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Maulin Shah

Title: Director
Firm: Bank of America Merrill Lynch
Age: 39

Maulin Shah served as the municipal investment banker for the sale of the first municipal green bonds in 2013.

His client was the Commonwealth of Massachusetts. He used the due diligence and certification process being used by his colleagues at Bank of America Merrill Lynch for corporate green bonds to do the deal.

“Six years later it’s a dynamic segment that has grown very, very rapidly from an issuance perspective year over year since the first issuance,” Maulin said. By 2016 there were a lot of repeat issuers who were demonstrating it was a good product that was working and moving capital.

“Now you’re finally seeing a lot of marquee, tier-one investors saying, ‘I’m going to create a green dedicated tax-exempt fund,” he said, indicating it’s now widely accepted as a product.

Maulin leads the firm’s municipal green bond marketing efforts nationally.

He also is a director for a 16-member team of municipal investment bankers who focus on New York and New England states for BAML.

Maulin serves as lead banker to some of the industry’s largest issuers, including the Dormitory Authority of the State of New York, the Port Authority of New York and New Jersey and the Commonwealth of Massachusetts.

For DASNY he handles personal income tax, sales tax bonds and the State University of New York.

For Massachusetts he handles general obligation bonds, issuance by the Commonwealth Transportation Fund, and Grant Anticipation Notes. CTF and GANs fund much of the state’s transportation infrastructure.

“I’m their lead banker, their day-to-day banker, their point person on everything,” Maulin said. “I’m stretched thin for sure."

But he says he’s not stressed out by it. “I’ve been doing it for a while now. So I have a good grasp of what my clients need, what their goals and objectives are."

His rise through the ranks from analyst to associate to vice president to director has given him a good sense of when he needs to be in the weeds with his clients and when to focus on the big picture.

A New Jersey native, Maulin lives in Holmdel. He graduated from Rutgers University and is married with two children.

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