Janney Capital Markets has expanded the public finance unit in its New York City office with the hiring of two veteran bankers.
Joseph Bosch and Daniel Froehlich both arrive from the investment banking firm George K. Baum & Co. They will focus on public education and the nonprofit sectors on the issuer’s side for Janney, as well as local and state government organizations in New York, said Tom Henson, who manages public finance for the firm.
“Both have been known in the New York market and the Northeast market for quite a long time for their expertise in higher education financing and other 510(c)3-type educational financings, such as private schools,” he said.
Janney sees in both the city and state opportunities in public finance on which the firm can capitalize, Henson said. Taking a strategic look at the New York market, the firm decided that it wanted to bulk up its public finance resources there.
“If you look at major issuers of tax-exempt debt, New York is one of the top two or three issuers on the state and the New York City-level, but also they do quite a bit of issuance at the local level,” he said. “And if you look at the New York market for higher education and private education, it’s a very good market for both. We wanted to be sure we met those market needs with the hiring of” Bosch and Froehlich.
Philadelphia-based Janney Montgomery Scott, the parent company, is also looking to expand its public finance units in those states where it already has established a heavy footprint. Those markets include Pennsylvania, Ohio, New York, New Jersey and New England.
Janney is looking to add up to two more people for the New York office, Henson added.
Bosch brings almost 30 years of industry experience to Janney. It includes 19 years where he specialized in providing investment banking services to colleges, universities, secondary schools and other nonprofit organizations.
Froehlich is also experienced in working with nonprofit and higher-education borrowers, as well as with New York City.
Janney saw its market share as book runner double in 2011 from a year earlier, according to Thomson Reuters numbers.
For 2011, the firm ranked 24th, as it was involved in 165 deals worth about $1.598 billion, for a 0.6% market share. By comparison, it ranked 34th in 2010, as it was involved in 123 deals worth almost $1.368 billion, a 0.3% market share.
While Janney doesn’t expect to duplicate its overall performance last year, it is still looking for a sizeable bump in business, according to Henson.
“We’re looking for growth similar to the market share gains we saw last year from 2010,” he said.