WASHINGTON – Mike Sudsina, managing partner of Vermillion, Ohio-based Sudsina & Associates, has replaced Larry Kidwell as president of the National Association of Municipal Advisors.
Kidwell, president of Brentwood, Tenn.-based Kidwell and Company, who was to serve in the post through October, said in a message to NAMA's membership that he is stepping down because "a series of events have transpired that have created new and exciting business opportunities" for his firm since his election.
"The time demands associated with these activities are substantial, and the fact of the matter is that would mean doing less than the best I could to serve as president of the association," Kidwell said. "NAMA deserves more and should always demand the best of its elected and professional leadership – our association members deserve no less."
Kidwell added that he will continue to work with the board and the group's membership going forward. He has held a numerous positions with NAMA including vice president, chairman of the public affairs and industry relations committee, and MA representative to the biannual Municipal Securities Rulemaking Board municipal securities industry roundtable.
Susan Gaffney, NAMA's executive director, said "there is no denying Larry's contributions to NAMA over the years."
NAMA's board also voted Maggie Burger, senior vice president with Speer Financial in Waterloo, Iowa, to become vice president for the remainder of Sudsina's term. Sudsina, who had been the group's treasurer since 2012 before being elected vice president in October, said that he plans to use his time as president to prioritize growing NAMA's membership, promote best practices for MAs through education programs, and uphold high ethical standards for the group's members as they conduct their MA work.
The adjustment to the MA regulatory regime over the last few years has been "a big initiative for all of us," including both small and large firms in the market, he said.
The Dodd-Frank Act imposed a fiduciary duty on MAs and created a federal regulatory framework for non-dealer MAs for the first time. The act required MAs to register with both the Securities and Exchange Commission and the MSRB.
NAMA will be working to keep Dodd-Frank intact as it relates to municipal advisors, according to Sudsina.
"We put a lot of hard work into trying to comply with it all," he said. "To throw that all out the window … would be a shame."
Sudsina has been municipal advisor or lead banker to more than 100 cities, counties, schools, and special districts in Ohio and Pennsylvania, according to his website. He has participated in nearly 500 financings as an independent MA amounting to roughly $4 billion in par value. From 1992 to 2002 he worked with A. G. Edwards' Cleveland public finance group and as head of Fifth Third Securities' Cleveland public finance practice.
He has a degree in business administration from The Ohio State University and an MBA with a concentration in finance from Cleveland State University. He also is a certified public accountant.
