hired Corley, who most recently was a Los Angeles-based banker at Ramirez & Co. He previously held banking positions at Siebert, Brandford Shank & Co., Rice Financial Products Co., and JPMorgan. He will focus on California issuers.

Corley joined the firm as a senior vice president, bringing with him relationships with not-for-profit institutions, public utilities, and experience working on public-private partnerships in California and other western region states.

"The acquisition of Bonwick's Municipal Finance Group and hiring Brian Corley gives us a significant opportunity to expand our presence in the Northeast, Southeast, and West Coast by acquiring highly skilled and experienced professionals with deep client relationships," Cabrera said.

The additions follow the hiring of Duncan Smith in April as director of municipal trading.

"Duncan has 30 years of experience in the business," the firm said. Prior to joining Cabrera, Duncan worked at Lebenthal & Co.

Before forming Bonwick's public finance arm, Stovall and Murray held partner positions at Rice.

Stovall started his career in 1993 at M.R. Beal & Co. where he was co-head of the investment banking department.

Murray, one of the early partners at Rice, was there 20 years during which he held positions ranging from chief compliance officer to president. The two joined Cabrera as directors, said head of public finance Brian King.

"I've known Martin and of his firm's reputation for many years and I have worked with him on several transactions; the acquisition of the municipal finance group will allow us to grow what already is a very strong platform," Stovall said in a statement.

Bonwick Capital opened its new muni shop in June 2015 expanding on its corporate investment banking business which had been its focus since opening its doors in 2009. To develop a municipal platform with a strong capital base, the firm established a strategic partnership with Burnham Securities Inc.

Bonwick's broker-dealer license suspension became effective in July after the firm failed to file its 2015 annual audit report within 21 days after service of a notice of suspension in March. In April, the firm filed a request for hearing but in July FINRA "concluded that the firm had abandoned its defense and was in default," according to the FINRA filing.

Cabrera's public finance banking head Brian King said the firm remains in hiring mode and expects "to be adding some more bankers before the end of the year."

King, a former Chicago deputy comptroller, began his banking career at the firm after leaving the city in 2006. He moved over to Mesirow Financial Inc. in 2011 and rejoined Cabrera earlier this year. The firm also hired veteran banker and advisor Kathy Thomas also at the same time after Cabrera secured a fresh infusion of capital.

Initial goals at the Latino majority owned firm were to make greater inroads in the California and Texas markets. The firm has eight offices: its Chicago headquarters, New York, Boston, Los Angeles, Philadelphia, Tampa, Dallas and Houston.

Cabrera ranked 43rd last year among senior managers nationally and so far this year is 59th while it finished last year in the 26th spot among co-managers, according to data from Thomson Reuters. Bonwick ranked 94th last year nationally among senior managers and was not ranked so far this year. Cabrera has previously said his goal is to move up to the top 15 among underwriters counting the firm's co-manager work.

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