Title: Managing Director
Firm: Stern Brothers
Age: 38
The stories of how people end up focusing on the muni sector are wide and varied; Rising Star Alice Livingston is no different.
Alice, a managing director with underwriter Stern Brothers, said she "wanted nothing to do with this industry growing up."
Her stepdad, Bill D'allaird, was a muni underwriter, and when she was a kid she thought she needed to step lightly around him because she thought he worked with bombs, not bonds.
"I never considered myself finance, I considered myself more of a literary person," Alice said. "I chose a communications degree because I love people."
But, a summer internship at M.L. Stern, her stepdad's firm, would lead her into banking.
She left munis when she moved to the San Francisco Bay area to work in wealth management for Stifel for a year and a half, but found she did not enjoy it as much. She returned to munis working for Backstrom McCarley Berry & Co. and Blaylock Van, LLC.
Alice is "true example of a rising star in the municipal markets sector with her continued success in the industry as a leader, positive role model and team player, all of which has contributed to her continued success and growth in the industry," said Stern Brothers' Pepe Finn, owner, chair of the board and chief executive officer of the woman-owned business.
She decided that she preferred working for smaller, minority-owned firms, which, she said, allows her to employ her creative side more.
"I put out my own quarterly pieces — and use my writing skills," she said.
She found that on the more complex bonds that require a greater level of interaction with investors, she could put that communications degree to work. First, in creating marketing materials that explain the bonds, and later by using those people skills to attract interest.
She joked that her favorite category of bonds are the ones that sell the easiest. But when asked about a favorite deal, it was a complex transaction.
Working on smaller transactions allows her to engage with clients more, which Alice said she enjoys.
"I work for a small firm, so I cover all sectors," Alice said. "At Stern, there are two underwriters focused on fixed income. I have taken over the underwriting, while Mark Wren's focused on trading."
She loves the variety: Every day is different on the underwriting side because you don't know what market you will get or what investors are looking for, she said.
"The better-rated credits sell better, but it's fun to have a story bond," Alice said.
