Raymond James has scooped up 10 former Citi employees, including six senior bankers, in an expansion effort that establishes a public finance office in Seattle for the firm, creates a dedicated public power practice, grows its West Coast footprint and enhances the firm’s housing finance group.

Decisions by UBS and Citi to exit public finance announced at the tail end of 2023 presented opportunities for other firms to add talent.

Gavin Murrey, an executive vice president and head of public finance at Raymond James, said he began speaking with the people he hired from Citi about moving over in December.

Raymond James’ ongoing commitment to public finance and its willingness to hire the full team appealed to those hired, Murrey said.

“The hires we have made over the last few years showed a commitment to the business,” Murrey said. He noted the firm has 8,000 to 9,000 retail advisors and covers large municipal buyers as well as middle market fixed accounts, and needs product for those accounts.

The bankers also put forth a compelling plan as to what they believe they can do for Raymond James, he said.

The broker-dealer has hired 51 people over the past two years, though with retirements the hiring spree has only added 14 managing directors for a total of 180 public finance employees, Murrey said. The firm’s headcount in public finance has ranged from 165 to 180 over the past few years, he said.

The Citi California team that came over was led by Chris Mukai, who was hired as a managing director and to co-head the Western region public finance division along with Parker Colvin, who has been with Raymond James since 2013.

“Raymond James is a highly regarded player in public finance with a talented team of professionals and a robust platform to serve the unique needs of the California market and beyond,” Mukai said in a statement. “It’s a real privilege to join Parker to lead the firm’s efforts in the Western U.S. With his partnership, we look to continue the steady growth and positive momentum that have been building here over the past decade.”

Mukai has 33 years of public finance experience and has worked on $485 billion in deals. He joined Citi in 2001 and led its public finance practice in the Western United States for the past 15 years. Prior to joining Citi, Mukai worked in public finance for Merrill Lynch for 10 years.

Other members of Mukai’s team hired by the firm are Victor Andrade in Los Angeles, Brian Olin in Seattle, and Stephen Field in Orange County, California, all of whom were hired as managing directors, and Harley Hoy in Orange County, hired as a vice president.

Ben Selberg, in Seattle, was a managing director leading Citi’s Public Power, Energy & Renewables public finance practice, and will do the same for Raymond James. Bella Meyn, an analyst, also joins the Seattle office.

Selberg, who was at Citi for 19 years, worked on $50 billion in financings while there, according to Raymond James.

Though the bulk of the hires are on the west coast, the firm also added Susan Jun, a managing director in the National Housing Group in Chicago; Sara Campbell, a Philadelphia associate, and Neha Chowdhury, a New York analyst.

Jun has nearly 30 years of housing banking experience and has worked as senior banker for many of the largest affordable housing issuers in the country. She will help the National Housing Group further broaden and deepen its client base, with a particular focus on state housing finance agencies.

The ability to attract such an outstanding group of bankers is a testament to the tireless work done by the firm’s public finance team “to fuel our growth and advance our strategic vision to be one of the highest regarded public finance platforms in the nation,” Murrey said.

It’s been a remarkable year for Raymond James so far. Massive deals have enabled it to clamber up the rankings year-to-date from 10^th top underwriter in 2023 to the fifth spot, underwriting $5.7 billion, according to LSEG data. The largest deals it led this year were Jefferson County, Alabama, which sold $2.2 billion of sewer revenue warrants; the Midland Independent School District, Texas, which brought $861 million; and the Conroe Independent School District, Texas, with $550 million.

It ranked the 10th top underwriter in 2023, rising from 12th in 2022 accounting for $14.9 billion and a market share of 4.1%, This was an increase from the $12.9 billion and 3.6% market share it totaled in 2022, LSEG said.