CHICAGO - First Albany Corp. has hired Adrienne Archia from Siebert Brandford Shank & Co. LLC to replace veteran banker Frank Paul, who was forced out in a shakeup in the firm's Chicago office aimed at boosting its senior manager business here.
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"We see ourselves as growing in the Midwest, and to grow you have to hire quality people," First Albany's director of public finance Kenneth Gibbs said in an interview this week. "We think Adrienne can be a big part of that." He added that the firm was in the market to add additional banking and analytical staff to the Chicago office.
Siebert's president Suzanne Shank said the firm was caught off guard by Archia's departure but she hopes to find a replacement with strong local ties. "We certainly wish Adrienne the best. First Albany is a great shop and Adrienne will do great there," Shank said. "We have always chosen carefully in filling the Chicago office and we will do so now because it's an important market for us."
Archia, 41, was hired as a senior vice president and manager of the Chicago office. She has worked for Siebert since the winter of 1999 when she left RBC Dain Rauscher Inc. Her investment banking career began with Reinoso & Co. after five years working for the city of Chicago in various capacities.
Her positions in the city included serving as an assistant to its chief financial officer, then as an executive assistant to Mayor Richard Daley, and finally as CFO of the Chicago Housing Authority for two years.
Local market sources said First Albany had talked to several bankers about joining the firm in recent months and had actively recruited Archia. "We liked her experience, her rapport with clients, her leadership skills, and her track record," Gibbs said.
Archia called Siebert a "wonderful firm" to work for, but said First Albany represented an opportunity to advance her career. "I had a great run at Siebert and they have lots of strength and depth, but this is a great opportunity," she said in an interview yesterday.
"They have a nice foundation to build on. It's the whole package -- underwriting, banking, distribution, financial advisory work, and derivatives," she added. "And I respect Ken Gibbs and what he has built. They also have an established business in areas where I do business, like Illinois, Indiana, Wisconsin, and Ohio."
Archia will manage an office that currently has two other bankers -- Jill Jaworski and D.J. Mehigan. First Albany is viewed by some local market participants as having a stronger national sales force and better quantitative and derivatives capabilities than Siebert, in addition to having a larger banking staff here. Archia was the sole Siebert banker in the Chicago office. Siebert officials were not immediately available to comment on their plans for the Chicago office.
Archia's hiring last week coincided with the ouster of Paul, who has worked at First Albany since spring 1998. Gibbs declined to comment on Paul's departure, including whether he was fired or resigned. "Frank is no longer with us. He's moved on," Gibbs said. "I think Frank did a hell of a job getting us to where we are at" in the Midwest.
Paul, a 25-year veteran of the Chicago market who had strong Republican connections, could not be reached for comment. He was hired in 1998 by First Albany when Republicans largely controlled Illinois government. The balance there has shifted since the election of Gov. Rod Blagojevich in 2002.
Paul joined First Albany after Principal Financial Securities Inc. was purchased by the former Everen Securities Inc. Everen was later purchased by First Union, which was later merged into Wachovia Corp.
Paul joined Principal in 1995 from Clayton Brown and Associates after Clayton Brown was acquired by RBC Dain, then known as Dain Bosworth Inc. He also previously worked for Rodman and Renshaw Inc., the former Prudential Securities, now part of Wachovia, and the former First National Bank of Chicago, now part of Bank One.
Archia has stronger ties to Chicago-area issuers and to the current state administration than Paul does, according to market participants, and that is what the firm is banking on. Siebert was among the co-managers on Illinois' $10 billion taxable general obligation pension sale last June and was a frequent presence on city deals. The pressure, however, will be on Archia to capture more senior manager business and boost the firm's rankings, market participants said.
Last year, First Albany ranked 22d nationally among senior managers and 17th among co-managers, according to Thomson Financial. Siebert ranked 24th as a senior manager and 13th as a co-manager. In the Midwest, First Albany ranks 35th among book-runners and 45th among co-managers, compared to Siebert which ranks 20th as a senior manger and sixth as a co-manager, according to data from Thomson Financial.
In Illinois, First Albany outpaced Siebert, placing 21st as a book-runner last year, while Siebert did not list any senior managed deals in Illinois in 2003. As a co-manager last year, First Albany ranked 39th compared to Siebert, which ranked 12th. In 2002, Siebert ranked 23d and First Albany did not rank among book-runners.
Archia said: "I have a proven track record as a senior manger in Illinois and I want to extend that business and do more."
