Wells Fargo Securities bulked up its sector coverage by bringing aboard publishing analyst Randall Gerardes.
Gerardes, a muni bond veteran with experience as an analyst on the buyside and in underwriting transactions, is a vice president and senior municipal research analyst specializing in energy, infrastructure and transportation for the firm.
Wells Fargo identifies the importance of federal funding for transportation infrastructure, as well as the need from investors for more focused review on credits within the sector, according to Natalie Cohen, a managing director of municipal securities research at Wells Fargo. Gerardes steps in to fill the role for the bank.
In 2012, transportation bond issuance saw bigger gains than any other sector in the muni marketplace. It recorded a 66% increase in volume, according to numbers provided by Thomson Reuters.
“Covering transportation infrastructure … helps us provide all the sectors that investors are concerned about,” Gerardes said, “and that’s the reason why we’re structured the way we are and why I was brought onboard.”
Prior to joining Wells Fargo, Gerardes was vice president and senior research analyst at AIG Asset Management, where he provided research and trade recommendations for a large portfolio of taxable and tax-exempt holdings in the transportation, infrastructure and energy sectors.
Before that, he spent several years as a director in the public finance group of muni bond insurers Assured Guaranty, where he managed the transaction underwriting process, performed due diligence and negotiated commercial contracts for a variety of projects, including sports stadiums, toll roads, military and student housing, federal leases and economic development financings. Gerardes’ experiences in financings include those for Yankee Stadium; Citi Field, the New York Mets ballpark; The KFC Yum! Center, the basketball and multipurpose arena for the University of Louisville; and Target Field, the Minnesota Twins ballpark.
Gerardes holds an M.B.A in finance from Fordham University Graduate School of Business and a bachelor’s of science in business economics from Syracuse University.