Oppenheimer sees growth in Texas, infrastructure and its large issuer practice. The firm is capitalizing on that vision with a new hire and an internal promotion.
Oppenheimer promoted competitive underwriter Lauren Carter to head of negotiated underwriting and hired Bruce Rideaux as managing director in Texas. The firm's leadership said it plans to continue expanding those teams.
"As folks start to pull back from municipals, as we saw firms such as Citigroup and UBS getting out of the business, we have really stepped up and moved into a position and committed the firm's capital to fill that gap," Oppenheimer Head of Public Finance Beth Coolidge said. "We are going to continue to grow strategically where we feel we can add value to our clients."
Lauren Carter was first
Carter has been head of negotiated underwriting at Oppenheimer since July 1, following the
"After a pretty extensive search, we recognized that the talent was right in our backyard," Coolidge said. Carter "has already executed a number of sole managed transactions, predominantly out of California. But we have a pretty extensive pipeline coming up, and she has hit the ground running."
Carter will continue to work on competitive transactions with Davis. That team's addition to Oppenheimer was an important step in the firm's evolution, Coolidge said.
"To commit that level of capital to a team that is out there supporting our communities in a much more substantial way," Coolidge said, is "adding a level of liquidity to the market that we hadn't previously done."
Coolidge plans to make new hires on the negotiated and competitive teams to reflect the recent growth in Oppenheimer's volume.
Bruce Rideaux joins Oppenheimer in Texas from Hilltop Securities. Rideaux will primarily focus on Oppenheimer's large issuer practice, and he brings experience from transportation clients across the country.
"Texas is a very big focus of ours, obviously, with the amount of debt that comes out of the state, the growth in the state," Coolidge said. "Don't be surprised if you hear some other [hiring] announcements before the end of the year, because that's a big strategic focus for us."
According to Oppenheimer's press release, Rideaux has advised on more than $35 billion of financings over the course of his career. He has also held positions at PFM Financial Advisors and UBS.
"Bruce's addition and Lauren's expanded leadership role reflect the continued growth of our Public Finance business and the depth we are building across the platform," Peter Albano, senior managing director and global head of fixed income at Oppenheimer, said in the press release. "Bruce brings significant experience in complex project finance and public-private partnerships in Texas, while Lauren gives us proven leadership across both negotiated and competitive underwriting."
This fall, Oppenheimer is set to be co-senior manager on a -multi-billion-dollar deal from California.
Oppenheimer's growth was accelerated when it
Before that team joined, Oppenheimer hadn't historically focused on large issuers, Coolidge said. But large issuers turned out to be "a great fit" with the firm's retail clients, because they tend to carry high ratings and come from states with high income taxes.
Oppenheimer offers services that clients find attractive, Coolidge said; the firm has a credit strategies team that produces white papers and can help issuers plan credit structures.
"We will dig in where necessary and focus in on aspects of an issuer's credit rating that they might not have focused on, aspects of their indenture that could perhaps improve their rating," Coolidge said. "Those things are resonating with our clients."
Coolidge, who was
