In a move to expand its public finance group and bulk up its municipal underwritingcapabilities, Ryan Beck & Co. has hired Dennis R. Santo, formerly of Ambac AssuranceCorp., to be managing director.
Santo said he decided to join Ryan Beck because the firm has roots in the New Jerseymarketplace and serves both retail and institutional clients. He noted that he hasstrong ties to state and local municipal issuers in New Jersey.
"For me, it was a homecoming. New Jersey is a state that I know well," he said, addingthat he has been involved with $3 billion to $4 billion of debt on behalf of issuersthere.
Santo, who was first vice president at Ambac, left there at the end of last year andjoined Ryan Beck early last month. He declined to specify why he departed from Ambac,noting only that it was for "personal and professional reasons." He said that during theinterim, he was examining his options.
Victor Patane, managing director of public finance, said in a prepared statement, "WithDennis on board, and as a result of the growth experienced by Ryan Beck over the lastyear, we can reach into new markets, capitalize on our expanded private-client groupbranch network, and introduce the firm to a host of new relationships in the municipaland governmental communities."
Santo, who reports to Patane, has more than 25 years of investment and commercialbanking and municipal bond insurance industry experience. Most recently, he developedand managed the tax-exempt lease securitization program for Ambac - which includedcredit enhancing in excess of $1.5 billion in tax-exempt lease obligations for state,municipal, and school district issuers.
Santo's areas of expertise include municipal leasing and related tax-exempt leasesecuritization strategies; infrastructure finance with competencies in transportation,water and sewer, and school facilities construction; and pooled financing programs.Additionally, he has specialized investment banking experience in the higher educationsector and has senior-managed more than $200 million in new-money construction andrefunding appointments for a broad mix of private and public colleges and universities,according to a press release.
Ben A. Plotkin, chairman and chief executive officer of Ryan Beck, said in the release,"Ryan Beck is fortunate to have a professional with such extensive municipal financeexpertise on board. Dennis will add significant value to the firm's public financebusiness as we strive to reach a larger audience of state, county, and municipalclients."
Santo is a graduate of Villanova University and the New York University Graduate Schoolof Public Administration.
Ryan Beck has been active in both the competitive and negotiated sectors of the NewJersey municipal marketplace for over 50 years. The firm has offices in 13 states.
