- Chicago-based firm has been expanding in public finance
- Pullback by UBS, Citi creates hiring opportunity for others
Cabrera Capital Markets has hired three former UBS Group AG public finance bankers, the latest firm to scoop up talent from a national bank that’s pulled back from the municipal-bond market.
The Chicago-based investment bank and brokerage brought on Shawn Dralle, a Los Angeles-based banker who will serve as head of West Coast public finance, according to a statement. Chris Bergstrom, a New York-based banker, will lead public transportation finance at Cabrera. And Shawnell Holman, a Houston-based banker, joined as an executive director.
“With the addition of three new senior level positions nationwide, the ability to serve our public finance clients will assuredly continue to expand,” Mario Carrasco, head of public finance at Cabrera, said in the statement.
UBS bank executives announced last year that the unit would reorganize and shift away from working for state and local governments as an underwriter, though it would still buy bonds issued in auction sales. Citigroup Inc. is also shutting down its public finance unit. That’s created a hiring opportunity for banks that are looking to expand their market share in municipal finance.
Cabrera is also tapping two industry vets from Citigroup to serve as consultants. Steven Dworkin, a banker who focused on public power entities, and George Leung, a muni credit specialist, will help expand the services that the company provides to clients, the company said in the statement.
Cabrera has been expanding its presence in municipal-bond underwriting. It hired Carrasco in 2022 to lead its public finance efforts. The firm will serve as lead manager on an upcoming $750 million bond sale by the Austin Independent School District that is slated to price later this month, according to the company.
“This is going to be an expansive year for our public finance team,” Chief Executive Officer Martin Cabrera said in the statement. “Bringing Chris, Shawnell, Shawn and all the municipal finance hires since 2022 onto Cabrera’s public finance platform creates more opportunities to better serve our clients and forge new relationships to continue the upward trajectory of Cabrera’s future.”
Bloomberg Markets
By Amanda Albright
March 4, 2024