DALLAS - Dan Wilson, long-time manager of UBS PaineWebber Inc.'s municipal bond department in Dallas and a respected force in the Texas market, will retire Friday after 20 years of service to the firm.
Wilson, 54, is credited by many Texas bankers with helping develop the state's tradition of close cooperation between traders, underwriters, and brokers.
He started his public finance career in the bond department of the First National Bank of Fort Worth, and then moved to PaineWebber as a trader in 1982. He left the firm in 1985 to run the trading desk for the Houston office of Cowen & Co. but returned to PaineWebber in 1987 in his current position.
Patrick Fox, 34, will step into Wilson's job upon his retirement. He joined UBS PaineWebber as a first vice president and regional manager in September after a stint as marketing director at TheMuniCenter, before which he worked at Merrill Lynch & Co. for nearly 10 years.
Wilson said that his favorite part of his tenure in muni finance has been the friendships he has cultivated with colleagues and clients, including Fox, with whom he's worked for six months toward what he calls a "textbook" transition.
"This is a relationship business -- that's probably the part I've enjoyed the most," he said. "One of my greatest enjoyments in this business came after I had developed my business and reached a place where I could encourage and help people in their own careers."
Colleagues say that Wilson's long tenure in Texas helped him build a business that will continue to thrive.
"He created a great team there; not only is it a fully integrated part of our company, but it's also a family," said William Jester, a managing director for UBS PaineWebber and manager of the firm's municipal bond department in New York. "He has a tremendous ability to gain people's trust and confidence."
Jester said that not only is Wilson a "consummate gentleman," but he's also one of the best bankers he has ever met.
"He is truly a great municipal bond man," Jester said. "He's been a student of the business and is one of the best bond marketing people I've ever come across. His business has grown three times since I arrived at UBS seven years ago, and it's grown 50% in the last three years -- a tremendous accomplishment, considering the economic climate."
Bond professionals say that Wilson's understanding of the Texas market has made him an invaluable colleague.
"Dan definitely has always known the Texas bond community -- where it was, where it was going," said Jerry Chapman, a managing director with Morgan Keegan & Co. in Memphis. "Texas, thanks to the work of people like Dan, can be held up as an example to the rest of the states -- it has an exemplary bond community. The state's Municipal Advisory Council -- and Dan has sat on that board -- is a prime example of what Texas does to ensure that the community does right."
Chapman was a trader and bond department manager in the Dallas office of Lehman Brothers when he met Wilson, who was still working at the First National Bank of Fort Worth.
"We had a lot of joint accounts over the years," said Chapman, one of many who attended a retirement party for Wilson last week. "He's done a great job for UBS, and a great job for the Texas market."
Lewis Pollok, a vice president and manager of underwriting for PaineWebber in Dallas, also worked with Wilson during his Fort Worth bank days.
"In the early '70s, Dan worked at First National and I worked at Fort Worth National. So we were competitors and associates," he said. "Then I came to PaineWebber in 1988, so we go back a long time."
Pollok said he believes Wilson's success can be attributed to his vision of the business during a time of rapid change.
"The Tax Reform Act of 1986 really helped turn the muni bond business from a bank business to an individual business," Pollok said. "Dan worked to evolve himself and his staff, and he's been very intuitive. His instincts are a key reason that our operations here have been so successful."
He said that Wilson has also been known as a banker who cultivates top results from his staff and colleagues.
Joe Liberty, a senior vice president of investments in UBS PaineWebber's Midland office, said Wilson has helped him give his clients sound advice about how to manage their portfolios for years.
"But it's also a testament to Dan's management skills and organization that he has been able to impart his expertise to the people who work with him," he said. "That's the ultimate compliment to any manager -- that you have been able to strengthen your team to create a seamless unit by empowering your people."
John Bagley, managing director of retail investments for UBS PaineWebber nationally, has worked with Wilson for more than 17 years.
He said the departing veteran has always been a strong asset who has helped build both the Dallas office and the firm's Texas business.
"For all his accomplishments -- and they are many -- the one thing I will take away from having worked with Dan and had him as my adviser, my confidant, and my friend, is that he is one of the finest human beings I have ever met," Bagley said.
Wilson said he plans to take about a year off to travel and reflect before choosing another career.
"What that will be I have no idea," he said.
