As part of its ongoing expansion of its investment banking operations, M.R. Beal & Co. recently hired Matthew Deane - a veteran banker with more than three decades of experience - as a managing director of public finance in its New York City office.
Deane, 54, officially joined the firm on Feb. 1 after nearly seven years as president and chief executive officer of Interval Capital Corp., a Tinton Falls, N.J.-based developer of highly specialized financial models.
As part of a Beal team of seven public finance bankers led by executive vice president Wayne Seton, Deane's primary responsibility will be infrastructure financing, with a focus on clean water, state revolving funds, and water and sewer deals.
Deane will help the firm beef up its public finance and investment banking activity in several large states, including Massachusetts, Connecticut, New York, and California, according to a spokesman.
Bernard B. Beal, founder and chief executive officer of the firm, called Deane's addition a "major boon" because of his strong knowledge of public finance and his well-known reputation in the industry.
"We expect Matthew to play a leadership role helping us execute our very ambitious strategic goals and objectives," Beal said in a press release.
Prior to Interval, Deane worked for three years as a managing director of investment banking at Merrill, Lynch & Co. and co-head of the public finance group. He was also a co-founder of the former broker-dealer Reinoso & Co.
He began his career in 1975 as an assistant trader at L.F. Rothschild & Co., a New York-based brokerage firm, where he became a partner in 1984.
Deane is a graduate of the Carroll School of Management at Boston College, where he received a bachelor's of science degree in marketing and finance.
Beal has been in a growth mode - increasing its sales and distribution capabilities and enhancing new-issue and secondary sales and trading efforts - ever since it surpassed $1 billion in senior-managed municipal underwriting volume for the first time in 2006, the firm previously reported.
Beal ended 2006 with roughly $1.2 billion of senior-managed negotiated deals, up substantially from the $691 million of business it did in 2005, according to Thomson Financial data. In 2007, the firm served as senior manager on seven deals totaling $543.7 million.