Academy Securities has named Rick Kolman vice chairman of public sector and infrastructure financing, news that followed Academy's June 1 announcement that Frank Oh had joined the veteran-owned investment bank as a managing director and head of municipal banking.
Kolman's new role marks a transition from his previous position as a managing director and head of municipal securities at Academy, a role he held since joining the firm in 2017, Academy said in a June 3 press release.
"My 10 years at Academy Securities building out the municipal platform while mentoring military veterans has been the highlight of my career," Kolman said in the release. "I look forward to my new role as vice chairman, working with Frank Oh who I have known as a colleague at Goldman Sachs and as a competitor."
In a June 5 interview, Kolman said he has "very high regard" for Oh and looks forward to "working with him on the transition as he leads the municipal group to the next level."
Kolman said that in addition to serving the public finance world, which he really enjoys, his career at Academy has enabled him to be a part of the firm's mission of helping military veterans move into the finance world or into other potential employment opportunities, and he has found being a mentor to such individuals "incredibly satisfying."
Prior to joining Academy, Kolman amassed 35 years of municipal securities industry experience, spending the bulk of his career at Goldman Sachs. Kolman served as manager of the new issue desk, overseeing the pricing of more than $100 billion of debt. He later served as co-head of short- and long-term sales, trading, underwriting and derivatives for the municipal department.
After his retirement from Goldman Sachs in 2008, Kolman served as vice chairman of the Municipal and Infrastructure Assurance Corporation at Macquarie Bank before joining U.S. Bancorp in 2010 as head of the municipal securities department.
Kolman's appointment as vice chairman "reflects the extraordinary value he has brought to Academy and our clients," Chance Mims, Academy's chairman and CEO, said in the release.
"His expertise in municipal markets and his decades of leadership at the highest levels of Wall Street make him the ideal person to help guide the firm's continued growth," Mims said.
Frank Oh brings more than 30 years of municipal finance and capital markets experience to Academy, "orchestrating large-scale municipal, infrastructure, and transportation financings," the firm said in a June 1 press release.
"Throughout his career built on deep and trusted relationships with major issuers across New York, the Northeast, and California, Mr. Oh has senior-managed more than $60 billion for issuers nationally," Academy said in the release, adding that Oh "has a passion for building and mentoring high-performing banking teams, which includes past leadership roles at UBS, Goldman Sachs, and most recently, Loop Capital."
At Academy, he will be tasked with "pioneering new credit and securitization structures and delivering capital solutions to drive vital civic and infrastructure development," the June 1 release said.
Oh's arrival "marks an important step in Academy's continued expansion in public finance," Mims said in the June 1 release.
"His relationships and track record in the municipal market will open doors for our clients and our platform," the Academy chairman and CEO said.
Oh said he was "incredibly excited" to join Academy and lead its municipal finance banking efforts.
"Academy's unique mission as a veteran-owned firm, combined with its deeply rooted commitment to excellence and service, provides a compelling platform for growth," Oh said in the June 1 release.
Academy is the nation's first post-9/11 veteran-owned and operated investment bank, according to its website. Headquartered in New York, the firm also has offices in Chicago; San Diego; Chapel Hill, N.C.; Louisville, Ky.; Austin; Dallas; Sacramento, Calif.; and West Palm Beach, Fla.
