RayJay snaps up ex-Citi muni execs to bolster growth efforts

The brokerage giant is strengthening its public finance division’s presence in key markets including Seattle and Los Angeles.

Raymond James has deepened the bench of its public finance division with the hiring of 10 former Citi staffers.

With the appointments from Citi – including six senior bankers who specialize in various geographic and functional areas – the brokerage giant is looking to expanding its services across the US.

As part of the expansion, Raymond James is launching a new public finance office in Seattle and introducing a specialized public power practice, further extending its influence in the Western US and bolstering its nationally recognized housing finance group.

The newly joined team includes a handful of new managing directors:

Ben Selberg, managing director and head of public power, energy and renewables, Seattle;
Chris Mukai, managing director and co-head of western region public finance, Los Angeles;
Victor Andrade, managing director, Los Angeles;
Stephen Field, managing director, Orange County; and
Brian Olin, managing director, Seattle.

“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,” said Mukai, a three-decade veteran in the public finance space whose experience includes two decades at Citi and 10 years at Merrill Lynch.

Raymond James is also welcoming Susan Jun, who will serve in its national housing group in Chicago, and Harley Hoy as vice president in Orange County, California.

Sarah Campbell is joining the firm as an associate in Philadelphia, while Bella Meyn and Neha Chowdhury are coming aboard as analysts in Seattle and New York, respectively.

“Having these outstanding, highly regarded bankers join Raymond James is a testament to our dedicated and deeply experienced professionals who have worked tirelessly for years to fuel our growth and advance our strategic vision to be one of the highest regarded Public Finance platforms in the nation,” Gavin Murrey, executive vice president and head of public finance at Raymond James, said in a statement.

Raymond James’ play to beef up its public finance division capitalizes on a decision by Citigroup CEO Jane Fraser in December to shutter the bank’s municipal bond business.

That business, which had been seen its status decline in the rankings for state and local debt underwriting, was “no longer viable given our commitment to increase the firm’s overall returns,” according to an internal memo reported at the time.