BRADENTON, Fla. — Birmingham-based Sterne, Agee & Leach Inc. continues its expansion efforts with the hiring of former Alabama state senator Steve French and the acquisition of San Francisco-based Nollenberger Capital Partners, the firm announced Tuesday.
French, a three-term Republican who holds Series 7, 63, and 65 securities licenses, will work in the municipal finance group as a senior vice president focusing on client development, according to Hanson Slaughter, Sterne's executive managing director of public finance.
"Steve has an extraordinary knowledge of government and finance in addition to strong relationships developed over his 12-year career in the state Senate," Slaughter said. "[His] focus on customer service will benefit our Alabama clients."
In addition to his stint as a senator, French was state director of the Alabama Republican Party, regional director of the Republican National Committee, and was involved in presidential campaigns.
Before becoming involved in politics, he worked for several retail brokerage firms, including Merrill Lynch & Co. and Paine, Webber & Co.
He has a bachelor's degree from Auburn University.
French said his business plan led him to pursue work in politics with the goal of returning to the investment world when he could, though he plans to remain in contact with former colleagues.
Sterne Agee "is a chance for me to continue being involved in state and local efforts but do it from the private-sector side. I'm an asset and a resource, perhaps," he said.
French will build relationships with clients as the economy appears to be rebounding, he said. "Now is the time to talk about building plans and helping them implement those plans."
As a senator, French unsuccessfully sponsored bills in 2009 designed to strengthen state oversight of financially ailing local governments and create a state financing authority to restructure Jefferson County's variable- and auction-rate sewer debt in order to repay investors.
The debt is now held by banks and the sewer system is being run by a court-appointed receiver.
French said his securities licenses gave him insight into the world of finance while he was a senator. The Jefferson County situation has not had an adverse impact on other governments in the state as some predicted, he said.
Sterne Agee's acquisition of Nollenberger Capital Partners is expected to expand the firm's wealth management and municipal finance business in the West, according to chief executive officer Jim Holbrook.
Nollenberger operated three offices and had $1.3 billion in assets under management. Terms of the acquisition were not disclosed.
Doug Heske, former president and chief executive officer at Nollenberger, is now a senior managing director at Sterne Agee.
Heske joined Nollenberger in 2004. Before that, he was with Piper Jaffray & Co. as a regional director for Northern California.
Sterne Agee is a privately owned investment banking firm with offices in 24 states.
