Academy Securities has expanded aggressively since hiring head of municipal banking Frank Oh in June.
With seven bankers added and another joining in the next month, the firm is seeking to provide a higher level of services, including some outside of the norm for firms of its size, Oh said.
"We know that in providing these services or in trying to get to a higher level, we have to make an effort, and it's not going to be as easy as just showing up and saying, 'we're here, we're new,'" Oh said. "We're going to have to demonstrate why we deserve to be at a higher level, or senior manager to our clients."
So far, four of the veteran-led firm's new hires have come from Cabrera Capital Markets or Fifth Third Securities. Oh said the firm plans to add another member to the sales and trading side of the team in the coming weeks.
"Academy's expansion of our municipal finance business reflects our commitment to bringing veteran-led discipline and deep market expertise to public finance clients nationwide," Chance Mims, the firm's founder and CEO, said in a statement. "As demand for infrastructure and public-sector financing continues to grow, we are focused on delivering the same differentiated expertise and client-first approach that has defined our firm since its founding in 2009."
Academy is "expanding our overall commitment to municipal finance," Oh said, stressing the CEO, CFO and president are all on board. The firm hopes to expand its presence in the biggest municipal markets: California, Texas, Illinois, and the Northeast, he added.
Oh had a whirlwind introduction to Academy.
"I quit my [previous] job on a Thursday. I got introduced to the group [at Academy] on Friday. I was on a plane on Sunday to visit the state of California," Oh said. As a result of his trip, "we got appointed as a co-senior manager on a California [general obligation bond] transaction that's going to price in October.” This will be Academy's first time as co-senior manager on a California GO transaction, he said.
In a couple years, Oh said, he expects Academy to be at the level of more established MBE firms, like Siebert Williams Shank & Co. and Ramirez & Co.
"There could be some growing pains, but we haven't encountered any yet," Oh said. "And I think [Academy's leaders] realize the potential that we have in the public finance business, and that they're committed to growing the overall business."
Academy offers a "unique set of services," Oh said, such as its geopolitical group. Oh said many issuer clients "are asking for that type of overview on what's happening in the world."
"I don't think we're necessarily filling a void … because a firm is leaving," Oh said, "I think we are providing services that are unique and that are being very well accepted by our clients."
"Our story of revitalization and expansion is being very well accepted by many of our current clients," Oh said, "and we look forward to working with them on an enhanced level where we're able to provide them a higher level of investment service."
Edward Kurth joined Academy in August as a managing director. He was previously a director at Cabrera , according to a press release from Academy. Kurth has spent his career working with large Midwest and East Coast issuers and has lead managed transactions for Illinois, Chicago, Milwaukee and others. Kurth will focus on banking in the Midwest.
Academy hired Conrad Streeter as a director of public finance in Texas. Streeter has three decades of experience in education and school district finance. He has served as deputy superintendent for large school districts in Texas, according to Academy, and was most recently a superintendent for "a large international childcare company operating throughout Canada and the United States."
In North Texas, Streeter "helped support the successful passage of a major bond program that funded new facilities, infrastructure improvements, and other mission-critical projects," according to the release. "At Academy, he will play a key role in strengthening the firm's Texas platform, with a particular focus on serving the public school market and helping districts pursue financing strategies that support students, educators and communities."
Academy hired Alexander Khazaneh as an investment banking associate in its Chicago office. Khazaneh also joined the firm from Cabrera, where he served as an investment banking analyst.
Brian Curci was hired as managing director and head of municipal sales, joining the team from Fifth Third, where he was executive director.
At Fifth Third, Curci "expanded the firm's distribution footprint among Tier I and Tier II institutional municipal accounts, including mutual funds, insurance companies, SMAs, and money managers," according to the release. Curci will direct Academy's "municipal sales effort, including institutional account coverage, pre-marketing and price discovery, order solicitation during the institutional order period, and post-pricing secondary support."
Michael Hayes also joined Academy from Fifth Third as managing director and head of municipal trading. He will focus on enhancing market presence, increasing liquidity capabilities and building a scalable trading operation.
Daniel De Almeida joined the firm as a director of municipal bond sales. He previously worked at HJ Sims as a sales trader.
Joseph Nuccio joined Academy's sales team on Tuesday as a director. Nuccio joined the firm from Tradition and previously worked at JP Morgan.
