Seeking to grab the book-running spot on more large Chicago-area issuer deals,Missouri-based A.G. Edwards & Sons Inc. said this week it has hired former Banc ofAmerica Securities LLC public finance banker Karen Walker.
Walker, 43, started at the firm last week as a managing director. She joins fellowbanker Lawrence Richardson, who opened A.G. Edwards' Chicago office about a decade ago.The firm had sought for at least the last five years to add another established bankerto the Chicago office.
"We have for many years wanted to add to our Chicago office to capitalize on Chicagometropolitan issuers and the state of Illinois," said Amelia Bond, director of publicfinance at A.G. Edwards.
Though Richardson does call on local issuers, he also works with the firm's otherregional offices on national deals and works with southern Illinois clients. "They are aperfect fit," Bond said. "Larry knows some of the same people but we didn't have thedepth we wanted, and Karen brings that depth."Walker said she and Richardson will work together calling on clients where there is someoverlap, and said she doesn't anticipate any conflicts, especially since it wasRichardson who initially approached her about joining the firm after she was forced outat Banc of America in June. "We will work together on those accounts we share," shesaid.
Walker primarily covers Chicago-area issuers, including the city itself, Chicago PublicSchools, the Chicago Housing Authority, and the Chicago Park District. Her reach extendsinto Michigan, Wisconsin, and Indiana. She will call on Illinois, though while she wasat Banc of America she had yet to secure a spot on state deals under the new Democraticadministration that took office this January.
"I will really be focused of getting more senior-managed business for the firm," Walkersaid Monday.
So far in 2003, A.G. Edwards ranked 22d in Illinois with $94.8 million of senior managedbusiness, seventh in the Midwest with $2.55 billion, and 11th nationally with $5billion.
Walker was ousted by Banc of America in June - a move many local sources attributed tothe firm's hiring last year of public finance banker Neil Pritz by Rich Ryftel, Midwestteam leader for Banc of America. Pritz and Ryftel had worked together previously at A.G.Edwards.
Pritz and Walker shared much of the same client base. Some said Walker was vulnerablebecause she had had a slow year and had not secured a spot doing state work. Pritz,however, has also not yet cracked the state. Banc of America earlier this year hiredClark Burrus, a former head of capital markets at Pritz' alma mater, First Chicago NBDCorp., now Bank One. Burrus also has close ties to Chicago Mayor Richard Daley and CookCounty Board president John Stroger, and that's expected to help the firm.
Walker declined to comment in an interview Monday about her firing by Banc of America.She started at Banc of America in 1994, and previously worked for Merrill Lynch & Co. asan associate banker. Before working as a public finance professional, Walker was anassistant chief accountant for the Securities and Exchange Commission and was a mergerand acquisition analyst for Mueller Holdings Corp. and a senior auditor for Ernst &Young in Chicago.
Walker joins an A.G. Edwards investment banking staff of 60, based at its St. Louisheadquarters and in 12 regional offices, including Chicago.
