Career moves

Along with UBS' departure from the negotiated underwriting space, various firms have hired talent from both firms to increase their primary and secondary market presence. Many hope for some positive effects in both competition and secondary market liquidity as a result.

The law firm revealed 2024 promotions.

It's a time of change, challenge and opportunity in the infrastructure and P3 space, Patrick Harder said.

The firm said Saporito's hiring is among several other additions made to beef up Wells Fargo's commitment to munis.

Brodie Killian has moved to PFM from Stifel Nicholas & Co., joining its Ann Arbor office as a director.

The new hire comes on the heels of the firm's growth in bond insurance in the first quarter of 2024.

The two attorneys who joined Chapman were part of the team who worked on CommonSpirit's massive financing in 2019.

"DASNY's financing, construction and grants management on behalf of science, health and educational not-for-profits [are] the foundation for stronger, inclusive and more sustainable communities across the state of New York," said Robert J. Rodriguez.

Former UBS and Citi employees are being scooped up by such firms as Morgan Stanley and Oppenheimer.

Longtime San Francisco Bay Area bond attorney firm Quint & Thimmig is closed.

The former Citi banker earlier this month was tapped by Huntington National Bank to become the firm's head of public finance, becoming the fourth woman to ascend to the role in the municipal industry.

Andrew Nakahata, who led UBS' western public finance region, will now do the same for TD Securities.

Vivian Altman ascended to managing director and head of public finance at Janney Montgomery Scott in 2017, and is now one of four women leaders in the space.

Hallam will handle high-yield muni sales and trading, focusing on large institutional accounts at the firm.

Alex Boutyrski, who joins as a senior vice president, will work in the group launched by John Baracy in February.

Citi's exit comes amid the larger trend of broker-dealers downsizing balance sheets, which can hurt secondary market liquidity, particularly in times of stress. Other market players are coming into the fold.

Marc Livolsi was promoted to lead U.S. Public Finance New Issue Marketing and Business Development, and Evan Boulukos will lead Assured's Secondary Markets desk, both of whom will report to Chris Chafizadeh, senior managing director and co-head of Public Finance.

BofA Securities is the latest firm to scoop up former employees from Citi, which decided to shutter its muni division late last year.

Narens' hiring complements Stifel's public finance practice and the types of deals the firm is doing, said Betsy Kiehn, managing director and head of Stifel's Municipal Capital Markets Group.

Raymond James' 10 hires include six senior bankers and an entire Citi public finance team focused on California.