CHICAGO — Louisville, Ky.-based Hilliard Lyons has added two institutional sales professionals to its municipal team and remains in the market to hire more across its Midwestern and Southeastern footprint, including eight bankers, firm officials said Wednesday.
Bill Stewart and Priscilla Dearmin-Turner joined Hilliard’s office outside Indianapolis two weeks ago as senior vice presidents, said director of public finance Alexander Rorke. They previously worked at Citi. Both have over two decades of experience.
“They are very productive and seasoned veterans,” Rorke said. “We are building our public finance infrastructure.”
Hilliard now has five professionals devoted to institutional sales. They are part of a public finance team that includes five bankers and 17 trading, underwriting and sales professionals. The firm operates trading and underwriting desks in Indiana, Kentucky, Ohio and Tennessee.
Rorke said the firm remains in the market to add more professionals in various positions and by year-end hopes to bring in eight new bankers that range from junior to veteran status. It is not necessarily trying to meet revenue or ranking targets. “The firm understands that this is a long-term business that takes time to build an infrastructure,” Rorke said.
Public finance growth is one of four key goals set by senior management. Rorke joined the firm last year to lead an expansion of its public finance originations business within its broker-dealer division, J.J.B. Hilliard, W.L. Lyons LLC, across its 13-state footprint. Rorke previously managed public finance banking at Loop Capital Markets LLC and managed UBS’ former Midwestern group.
The firm hopes to snare business in Illinois, Indiana, Michigan, Ohio, Tennessee and other states where it operates. While competition is fierce, given the shrinkage in muni volume last year, it believes it is time to expand, given the availability of top professionals due to cutbacks.
Hilliard was 77th among senior managers nationally last year, 11th in Kentucky, 38th in the Southeast and 45th in the Midwest, according to Thomson Reuters.