CHICAGO — A round of cuts at Raymond James & Associates Inc. has claimed at least three veterans in the firm’s underwriting, municipal research and strategist groups, sources said.
Municipal strategist Mark Magee who once had led the firm’s municipal group which includes underwriting, sales and trading, as well as veteran underwriter Hugh Gallagher, and veteran research analyst Michael Ross were among those cut, sources said.
The three could not be reached to discuss on their departure from the firm and Raymond James declined to comment citing its policy against commenting on personnel matters. Sources said the firm laid members of the municipal and public finance staffs off on June 27 and June 28.
Magee was a senior municipal bond strategist in Raymond James’ Chicago office. He had previously served as manager of the municipal bond department. Gallagher started at the firm in 1995 and in 2000 was promoted to manage underwriting from the New York City office.
Ross became part of Raymond James’ analytical team after its merger with Morgan Keegan & Co. Ross joined Morgan Keegan in 2007 after spending two years at Lord, Abbett & Co. to work as an analyst for its new high-yield muni bond mutual fund. He spent nine years in the Chicago office at RBC Capital Markets. He most recently worked in Raymond James’ Memphis office.
The fixed-income and public finance division of Raymond James is based in downtown Memphis at the former home of Morgan Keegan & Co., which the St. Petersburg, Fla.-based investment bank purchased a year ago. Morgan Keegan was dropped from the fixed-income division’s name in February.
In 2012, the firm was the ninth-leading underwriter nationally serving as senior manager on 748 issues with a par amount of $12.1 billion.