RBC Dain Rauscher Inc. on Monday hired Brian Burke, a former Commerce Capital Markets Inc., banker, as a managing director of fixed-income banking.
Burke, who will work out of the firm's Florham Park, N.J. office, is the latest Commerce Capital banker to take a position with a former competitor.
A number of former Commerce bankers have recently obtained positions at other firms after Commerce announced in early July that it was exiting the negotiated municipal bond underwriting business - leaving bankers in its key markets of Pennsylvania and New Jersey out for hire. Late last month, former Commerce banker Daniel Fox joined Legg Mason Wood Walker Inc., while former Commerce trader Howard Burstein in late July went to Sterne, Agee & Leach Inc.
Burke has worked for about 20 years as a public finance banker focused on New Jersey bond issuers, according to an RBC statement. He worked as a banker at Commerce for about four years and was most recently a senior vice president and managing director. Prior to working at Commerce, Burke was a senior director at the former First Union Capital Markets until that firm announced in June 2000 that it would streamline and downsize its public finance group.
Chris Hamel, director of public finance at RBC Dain, in an interview yesterday said that the firm targeted Burke because he has a strong middle market practice working with city and county issuers and he also has a substantial practice with state issuers.
Hamel said the firm looked at other Commerce bankers, but Burke was the best fit because his strength is with issuers in the Garden State where the firm is expanding its practice. Burke will report to James Tricolli, manager of the Northeast public finance group.
"It is rare for someone of Brian's talent and experience to be available for recruitment," Hamel said in the prepared statement.
"RBC Dain's platform, including its strong institutional and retail presence in New Jersey, is a great fit for the mix of clients - both state and local governments - that I have traditionally served," Burke said in the statement. "For me, the firm is a perfect combination of resources, commitment to public finance, and culture."
RBC acquired the Florham Park office after the firm in 2001 acquired Tucker Anthony Sutro and inherited Gibraltar Securities of Florham Park.
RBC ranked ninth among senior managers in the first half of this year, running 350 bond issues totaling $7.51 billion.
