CHICAGO — Rick Cronin, founder of the Minneapolis-based boutique broker-dealer Cronin & Co., retired last week after five decades in the municipal business, handing control of his firm over to five employees who have purchased a majority stake.
Cronin, who operated the company for more than 30 years, will continue to serve as chairman of the firm’s board of directors. The majority stake holders include sales professionals Chris Hill, Jeffrey Bowers, Jason Sawyer, and Joshua Wolke, as well as trading professional Jay Hiniker, who is company president.
With the municipal bonds that we have underwritten and sold, I have seen communities across the state develop with new buildings, schools, roads and other infrastructure I’m convinced that as development and redevelopment continues the future customers of Cronin & Co., Inc. will receive the very best information that can only come from dedicated fixed income professionals,” Cronin said in a statement.
The firm’s fixed-income client base includes banks, insurance companies and money managers and more recently high, net-worth individuals.
“We have a certain, positive work ethic that is inherent in everyone who works here,” Hiniker said in a statement. “By concentrating on only fixed income securities, each of us is able to provide our customers with the information and advice needed to supply them with the best solutions to their needs.”
