Wachovia Bank this week announced the hiring of two new members in its muncipalsecurities group. Patrick Russell, a former RBC Dain Rauscher Inc. executive, is now adirector in the Charlotte, N.C., office, and Ron Pang, a former public finance banker atMorgan Keegan & Co., is a vice president leading the analytics team in Philadelphia.Both were hired in late April.
At the same time, Wachovia also is looking to hire a public finance banker in thePhiladelphia office to focus on the Northeast.
Alex Wallace, managing director and co-head of the municipal group, said in an interviewyesterday that the firm made the new hires as part of its bid to expand within itsfranchise, which is centered on the East Coast. The move highlights part of Wachovia'splan to expand its investment banking, credit products, underwriting, sales, and tradingcapabilities, he said.
"We are trying to deepen coverage in our footprint," Wallace said. "This doesn't meanthat we don't do banking outside of our franchise."
Russell will oversee origination in the Southeast and will work on higher educationcredits. Previously, he worked as a principal in the higher education group at RBC DainRauscher. He has extensive origination experience with government issuers in theSoutheast and Northeast and with East Coast colleges and universities. Pang wasprimarily active with credits in the mid-Atlantic region.
Wachovia last month also hired former Goldman, Sachs & Co. associate Anna Woodward andBank of America associate Sakinah Rahman. Woodward is based in Charlotte, while Rahmanis based in Philadelphia.
"Pat is an experienced banker with a strong track record in regional coverage and highereducation," Wallace said in a press release. "And the additions of Ron, Anna, andSakinah to our analytics group will enhance our ability to generate new ideas and craftcreative solutions for our municipal clients."
