Eric Vandercar, an award-winning member of the municipal bond industry, was one of six people who died in Tuesday night's Metro-North accident.
The Metro-North commuter train crashed into a sport utility vehicle in Westchester County, north of New York City, killing the driver of the SUV and five others, including Vandercar, 53.
Vandercar has worked at the New York City office of Chicago-based Mesirow Financial since March as senior managing director and head of municipal funding. He has focused on tender option bond transactions and other municipal investor funding products.
"With a heavy heart, we are sad to report the untimely passing of Eric Vandercar, a beloved senior managing director in our Institutional Sales and Trading New York office," Mesirow Financial said in a statement. "Eric was not only a pillar in our industry, he was a great partner and friend to many. Losing him is a huge loss, personally and professionally. Our entire Mesirow family is hurting and our deepest sympathies are extended to his wife, Jill, and their family."
Prior to Mesirow, Vandercar had worked for 27 years for Morgan Stanley. "Those of us who worked with Eric for many years at Morgan Stanley are deeply saddened by this tragic loss," a Morgan Stanley spokesman said. "Our hearts and prayers go out to his family at this difficult time."
In November Vandercar was elected for the second year in a row to the First Team of Smith's Research & Gradings' Municipal All-Star Team. He received this for his work in the municipal derivative category.
Industry professionals described Vandercar as accomplished, insightful, and innovative as the news of his death made its way through the market on Wednesday.
The mood among those who knew him - professionally and personally - was somber as they recalled a colleague and public finance leader with a wealth of knowledge about the industry in which his career spanned more than 30 years.
"Eric was always one of the best and the brightest in the industry," said Chris Mier, chief muni strategist at Loop Capital Markets LLC, who knew Vandercar in the mid-1990s when Mier worked at the former Kemper Funds.
"He remained at the forefront of the industry as it evolved; with extensive knowledge of proprietary trading, hedging strategies, TOB programs, and so much more," Mier said. "This is truly terrible news, and very, very sad."
"I feel for Eric, his friends and family, and the many co-workers who had the pleasure to work with him, of which I never had the pleasure," Mier continued.
"Eric and I shared an interest in the same kind of music, and we would talk about it sometimes. Eric was such a nice person-always very friendly. This is very sad news."
John Mousseau of Cumberland Advisors in Vineland, N.J., said Vandercar was "an incredibly accomplished professional and a hell of a nice guy. When he headed up derivatives and strategy at Morgan Stanley in the mid-1990s he was a tremendous resource, and always patient to explain what were then fairly complex products."
Among his recent achievements, Vandercar was known for structuring, executing, and marketing the first TOB Series for non-banking entities designed to be fully compliant with the recently enacted Volcker Rule, which goes into effect in July.
At Morgan Stanley, Vandercar developed and managed its municipal funding, liquidity, credit, and lending businesses, built the firm's primary market liquidity and lending businesses, served as a municipal portfolio strategist, and traded the municipal proprietary arbitrage account.
"He knew an awful lot about the municipal market - he was like an encyclopedia," said Peter Block, head of municipal research at Ramirez & Co. in New York City, who worked with Vandercar for five years at Morgan Stanley in New York City.
At Morgan Stanley Block was a trading desk analyst and Vandercar was head of municipal funding and liquidity.
"He was just very insightful and was very innovative. I don't think there was anyone else in the market that knew more about municipal funding and liquidity than he did.
"Clearly having worked at Morgan Stanley for 27 years, that was the most successful municipal funding business on The Street due in large part to him," Block said.
Block, who sat at Vandercar's table in December at when the derivatives specialist was recognized by Smith's Research & Gradings for high-quality work on the buy-side of the municipal market, knew Vandercar personally as well.
He and Vandercar attended the same synagogue -- Temple Shaaray Tefila in Bedford Corners, N.Y.
"I would see him at different events at the temple he was a big deal there," said Block, who lives in Armonk, N.Y., 15 minutes from where Vandercar lived in Bedford Hill, N.Y.
George Friedlander, head of municipal research at Citi, said Vandercar's reputation in the industry was stellar.
"He was a good strategist in earlier years there wasn't a lot of good derivative work done in the muni space and he did some of it," Friedlander said. "He was extremely personable and very well respected."
Vandercar was a "man of integrity," said Jed McCarthy, managing member of 16th Amendment. "Always very fair to deal with, he was one of the very top people in the field. He was an expert in tender option bond structure. Very well liked. I don't know anyone who would tell you something different from what I'm telling you."
In addition to his wife, Jill, survivors include two children, Sadie and Jake. A private funeral is planned.
