CHICAGO – Chicago-based veteran municipal analyst Peter Stettler has joined Piper Jaffray's strategic analytics team.
Stettler formerly worked on Bank of Montreal's municipal research team until he was left without a position after Piper Jaffray Cos. purchased BMO's Chicago-based municipal bonds sales, trading and originations business, BMO Capital Markets GKST Inc., last fall.
While the deal bolstered Piper's municipal capabilities from its sales, trading, and analysis to its public finance banking relationships, it ended Harris Bank's long local municipal tradition and left some professionals, including Stettler, without a job. BMO had acquired Chicago-based Harris Bank, which operated commercial and investment banking businesses, in 1984.
A year later, sources said, Piper was seeking a Chicago-based municipal credit analyst to join its roughly 10-member strategic analytics group and the two found the right fit. The firm has three analysts covering municipals.
Stettler had worked at BMO since 2012. Earlier in his career, Stettler spent 10 years at Fitch Ratings where he specialized in transportation credits and general municipal credits. Prior to joining Fitch, Stettler spent six years at the former Everen Securities Inc. in the municipal research department. He left Fitch in 2008 to join the Chicago-based Ricondo & Associates Inc., an aviation consulting firm, as a director.
