Wall Street firm Siebert Brandford Shank & Co., L.L.C. (SBSCO), founded by the late Muriel Siebert, recently retired Napoleon Brandford III and Suzanne Shank, has just transitioned into a new ownership structure to create “the preeminent black, Hispanic & woman-owned firm on Wall Street.”
Joining the ownership are Hon. Henry Cisneros, a former mayor of San Antonio and former HUD Secretary; Hon. William C. Thompson, Chief Administrative Officer and Managing Director of Siebert Brandford Shank, and former New York City Comptroller; Sean Duffy, SBSCO’s Managing Director of Institutional Sales, and Victor Miramontes, previously CEO of North American Development Bank.
“I partnered with Henry, Bill, Sean, and Victor for a few reasons: Muriel passed away in 2013 and her estate owned her share of the business. Napoleon decided to retire after 35 yrs. I have been working on the new structure for a few years because it allows us to continue the legacy we built with some strong and talented people in public service with tremendous knowledge of infrastructure,” Shank told TNJ.com in an exclusive interview.
Under the terms of the new partnership, Shank will become majority owner of the firm and hold the title of Chairwoman and CEO.
Since its founding in 1996, SBSCO has transacted more than $2 trillion for significant infrastructure financing across the country as well as bond and equity transactions for major corporate clients. The company’s product and service offerings include municipal bond underwriting, corporate debt and equity underwriting, investment banking and execution services for many of the largest Fortune 500 companies.
The firm’s success after 19 years in business seems to have cemented its place in top rankings. “A big highlight for us is that we continue to garner appointments for major transactions across the country, which is significant. As a result of the large transactions we do, we continue to be ranked on the top 10 list of top players in the utilities, public power, airports and transportation segments. Our industry is a competitive environment, but we continue to be a very robust firm that is now better poised to continue to be competitive and grow,” Shank explains.
A Network Journal 2006 25 Influential Black Women in Business honoree, Shank says her new partners are a good fit and she expects the new structure to grow the firm.
“Bill and Sean had already been actively engaged in the firm in a senior management capacity. Now, they are partial owners. And Henry has a great history of infrastructure development in major urban centers across country. We are very like-minded and excited about continuing this mission of funding the major deficit that our counties are facing nationwide,” says Shank.
Adds Shank, “And this is a great time for our new partnership structure since next year, 2016, marks the 20th anniversary of the firm.”
The nation’s #1 ranked MBE municipal finance firm and a Top 5 ranked MBE corporate underwriting firm, SBSCO, recently acquired a capital markets group.
“We look forward to the potential growth of the firm and continuing on with what we accomplished in the public sector, but we also want to grow our corporate finance group which I just acquired in November of 2014. It’s IPOs, bond deals and equity accounts. We want to grow that under this new platform,” shares Shank.