Bancroft Capital has hired Katherine Kullmann as its primary negotiated underwriter.
Kullmann started as vice president of municipal underwriting on Monday. She replaces Glen Balanoff, who recently left Bancroft to head municipal underwriting at Goldman Sachs.
"I'm excited to be back in an underwriting role and helping out on the negotiated side," Kullmann said. "I look forward to working with this team and supporting their mission."
Kullmann will work from the firm's headquarters in Fort Washington, Pennsylvania.
Kullmann started her career in underwriting at Citigroup. She moved to Barclays Capital to work on its municipal credit origination desk after Citi closed in 2023.
"I think that coming from two large dealers I can bring a different perspective and really help to grow the already growing business here at Bancroft," Kullmann said.
Kullmann said she'll focus on helping to grow Bancroft's negotiated business, bringing new ideas and working with the firm's different teams.
"We are excited to add someone with Katherine's experience and versatility to the desk," Kate Baltra, Bancroft's managing director of municipals, said in a press release. "I look forward to working with her as we expand our negotiated underwriting capacity."
Kullmann is not daunted by the market's recent turmoil, she said, in fact, her feelings are the opposite.
"The volatility only makes things more exciting," Kullman said.
"I think this is a great time to be in our business," she added. "This is a time that you can really add value and help issuers strategically get into the market at the right time."
"Katherine is a tremendous addition to our municipal team," CEO Cal Quinn said in a press release. "Her hiring continues to demonstrate our commitment to providing exceptional, value-added service to our counterparts in municipals."
