Siebert Brandford Shank & Co. has hired three managing directors in its municipal sales and trading department, expanding the unit when other firms are cutting back, and bringing the total number of professionals to 18.

The regional firm has hired former Bear, Stearns & Co. senior managing director Stephen Stern, former Lehman Brothers banker Tim Muller, and Nicholas Sotell, who came over from Rafferty Capital Markets.

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