LOS ANGELES — C.M. de Crinis & Co., Inc., a Glendale, Calif.-based financial advisory firm, has hired a veteran public finance banker to cover Northern California.
Richard Kiss, who most recently worked as a managing director at Jefferies and prior to that worked 17 years at Piper Jaffray, started work at C.M. de Crinis on Monday as a managing director.
"We were more driven to having someone with his background and experience and focus joining our firm than expanding into northern California," said Curt de Crinis, who founded the Southern California-based firm in 1990. "But the fact is he is up there broadens our reach to Northern California clients."
The firm now numbers four financial advisors and an administrative staffer. Michael Williams is co-principal.
"We have been very selective about adding new professionals," de Crinis said. "Rick came available, partially as a result of all the changes with municipal advisor regulations."
While underwriters have always had to inform municipal clients in disclosure notices of the potential conflict, the new regulations are having an impact, de Crinis said.
"The new regulatory environment has drawn a bright line between municipal advisory services and underwriting," Kiss said.
"I feel that working in the advisory role is how I can best serve my clients and other issuers," Kiss said.
Kiss, who had enjoyed advising municipal clients, first as a bond lawyer, and then as a public finance banker, wanted to focus on representing sell-side clients, de Crinis said.
Since Kiss is located in San Francisco, it gives the financial advisory firm an opportunity to grow its business in northern California.
The firm's current client roster includes the southern California municipalities of Riverside County, Santa Clarita, Carson, Rancho Mirage, Camarillo and Alhambra, as well as Maui County, Hawaii.
The firm does a wide range of general municipal financing work that includes advising on general obligation bonds, tax allocation bonds, community facilities districts and assessment bonds.
The move represents a transition for Kiss from a full service public finance banker into a municipal advisory role.
"The new regulatory environment is changing things and seasoned bankers are reassessing their options," de Crinis said. "Rick as a banker wants to put his clients first and he believes he can best do that as an FA. We are very pleased to have someone with his background and experience join our firm."
