Wells Fargo Securities announced the additions of Randy Campbell and Jim Perry to its public finance team, both jumping over from Morgan Stanley.
Campbell will now head the Public-Private-Partnership and Sports Financing group and Perry will run the Southern Regional group. The hires were announced in a press release issued Monday morning.
“We expect P3’s to become a more common method of project delivery and finance for new construction on the green field side,” said Stratford Shields, head of Public Finance for Wells, in an email to The Bond Buyer. “On the brown field side, we expect municipal entities as well as universities and hospitals to evaluate non-core assets for potential P3’s. We’re pleased to have Randy aboard to help lead this business.”
Campbell brings 30 years of public and corporate finance experience, having worked on sports-related, general infrastructure and P3 advisory and financing transactions. He previously headed the sports finance investment banking practice at Societe Generale. As head of public-private partnership and sports financing, Campbell will work on buy and sell side advisory and financing opportunities in the P3 business, covering municipal entities, infrastructure firms and other sponsors. He will also oversee the firm’s investment banking efforts related to both sports team and stadium financing.
Perry, a 10-year veteran of public finance, worked as deputy chief of staff and policy director to Mississippi Governor Haley Barbour prior to becoming an investment banker. He will oversee the seven-state Southern Region, with a focus on complex financing structures for a variety of state and local government entities. He will also be a part of the P3 investment banking team. His territory includes Alabama, Mississippi, Louisiana, Texas, Oklahoma, Kansas and New Mexico.
“As we continue to invest in our public finance business, hiring Randy and Jim – both leaders in the industry – will bring additional experience and increased capabilities that we can offer to our clients,” Shields said in the release. “Wells Fargo offers full-service financial capabilities, including underwriting and balance sheet solutions through an integrated Government and Institutional Banking platform, which few other firms offer.”
The announcement also noted that both will report directly to Shields and that Edward Boyles will continue to serve as head of the Atlantic region. Kevin Carney, managing director and Julie Burger, director, will continue to work on transportation-related P3 financings as well.
Wells said in May that 15 bankers had left its public finance team as the company adjusted to market conditions and the hiring of its new public finance director. The attrition, including the departure of former public finance head Peter Hill to UBS, came after Wells' parent company was embroiled in a fake accounts scandal that prompted California and other major issuers to cut off business.
A spokesman said 13 of the 15 who left have now been replaced.