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.
Chris Mukai (pictured left), who was hired as a managing director and to co-head the Western region public finance division, brought his former Citi team to Raymond James. Ben Selberg was a managing director leading Citi’s Public Power, Energy & Renewables public finance practice, and will do the same for Raymond James in Seattle.
Raymond James
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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.
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“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.
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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 10th 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.
Baker McKenzie today announced that leading project finance lawyer Matthias Schemuth has joined the Firm’s Singapore office* as a Principal and Asia Pacific Co-Head of Projects in its Finance & Projects practice, alongside Partner Jon Ornolffson in Tokyo.
Matthias joins the Firm from DLA Piper, bringing more than 20 years of experience in the energy and infrastructure sectors across Asia Pacific. He advises sponsors, developers, commercial banks, multilateral lending agencies, and export credit agencies on the structuring and financing of large-scale projects. His practice also spans international banking, structured commodity and trade finance, with a strong focus on emerging markets. Matthias has been consistently recognised by Chambers Asia Pacific and Who’s Who Legal as a leading project finance practitioner.
James Huang, Managing Principal of Baker McKenzie Wong & Leow in Singapore, said: “We are excited to welcome Matthias to our team. His expertise and proven record in managing teams will be invaluable as we expand our regional and global finance offerings for clients.”
Emmanuel Hadjidakis, Asia Pacific Chair of Baker McKenzie’s Banking & Finance Practice, commented: “Asia Pacific is seeing strong momentum in infrastructure development, energy transition investments, and cross-border project financing, much of it centred in Singapore. Having Matthias on board will further enhance our ability to help clients seize opportunities in the region’s evolving energy and infrastructure markets.”
Steven Sieker, Baker McKenzie’s Asia Chief Executive, added: “Matthias’s appointment underscores Baker McKenzie’s continued commitment to investing in exceptional talent across key markets to support our clients in navigating today’s increasingly complex business and regulatory environment.”
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Matthias said: “I’m thrilled to join Baker McKenzie and contribute to its strong growth in Asia Pacific. The Firm’s global reach and local depth provide an unparalleled platform for delivering innovative projects and financing solutions to clients in this dynamic region.”
With more than 2,700 deal practitioners in more than 40 jurisdictions, Baker McKenzie is a transactional powerhouse. The Firm excels in complex, cross-border transactions; over 65% of our deals are multijurisdictional. The teams are a hybrid of ‘local’ and ‘global’, combining money-market sophistication with local excellence. The Firm’s Banking & Finance lawyers are ranked in more jurisdictions than any other firm by Chambers.
Matthias’s hire continues the expansion of Baker McKenzie’s global team. His joining follows the recent arrivals of Carole Turcotte in Toronto; Tom Oslovar in Palo Alto; Jenny Liu in New York and Palo Alto; Helen Johnson, Mark Thompson, Nick Benson, Kevin Heverin, James Wyatt and Michal Berkner in London; Jan Schubert in Frankfurt; Todd Beauchamp and Charles Weinstein in Washington DC; Dan Ouyang, Winfield Lau, and Ke (Ronnie) Li in Beijing, Shanghai, and Hong Kong; and Alexander Stathopoulos in Singapore.
*Baker McKenzie Wong & Leow is the member firm of Baker McKenzie in Singapore
The Federal Reserve gave investors an early Christmas present by lowering interest rates by 25 basis points (i.e., 0.25%) marking its third rate cut this year. In the past, a change like this in the “long end” of the interest rate yield curve has triggered a predictable, investable pattern. Typically, this pattern would be bearish for finance stocks, particularly banks—investors would buy bank stocks when rates rose and sell them as rates fell….
Dozens of protesters from the “Religious Zionist Reservists Forum” and the “Shared Service Forum” demonstrated Saturday evening outside the home of Finance Minister Bezalel Smotrich in Kedumim.
The protesters arrived with a direct and pointed message, centered on a symbolic “draft order,” calling on Smotrich to “enlist” on behalf of the State of Israel and oppose what they termed the “sham law” being advanced by MK Boaz Bismuth and the Knesset’s haredi parties.
Among the protesters in Kedumim were the parents of Sergeant First Class (res.) Amichai Oster, who fell in battle in Gaza. Amichai grew up in Karnei Shomron and studied at the Shavei Hevron yeshiva.
Protesters held signs reading: “Smotrich, enlist for us,” along with the symbolic “draft order,” calling on him to “enlist for the sake of the State’s security and to save the people’s army – stand against the bill proposed by Bismuth and the haredim!”
Parallel demonstrations were held outside the homes of MK Ohad Tal in Efrat and MK Michal Woldiger in Givat Shmuel.
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Representatives of the “Shared Service Forum” said: “We are members of the public that contributes the most, and we came here to say: Bezalel, without enlistment there will be no victory and no security. Do not abandon our values for the sake of the coalition. The exemption law is a strategic threat, and you bear the responsibility to stop it and lead a real, fair draft plan for a country in which we are all partners. It’s in your hands.”
