RBC appoints five bankers to its Municipal Finance Housing
Michael Baumrin Named New Co-Head of RBC's Housing Finance Group
NEW YORK, July 8, 2008 — RBC Capital Markets
today announced the appointments of Michael Baumrin, Peter
Nolden, Mina Choo, Derek McGreal, and Lorry Palacios to its
Municipal Finance Housing Capital group. Baumrin will serve
as the new co-head of the Housing Finance group along with
Helen Feinberg, who joined RBC upon the firm's acquisition
of William R. Hough & Co. in 2004.
Baumrin and Nolden join as managing directors, Choo and McGreal
as directors, and Palacios as vice president. Baumrin will
be based in New York, the other four in San Francisco. All
five join RBC as single-family bankers from UBS. The moves
come on the heels of RBC's announcement last month that it
had hired seven former Bear Stearns bankers to its Municipal
Finance Healthcare practice.
"This was a terrific opportunity to recruit a talented
team of seasoned professionals who we are confident will significantly
expand our work with state housing finance agencies nationwide,"
said Chris Hamel, head of Municipal Finance for RBC Capital
Markets. "This is an important sector for RBC as we continue
to grow our municipal finance practice in select, targeted
areas that best suit our clients' needs."
Baumrin was the head of UBS' housing group and has been in
the housing industry for over 25 years. He joined UBS nine
years ago to run the group following 18 years at Merrill Lynch.
Baumrin will manage RBC's single-family efforts with state
and local housing finance agencies nationwide. Nolden will
serve as a senior single family and multi-family banker for
the western U.S. He had been with UBS since 1980, working
exclusively in single and multi-family housing with state
and local housing finance agencies.
"We are excited to bring our team to the RBC Capital
Markets platform," said Baumrin. "RBC's outstanding
reputation, stability and commitment to the municipal finance
business will be of great benefit to help best serve our clients."
Choo was an executive director in UBS' housing group for
the past 14 years, where she worked on over 150 senior managed
housing transactions for 10 state and numerous local housing
finance agencies (HFAs). McGreal has over 22 years of experience
in the municipal housing market and joined UBS in 1986. During
his career he has structured and managed single family and
multifamily housing issues, including associated derivative
transactions, for numerous state housing finance agencies
nationwide, and for local municipalities in California, Colorado
and Florida. He was the senior coverage banker in UBS' San
Francisco office. Palacios was an associate director and senior
support banker for UBS.
Baumrin will report to Bob Spangler, Head, Western Region
& Housing Capital Group for RBC's Municipal Finance practice.
Feinberg, based in St. Petersburg, FL, also reports to Spangler.
The addition of the five bankers increases the size of RBC's
Housing Finance group to 24 professionals.
State HFAs are the primary issuers of single family mortgage
revenue bonds for first time homebuyers and are established
agencies of each state. The total issuance for state HFA bonds
in 2007 was approximately $23 billion.
About RBC Capital Markets
RBC Capital Markets is the corporate and investment banking
arm of RBC and is active globally in debt origination, sales
and trading, foreign exchange, infrastructure finance, structured
products, metals and mining, and energy. Its North American
platform includes a significant U.S. middle market investment
banking franchise and leading equity, underwriting, sales,
trading and research businesses. Bloomberg ranks the
firm as the 12th largest investment bank globally.
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