Dan Aschenbach and Namsoo Lee have launched a partnership between their municipal advisory firms.
Municipal Financial Solutions Associates will cater to public power utilities and other power-related muni finance participants. Though the firm was officially created late last year, Aschenbach said this is its first marketing push.
The firm is a partnership between Aschenbach's AGVP Advisory and Lee's Abacus Infrastructure Partners. It will also offer underwriting services through Strong Capital Markets, already a partner of Abacus.
"There's a whole lot of decisions that utilities are needing to make," Aschenbach said. "You really do need experienced partners to help work through the risk that might be being felt by the utility."
The team has worked on transactions and energy and infrastructure systems worth a collective $280 billion, according to a press release from the firm.
The original firms will continue their independent operations, Aschenbach said. Once MSF develops a track record, he added, he and Lee may consider merging the firms altogether.
He also has experience in government; in Cranford, New Jersey, he served for 18 years on the governing board, four terms as mayor, and nine terms as the finance commissioner. He is currently secretary of the zoning board. Aschenbach also worked for two members of Congress.
Lee founded Abacus in 2017, along with its SEC and FINRA-registered investment bank, AIP Capital Markets. Prior to founding Abacus, he was head of energy, structured finance at the New York branch of the Industrial & Commercial Bank of China. Lee also has experience at Lloyd's Banking Group, Citigroup Global Markets, Volvo Construction Equipment, the U.S. Army, and Moody's — where he met Aschenbach.
Joseph Hancock will serve as a managing director alongside Aschenbach and Lee. Hancock spent 20 years at Tenaska Inc., an energy company based in Omaha, Nebraska. Hancock is very knowledgeable about project development, Aschenbach said.
AGVP and Abacus each specialize in various advisory services, Aschenbach said, and by combining the firms, they can offer clients a wider range of services. Aschenbach said he would often reach out to other firms, like Abacus, when his clients needed certain services beyond his experience.
Aschenbach said he decided to partner with Lee after working together on several projects over the last year.
"He has a very good grasp of the industry, and how the industry is changing," Aschenbach said.
The public power sector has
"We anticipate knocking on their doors to explain the firm better," Aschenbach said, "with the purpose of assisting utility managers and CFOs … as the industry continues to change."
