St. Petersburg, Florida-based Raymond James has continued expanding its footprint in California by hiring veteran education banker John R. Baracy to open its third office in the state.
Baracy, a managing director with more than two decades of experience, will open the firm’s first public finance office in Los Angeles.
“The addition of an industry veteran like John demonstrates Raymond James’ continued commitment to building the leading public finance team in California,” Gavin Murrey, executive vice president and head of public finance and debt investment banking, said in a statement.
Raymond James said it expects to add one or two additional general market bankers to round out its team.
Since 2011, the firm said it has focused on assembling market experts to serve the Golden State, representing the state, its two public university systems and local government agencies.
Baracy, who formerly worked at Stifel Financial Corp., has more than 20 years of experience in municipal finance.
At Raymond James, company officials said he will work on “innovative structuring ideas” for K-12 and community college districts.
“I’m excited to work with the exceptional California education bankers and underwriter Parker Colvin in building upon Raymond James’ continued success as a premier underwriter of California K-12 school district financings,” Baracy said.
Raymond James said Baracy has helped California K-12 school districts save money through the use of Build America Bond crossover refundings and general obligation stepped-coupon bonds as an alternative to capital appreciation bonds.
Baracy received a bachelor’s degree from Arizona State University.
He also serves on the board of directors for the Coalition for Adequate School Housing, a California organization founded in 1978 that advocates for state funding to build, renovate, and maintain K-12 schools.
Raymond James’ public finance practice includes more than 180 professionals in 27 locations nationwide.