Kurt M. Freund
Robert E. Spangler
James J. Tricolli
Anthony J. Alfieri
Paul J. Cassidy
Helen Hough Feinberg
John R. Snider
Jeffrey J. Wagner
Managing Director, Head of Municipal Finance
Chris Hamel is Managing Director and Head of the Municipal Finance Group at RBC Capital Markets. In his role, Mr. Hamel oversees one of the largest municipal finance groups in the country, with operations based in New York and bankers in 28 cities across the U.S. Mr. Hamel is actively involved in the municipal finance community and currently serves as Chair of the Infrastructure Policy Committee of the Securities Industry and Financial Markets Association (SIFMA). He is also member and former Chairman of the SIFMA Municipal Executive Committee and, in 2013, was named to the SIFMA Municipal Division Honor Roll for his success in building a top municipal department and industry contributions over the years. Mr. Hamel received a bachelor’s degree from Occidental College in Los Angeles, California.
Mr. Freund is a Managing Director for RBC Capital Markets, LLC, the Manager of the firm’s Arizona municipal banking operations and a member of the firm's Municipal Banking Management Committee. Mr. Freund is among the most experienced investment bankers working in the municipal finance arena and has extensive experience across a broad range of municipal financing structures. He has worked with virtually all types of issuers and political subdivisions over a career in the municipal bond industry that spans more than 25 years. During that time, he has led financings for state agencies, counties, cities, public universities, community colleges, nonprofit hospitals and a number of special financing authorities. Among the municipal entities he works extensively with in Arizona are the Governor's Office and many of the large State agencies, including the Arizona Department of Transportation, as well as all three of Arizona's public universities. Over the many years he has been in the business, Mr. Freund has developed and successfully completed many public/private partnership financings for facilities such as the University of Phoenix Football Stadium, several Cactus League baseball facilities, various mixed used developments and many other local development projects.
Prior to becoming an investment banker, Mr. Freund served in a senior staff role for seven years with the Arizona State Senate, including as the Senior Financial Advisor to the Senate where he was responsible for drafting and analyzing legislation concerning statewide tax and expenditure policy. He has developed and drafted many Arizona statutory provisions, and is regularly called upon by the Governor’s Office and the Legislative leadership and staff to provide input and advice on legislation and public policy issues.
Mr. Freund is registered with the Financial Industry Regulatory Authority, Inc. and maintains Series 7, 24, 52, 53, 63 and 79 securities licenses. He holds a Bachelors degree in economics from Arizona State University.
Managing Director, West
Bob Spangler is a Managing Director within RBC Capital Markets’ Municipal Finance department where he serves as the Manager of the West Region and Tax Credit Equity Group. As Manager of the West Region, Mr. Spangler has management responsibility for the Firm’s six municipal finance offices located in Albuquerque, Denver, Los Angeles, Salt Lake City, San Francisco and Seattle. In addition, he has management responsibility for the firm’s 100-person affordable housing platform which includes the Tax Credit Equity Group -- a leading syndicator of Low Income Housing, New Markets and Historic tax credits -- and the Housing Finance Group. An eighteen year employee of RBC, Mr. Spangler is a member of both the Municipal Finance and the Municipal Markets Operating Committees. Mr. Spangler holds the Series 7, 24, 53 and 63 and 79.
Mr. Spangler received an AB in History from Stanford University and a Masters in Management from the J. L. Kellogg Graduate School of Management at Northwestern University.
Mr. Spangler was formerly with First Union Capital Markets (now Wells Fargo Securities), where he was a Senior Vice President and Manager of the Housing Finance Department. Prior to joining First Union, Mr. Spangler worked in the housing finance department of Merrill Lynch & Co. He serves on the Board of the YMCA of New Canaan, Connecticut and the New Canaan Athletic Foundation.
Managing Director, East
Mr. Tricolli serves as manager of the Eastern Region for the Municipal Banking Group for RBC Capital Markets. A fifteen year employee of RBC, Mr. Tricolli is a member of both the Municipal Finance and the Municipal Markets Operating Committees. His group has offices in Florida, Illinois, Maryland, Massachusetts, Minnesota, New York and Pennsylvania. In addition, he oversees the Healthcare, Higher Education, Transportation and Public Power Sectors.
Mr. Tricolli has over 24 years of experience in municipal finance and joined RBC Capital Markets in 2001. Prior to joining RBC Capital Markets, Mr. Tricolli was the head of public finance at Tucker Anthony Sutro Capital Markets. Before this, he was senior manager and managing director with First Union Capital Markets (now Wells Fargo Securities).
Mr. Tricolli serves on various non-profit boards in the local community.
Mr. Tricolli is a registered securities representative, currently holding Series 7,24,52,53 and 79 securities licenses. Mr. Tricolli holds a B.A. in Economics and Policy and Management from Dickinson College.
Managing Director, Tax Credit Investments
Tony Alfieri has worked extensively in the banking industry for over 25 years, primarily specializing in real estate finance and the creation of affordable housing. As Managing Director-Tax Credit Investments for TCEG, he has substantial responsibility for all of the buy-sell activity within the business unit, along with co-heading the team of 90 professionals as a key Operating Committee member. Since joining RBC-TCEG’s management team in 2006, Tony has held positions as Chief Operating Officer and Managing Director for Asset Management, and Chief Credit Officer for RBC’s affordable housing platform.
Prior to joining RBC in 2006, Mr. Alfieri was a Director in Wachovia Bank's Tax Credit Investment Group, where he served in various capacities including Director of Risk Management and had approval authority for equity investments and debt in a multi-billion dollar portfolio. In his 10-year career at Wachovia, he was also a Senior Credit Officer in the Asset Securitization Department and Real Estate Credit Officer. Mr. Alfieri has been a member of the Affordable Housing Tax Credit Coalition (AHTCC) since 2013, and currently serves as their President. The AHTCC is a broad-based industry coalition whose mission is to protect and expand the low-income housing tax credit. He is a graduate of Nazareth College in Rochester, NY, with a BS degree in Business Administration and an Economics concentration.
Managing Director, Housing
Michael Baumrin is a Managing Director in the New York office and is Co-Head of the Housing Group. He is responsible for the Firm’s overall activities in providing state housing finance agencies with investment banking services, and has served as lead banker for numerous state HFAs around the country. During his tenure at RBCCM, the firm’s senior managed client base has grown from one state HFA to 25 and has achieved a number one ranking. In addition, during his tenure, RBCCM has provided in excess of $1.4 billion of credit to the state HFA client base. For the prior nine years, Mr. Baumrin served as Manager of UBS’s Housing Group, which was the number one underwriter of mortgage revenue bonds, senior managing in excess of $33 billion. Michael began his career in public finance in 1980 and has worked primarily with state housing finance agencies since 1982. During his 37 year industry tenure, Michael has worked with state housing finance agencies across the country, providing affordable housing finance for their constituents, implementing many varied programs and bond structures. Prior to investment banking he worked for the Comptroller of the City of New York.
Michael received his B.A. from Brandeis University and his M.B.A. from Columbia University. He is a Municipal Bond Principal and has his Series 7, 50, 53 and 63 registrations.
Managing Director, Texas
Mr. Boles is a Managing Director in the Dallas Municipal Finance office of RBC Capital Markets. He is also Head of the Texas Municipal Finance Group and manages the operations of our Dallas, Houston and San Antonio Municipal Finance offices.
Mr. Boles has been with RBCCM since 1991 and has been involved in over $75.0 billion in financings in that period for a variety of issuers. In those 25 years, Mr. Boles has served as the investment banker or financial advisor to virtually every type of tax-exempt issuer, including school districts, counties, cities, public and private universities, community colleges, state agencies, healthcare providers and special districts. Mr. Boles’ experience has included all aspects of refunding and new money transactions in both long and short term modes, including virtually all types of security structures, as well as certain derivative instruments. As a manager, he is responsible for the formation and implementation of strategic initiatives of the firm’s Municipal Finance Group in Texas, one of the nation’s top issuers of municipal debt.
Mr. Boles is a Certified Public Accountant and a registered securities representative, currently holding Series 7, 24, 50, 53, 63 and 79 licenses. He previously served as a member of the Board of Trustees of the Municipal Advisory Council of Texas (2011-2015) and as Chairman of the Board (2013-14). Mr. Boles holds a BBA from the University of Texas at Austin and a MBA from Southern Methodist University.
Managing Director, Healthcare
Mr. Boylan joined RBCCM’s New York office as a Managing Director in 2008. For five years, Mr. Boylan was a bond lawyer with Brown & Wood (now Sidley Austin LLP). In 1983 he became a healthcare banker at Kidder Peabody (from 1983 to 1992). From 1992 to 2008, he was a Senior Managing Director in the Health and Education Finance Group at Bear Stearns.
Mr. Boylan has had experience with all types of transactions including: (1) Multi-State Systems (Catholic Health Partners, Cincinnati and Sisters of Mercy Health System, St. Louis), (2) Academic Medical Centers (Stanford Hospitals and Clinics and Temple University Health System), (3) Regional Systems (Memorial Hermann Healthcare System and Jefferson Health System, Philadelphia, PA), (4) Congregate Care Facilities and Nursing Homes (Holy Redeemer Health System and Diakon Lutheran Ministries), (5) Major tertiary stand-alone facilities (Reading Hospital and Medical Center, and Abington Memorial Hospital, one of Mr. Boylan’s transactions for Abington was selected as a healthcare “Deal of the Year” by Institutional Investors), and (6) physician practices (The Guthrie Clinic, a 250 member multi-specialty group that Mr. Boylan helped merge with The Robert Packer Hospital to form Guthrie Health, and Holzer Health System, a recently completed $122 million unrated offering that financed the merger of the hospital and the physically adjacent 140 member for-profit multi-specialty group practice (Holzer Clinic)).
Mr. Boylan received an A.B. degree in Economics from the University of Southern California, a J.D. degree from the University of California-Hastings College of Law, and an L.L.M degree from Columbia University School of Law. He is member of the California and New York Bars.
Managing Director, Pennsylvania
Mr. Burton is a Managing Director in the Philadelphia Municipal Finance office of RBC Capital Markets and manages Public Finance for Pennsylvania, New Jersey and Maryland.
Mr. Burton joined RBC Capital Markets in 1999, after having worked at Tucker Anthony, a regional investment banking firm for 13 years. Mr. Burton has served as the investment banker or financial advisor to virtually every type of tax-exempt issuer, including state agencies, counties, cities, public universities, community colleges, school districts, and nonprofit hospitals.
Prior to joining RBC Capital Markets, Mr. Burton was Manager of Public Finance for CoreStates Capital Markets.
Mr. Burton is Vice President of the USGA, and Chair of its Championship Committee.
Mr. Burton is a registered securities representative, currently holding Series 7 and Series 63 licenses. Mr. Burton holds a BS in Management from Florida Southern College and received a MBA from the University of South Florida.
Managing Director, New Mexico
Mr. Cassidy has 38 years of experience in the Public Finance field focusing exclusively on New Mexico municipal finance. He joined RBC Capital Markets in April 1994 and manages the New Mexico region. Mr. Cassidy’s experience prior to joining RBC Capital Markets includes debt origination, tax exempt and taxable bond trading desk and institutional sales at two regional firms. He has completed transactions for virtually all issuers of debt in New Mexico as Senior Manager, Co-Manager or Financial Advisor totaling over $13 billion in debt issuance.
Mr. Cassidy currently serves on the State Treasurer’s Investment Committee and the Board of Directors of Albuquerque Economic Development. He is a past member of the Anderson School of Management Foundation Board, the Albuquerque Development Commission, and the Union Savings Bank Board of Directors. In addition, Mr. Cassidy is a past allied member of the NYSE having served on the board of a NYSE member firm. He is a frequent speaker at New Mexico Infrastructure Conference, New Mexico ASBO, New Mexico Municipal League and New Mexico Association of Counties meetings and conferences.
Mr. Cassidy is a FINRA and New York Stock Exchange registered securities representative currently holding Series 7, Series 24, Series 41, Series 53 and Series 63 licenses.
He received a Bachelor of Science Degree in Finance from the University of Wyoming in 1975.
Managing Director, Ohio
Mr. Cashell is a Managing Director in the Cincinnati, Ohio Municipal Finance office of RBC Capital Markets and manages Public Finance for Ohio.
Mr. Cashell joined RBC Capital Markets in 2002 after serving as Chief Operating Officer/Chief Information Officer for Cincinnati Public Schools. As COO/CIO, Mr. Cashell oversaw all non-instructional areas for the district. Prior to coming to Cincinnati, Mr. Cashell served for nine years in finance, policy and administrative positions in Delaware state government. His last position there was Associate Secretary of Education for Finance, Policy and Administrative Services. In the latter role, Mr. Cashell acted as the Chief Financial Officer for the State Department of Education.
Mr. Cashell specializes in education and local government transactions including tax increment financing (TIF). Mr. Cashell also administers several large structured pooled financing programs in the State of Ohio.
Mr. Cashell currently holds Series 7, Series 63, Series 53, Series 24 and Series 50 licenses. Mr. Cashell holds Bachelor of Science and Master of Science degrees in Economics from the University of Delaware, specializing in mathematical economics and econometrics.
Managing Director, California
Greg Dawley is a Managing Director in the Los Angeles office & California Regional Municipal Manager for RBC Capital Markets.
Mr. Dawley has served over 23 years in the municipal finance and governmental industries. He focuses on a wide range of issuers throughout the Western Region, including those in the general government, utilities, public power, transportation, higher education and K-14 sectors.
Before his career in public finance, Mr. Dawley served as Assistant Chief of Staff to Los Angeles Mayor Richard Riordan. Previous firms include Morgan Stanley, Merrill Lynch, Banc One Capital Markets and J.P. Morgan Securities.
He is active in his community, serving on the Advisory Board of the Taubman Center at Harvard University’s JFK School of Government.
Mr. Dawley graduated with an M.P.P. from the University of Southern California and a B.A. in Political Science from the University of Michigan.
Managing Director, Housing
Helen Hough Feinberg has been employed by RBC Capital Markets for approximately 30 years. She presently serves as the co-head of the firm’s Housing Finance Group with management responsibilities focused on the multifamily sector and State of Florida. Ms. Feinberg has approximately 25 years’ experience in the housing sector having served as underwriter or placement agent on a wide range of single family and multifamily transactions. Her affordable housing client base includes state and local housing finance agencies, public housing authorities, developer and non-profits.
Ms. Feinberg graduated from Wake Forest University where she received a Bachelor of Arts degree with majors in both Economics and Spanish and she completed graduate work in Finance at the University of South Florida. She is a licensed General Securities Representative, Municipal Securities Principal and General Securities Principal. Ms. Feinberg currently serves as an advisory council member for the Florida Housing Coalition and a board member of the Coalition of Affordable Housing Providers. Ms. Feinberg was appointed by Governor Jeb Bush in 2003 to serve as Chair of the Affordable Housing Study Commission for a four year term and previously served as a member of Fannie Mae’s National Advisory Council for a two year term.
Managing Director, Minnesota
Mr. Hoeppner is a Managing Director in RBC CM’s Midwest/Large Client/Housing Groups and is Manager of the Minneapolis public finance office. Mr. Hoeppner has 19 years of banking experience, which includes work at a national financial advisory firm that specialized in providing quantitative cash flow analyses, pricing, and program development services for issuers of municipal housing bonds. Mr. Hoeppner has served as banker on senior managed issues for various State Agencies in Colorado, Florida, Illinois, Iowa, Minnesota, New York State, North Dakota, Ohio, Tennessee, Texas, Vermont, and Wisconsin.
Mr. Hoeppner received a Bachelor of Science in Finance from the University of St. Thomas in St. Paul, Minnesota. Prior to joining RBCCM in February of 2008, Mr. Hoeppner spent 4 years in Citigroup’s public finance group and spent 5 years prior to that at a regional underwriting firm. In addition, he has his Series 7 and Series 63 Securities registrations.
Director & Sector Co-Head
Andrew Mendelson is a Director in the Municipal Finance Group at RBC Capital Markets and is Co-Head of Municipal Transportation Finance. He specializes in project finance with expertise and experience including:
- P3 transportation financings for both greenfield and brownfield projects representing both the private and public sectors as financial advisor and financer (tax-exempt, private-activity, and taxable bonds; bank facilities);
- Tax-exempt and taxable municipal banking for transportation and large governmental issuers; specializing in user fee (toll road and mass transit), transportation revenue (sales tax, gas tax) and P3 (demand risk and availability payment) financings; and
- Particular expertise with Federal programs such as TIFIA.
Public-Private Partnership Experience
Selection of Senior Managed Underwriting, Financing, and Advisory Mandates
Selection of Senior Managed Underwriting, Financing, and Advisory Mandates
Andrew focuses on complex debt strategies and financial structuring / engineering for transportation infrastructure projects nationwide. He has led the development and structuring of multiple new indentures for large bonding programs and worked through rating agency and investor education processes for the related new credits.
Andrew holds an A.B. in Economics (Suma Cum Laude/Phi Beta Kappa) and a B.S. in Systems Science and Engineering (Magna Cum Laude/Tau Beta Pi), both from Washington University in St. Louis, as well as a MBA with specializations in Finance and Management (Stern Scholar/Beta Gamma Sigma) from New York University Stern School of Business.
Managing Director, Colorado
Jon serves as Manager of RBC’s Denver Public Finance office, Colorado’s leading underwriter of tax-exempt and taxable municipal securities. He is charged with further expanding the firm’s presence in Colorado and throughout the Western Region. Jon has more than 15 years of experience serving state and local government clients on more than $20 billion in securities and financial products in ten different states. He frequently serves Colorado’s largest governmental entities: the State of Colorado, the University of Colorado, Colorado State University, the Colorado Department of Transportation, and the Denver Regional Transportation District. A list of transactions Jon has led for longstanding Colorado clients includes:
- University of Colorado Senior Manager for $632 million Enterprise Revenue Bonds Series 2013, 2012, 2010 and 2009, and Co-Senior Manager for $298 million in various series since 2009
- Colorado State University Senior Manager for $291 million System Enterprise Revenue Bonds Series 2013 and 2012, and Co-Senior Manager for $297 million in various series since 2010
- Colorado Department of Transportation Senior Manager for $104 million Transportation Revenue Anticipation Notes (TRANs) Refunding Series 2011 and Senior Manager, Co-Senior Manager or Financial Advisor for an additional $2 billion in various series of TRANs since 2000
- Colorado Bridge Enterprise Senior Manager for its inaugural $300 million Revenue Bonds Senior Taxable Build America Series 2010A
- Regional Transportation District Senior Manager for $224 million Certificates of Participation Series 2013A and $475 million Sales Tax Revenue Bonds Series 2012A, and Co-Senior Manager or Co-Manager on $425 million in various series since 2009
- State of Colorado Senior Manager for $33 million Higher Ed Certificates of Participation (COPs) Series 2010 and Senior Manager or Co-Senior Manager for more than $600 million in various series of COPs since 2000
In addition to the transactions listed above, Jon brings innovative financial solutions to a wide variety of government entities. Examples include Denver Urban Renewal Authority, the Colorado Department of Corrections, the Capitol Parking Authority, the Colorado School of Mines, Metropolitan State University of Denver, cities such as Aurora and Fort Collins, counties including Adams, Broomfield, Jefferson and Routt; and numerous special districts, improvement districts and urban renewal authorities.
A fourth generation native of Colorado, Jon holds a Bachelor of Science degree in Business Administration with a concentration in Finance from Colorado State University and a Juris Doctor degree from the University of Colorado School of Law. Jon holds Series 7, 53 and 63 FINRA licenses.
Managing Director, Washington
Christine Pihl has over 30 years of experience in public finance specializing in public power and utility sector clients and Northwest issuers. Her experience includes leading financings for a wide range of utilities including the Los Angeles Department of Water & Power, securitization financings for the Utility Debt Securitization Authority for the Long Island Power Authority, serving as lead banker for SCPPA for Windy Point, the largest electric power prepay transaction and one of the largest wind farms in the nation, the Intermountain Power Agency, Cal ISO, the Salt River Project, Anaheim Public Utilities, Her northwest coverage includes a wide range of public utility districts including Benton County PUD, Franklin County PUD, Grant County PUD, Douglas County PUD, King County Sewer, Tacoma Power and the Eugene Water & Electric Board. In addition to her utility clients, she also has led transitions in the Northwest for issuers including the Port of Seattle, the State of Washington and the City of Tacoma.
Christine relocated to Seattle in 1995. Some of her prior affiliations include the financial advisory firm, Capital Advisors, Seattle-Northwest Securities and JPMorgan. She began her career in public finance as an analyst for Lehman Brothers in New York. Christine holds the following licenses: Series 7, 24, 52, 53, 63 and 79. She has a B.S. in Economics from the Wharton School of the University of Pennsylvania and a M.B.A. from the University of Washington.
Managing Director, New York
Mr. Puig is a Managing Director in the New York City and Albany Municipal Finance offices of RBC Capital Markets. He serves as the Co-Head of the New York Group and is a member of RBC’s large issuer practice team and the firm’s Municipal Markets Transaction Review Approval Committee.
Mr. Puig joined RBC Capital Markets in 2006, after twenty-two years at First Albany Capital. During his 30 year career in municipal finance, Mr. Puig has served as lead relationship banker for many of the largest and most sophisticated municipal issuers in the tax-exempt market, including the Dormitory Authority of the State of New York, the New York State Thruway Authority, the Empire State Development Corporation, the Metropolitan Transportation Authority, New York City, the Commonwealth of Massachusetts and the State of Connecticut.
He has also been integrally involved since inception with the development and capital plan implementation for one of the largest public private partnerships in the US, the State University of New York College of Nanoscale Science and Engineering’s (“CNSE”) research facilities in Albany and Marcy. Through 2013, New York State and over 100 private companies including IBM, Intel, Tokyo Electron, Taiwan Semiconductor, Samsung and Global Foundries have invested over $5 billion in facilities and programs at CNSE.
Mr. Puig is a registered securities representative holding Series 7, 24, 53 and 63 licenses. A graduate of Siena College and the Albany Law School of Union University, Mr. Puig has served as President of the Albany Boys and Girls Club , Treasurer of WMHT Public Television and Radio and Treasurer of the Albany Ronald McDonald House. He also serves or has served as a board member of the Interfaith Partnership for the Homeless, the Albany Institute of History and Art, The Center for Disability Services, Living Resources Foundation, the New York State Thoroughbred Capital Investment Fund and the Albany County Investment Advisory Board.
Managing Director, Charter Schools
Mr. Snider joined RBCCM in 1989 and since that time has been involved with over $10 billion in municipal bond financings for a variety of cities, counties, special districts, charter schools, school districts, universities and state agencies. While Mr. Snider has a wide variety of experience, his primary area of expertise has been financing for K-12 education borrowers, including charter schools.
Mr. Snider heads RBC Capital Markets’ Charter School Finance Group. Since 2000, RBC Capital Markets has financed in excess of 100 charter school projects for over 50 charter school organizations, securing over $1.5 billion for acquisition, construction, renovation, leasehold improvements, refinancing and related costs for charter schools. RBC Capital Markets’ Charter School Finance Group has financed charter schools in multiple states, including Arizona, California, Florida, Illinois, Indiana, Massachusetts, New Jersey, North Carolina, Ohio and Texas. Mr. Snider has served as RBC's lead banker for Aspire Public Schools, BASIS Schools and Great Hearts Academies, among others.
Outside of the K-12 education area, high profile bond financings lead and completed by Mr. Snider include $350 million of research facilities for the University of Arizona and $450 million for the Arizona Sports and Tourism Authority’s share of the home stadium of the NFL Arizona Cardinals and MLB spring training facilities.
Mr. Snider received his Bachelor’s of Science degree in finance from Arizona State University, graduating summa cum laude, and his Masters in Business Administration from the University of Chicago.
Mr. Snider’s community involvement includes sitting on several boards, including serving on the executive committees and as Board Chair of the Phoenix Boys Choir Association and Arizona School for the Arts, an excelling Arizona charter school, as well as being a member the board and advisory committee of the Arizona Charter School Association.
Managing Director, K-12 Education
Frank Vega, a Managing Director in the RBC Capital Markets Los Angeles public finance office, leads the firm’s California K-14 Education Group and currently serves as sector head for RBCCM’s National K-12 School District practice. Born and raised in Los Angeles, Frank has spent his entire public finance career working exclusively with California schools and colleges. Since joining RBC Capital Markets Frank has helped lead and senior manage more than 100 transactions for California school and community college districts. Frank specializes in structuring General Obligation Bonds, Certificates of Participation and Tax and Revenue Anticipation Notes. Recent examples of Frank’s lead manager and structuring experience include a $129 million G.O. Bond and Note restructuring for South San Francisco Unified School District, and a $5 million technology bond financing to help deliver one-to-one learning devices for Coachella Valley Unified School District.
Prior to joining RBC Capital Markets, Frank served as a legislative aide and committee consultant in the California State Legislature, and as Executive Director of California Educational Facilities Authority under State Treasurer Phil Angelides.
Frank received a Bachelor of Arts degree in Political Science from the University of California-Davis, and a Masters in Business Administration from the University of Southern California. Frank is a proud product of the California Community College system, having attended Glendale Community College. While attending Glendale College and U.C. Davis, Frank was a member of the Track & Field teams for both schools, and was part of two Northern California Athletic Conference championships in 1996 and 1997 for U.C. Davis.
Frank is married to Michelle Ann Vega, and has two children, Madeline and Teddy.
Frank currently holds FINRA Series 7, 53 and 63 securities licenses.
Managing Director, Tax Credit Investments
Craig Wagner joined RBC in 2002 and has continued to assume greater leadership responsibility, including key roles on the TCEG Operating Committee and chairmanship of the Investment Committee. He currently serves as Managing Director – Tax Credit Investments for TCEG, responsible for the oversight of the Syndications staff, as well as State Tax Credit and New Markets Tax Credit business. Prior to this role, Craig was Director of Business Development with responsibility for new products business development and managed the firm’s national accounts. Previously, he was also the Director of Originations and a Regional Director – Southeast where he led a team in the areas of origination, financial underwriting, and partnership structuring of investments.
Craig’s experience includes the acquisition and underwriting of LIHTC, HTC, and various state tax credit investments. He has worked with numerous housing authorities, for-profit developers, and non-profit developers on various property types including HOPE VI, mixed-income, and mix-use transactions. Prior to joining RBC, Mr. Wagner served in various leadership roles as an officer in the United States Navy and as a production manager for Frito Lay, Inc. in California. Craig, a graduate of Northwestern University with a Bachelor of Arts in Economics, earned his Masters in Business Administration with concentrations in Real Estate and Finance from the Kenan-Flagler Business School, University of North Carolina-Chapel Hill.
Managing Director, Student Loans
Mr. Wagner is a Managing Director in the Municipal Finance Group of RBC Capital Markets, LLC and divides his time between the firm’s offices in Phoenix and Los Angeles. He has primary coverage responsibility for the firm’s student loan clients, as well as for several colleges and universities in California.
Mr. Wagner began his investment banking career in New York in 1986 when he joined the public finance department of Manufacturers Hanover Securities Corporation as a quantitative analyst. After spending six years at “Manny Hanny”, he joined PaineWebber in 1992 as one of four founding members of its New York-based education loan finance team. He spent four years at PaineWebber before departing in 1996 for an opportunity to launch a national education loan finance practice for one of RBC Capital Markets’ predecessor firms. By 2007 he had grown this effort from a two-person team in Phoenix to 13 professionals in three different offices. The firm’s education loan finance practice remains one of the most productive and well-respected practices of its kind, and consistently ranks as the most active lead managers.
He has completed over $48 billion in financings on behalf of 35 separate organizations since 1986, including state agencies, nonprofit organizations and private colleges and universities, and is responsible for introducing numerous new financing products, debt structuring techniques and computer modeling innovations. His current clients include the Utah State Board of Regents, Minnesota Office of Higher Education, Pennsylvania Higher Education Assistance Agency, Midwestern University, New Hampshire Higher Education Loan Corporation, Alaska Student Loan Corporation and NorthStar Education Finance.
An active participant in higher education finance industry trade groups, such as the Education Finance Council (EFC), the National Association of College and University Business Officers (NACUBO) and the Western Association of College and University Business Officers (WACUBO), Mr. Wagner is a well-known municipal finance industry veteran. He is often called upon to speak at industry conferences, issuer and investor seminars, client board meetings and other industry-related events.
Mr. Wagner is a registered securities representative, currently holding Series 7 and Series 63 licenses, and holds a B.S. in Business Administration from the State University of New York at Albany, with concentrations in Finance and Management Information Systems, and an M.B.A. in Finance from Columbia University’s Graduate School of Business.
Managing Director, Public Power & Utilities
Tim Williams heads RBCCM’s Public Power and Water Utilities Group where he focuses on SRF and water & sewer issuers nationwide. Mr. Williams has over 18 years of public finance experience, senior managed, structured, and run cash flows for many SRF and water and sewer credits. Major SRF clients include new indenture SRF credits (Virginia, Illinois, and Oklahoma); restructured SRF credits (Iowa, Kansas); Reserve Fund SRF credits (New York, Michigan, Connecticut, Colorado, Massachusetts, Missouri, and Rhode Island), and Cash Flow and Hybrid SRF credits (Ohio, Florida, Arizona, North Dakota, Maine, Virginia, and South Dakota). Major senior managed water and sewer clients include City of Columbus, City of Atlanta, Denver, Massachusetts Water Resources Water Authority, DC Water, Hampton Roads, VA, Phoenix, St. Louis, and City of Tallahassee, FL.
Mr. Williams formerly worked at J.P. Morgan, UBS Securities and Merrill Lynch & Co. and has been involved in developing new bond approaches such as Green Bonds, as well as securing ratings upgrades, developing bond issuance strategies to meet capital improvements needs and providing the insight needed to address market constraints. He is active in the environmental finance community and speaks on occasion at the Council of Infrastructure Finance Water Authority conferences. Mr. Williams received a BA from Dartmouth College, an M.A. in Urban Planning from the University of Virginia, and an M.B.A. from the Wharton School.
Managing Director & Sector Co-Head
Keith Solomon, CFA
James F. Losty
Managing Director, Head, FIC Municipals Products, New York, NY
Mark Maroney is the Head of the RBC Capital Markets Fixed Income Municipals Products business line. He is a member of the Capital Markets US Regional Operating Committee and a member of the Global Fixed Income Operating Committee.
Mr. Maroney started his career in the Municipal Securities Group at UBS, formerly PaineWebber where he ultimately was responsible for the Municipal Derivatives and Lending Group. He joined RBC Capital Markets in May of 2007 to oversee the Municipal Products Group. In 2009, he took over responsibility for the Municipal Capital Markets platform overseeing sales, trading, underwriting, derivatives and structured product activities.
Mr. Maroney is an active member of the SIFMA Municipal Executive Committee and various sub-committees focusing on secondary market infrastructure and structured products.
Mr. Maroney received his Bachelors of Science from the University at Albany, Albany, New York with dual concentrations in Finance and Management Information Systems. While at University, he participated in various independent studies of the US public finance markets. Mr. Maroney holds a Series 7, 63, 24 and 53.
Managing Director, Head, Municipal Syndication
Mr. Durando is a Managing Director and Head of Municipal Syndication for RBC Capital Markets. His primary responsibilities include RBC Capital Market’s underwriting engagements for major transactions nationally. Mr. Durando has over 32 years experience in Municipal underwriting and trading, having directed senior managed transactions in excess of $65 billion in Municipal debt during his career. Prior to joining RBC Capital Markets in 2006, Mr. Durando spent his career at Wachovia Bank and it’s predecessor organizations where he was a Managing Director and Manager of Municipal Trading and Underwriting.
Mr. Durando graduated from the University of Delaware in 1980 with a BS-Finance degree and Seton Hall University in 1984 with a MBA-Finance. Mr. Durando is currently registered with the Financial Industry Regulatory Authority, Inc. ("FINRA") with Series 7, 63 & 53 securities licenses.
Managing Director, Institutional Municipal Sales Manager
Prior to joining RBC in September of 2008, Karl was an Executive VP at UBS and Senior Institutional Salesperson at UBS and Goldman Sachs. Karl has primary coverage responsibility for some of the firm’s key institutional account relationships on the municipal side. In addition to maintaining his position as an institutional salesperson, he assumed the responsibilities of Manager, Institutional Sales at RBC Capital Markets in May, 2010.
Karl holds a Finance degree from the University of California at Berkeley.
He also holds the following certifications: Series 7, 24,53 and 63
Keith Solomon, CFA
Managing Director and Deputy Head, Municipals & Securitized Products/ Principal, Municipal Investments Group
Keith focuses on the strategic growth, risk management, new product development (including electronic trading initiatives), and day-to-day management for the Trading, Sales, and Syndication business for the Municipals and Securitized Products areas. He is also part of a team that manages a multi-billion dollar municipal buy-and-hold investment portfolio for the Bank. In addition, he interfaces with the broader RBC platform and participates in Fixed Income & Currency-wide initiatives. Keith is a member of the Municipal Capital Markets Operating Committee.
Previous roles at RBC include Managing Director in Global Rates Strategy and Management developing, implementing, and driving global strategies related to the cash and derivatives businesses, Derivatives Analyst on the Institutional Municipal Trading desk concentrating on quantitative hedging and trading strategies and building proprietary risk and analytical tools, and Senior Strategist in Fixed Income Trading Research focusing on multi-sector transaction strategies and portfolio/balance sheet analysis for institutional customers.
Prior to RBC Capital Markets, Keith worked in equity research at Susquehanna Financial Group, fixed income research at Morgan Keegan, and asset management at Goldman Sachs.
Keith holds a Bachelor of Science with a double major in Economics and Computer Science from Yale University and an MBA with a double major in Finance and Accounting from the Wharton School of the University of Pennsylvania. He is a CFA Charterholder and holds the Financial Risk Manager (FRM) designation as well Series 7, 24, 53, and 63 licenses.
Director, Retail Trading/Syndicate Risk
Mr. Colaiacovo’s current position is Retail Trading Manager/Syndicated Risk. He started in the financial industry shortly after graduating from Radford University in May of 1991. Daren has held positions as an Institutional Salesperson, Junior Trader, Retail Trader, Senior Retail Trader, Senior Institutional Trader, Senior Underwriter and currently Head of Retail Trading/Syndicate Risk.
Daren started at RBC in 1993 as a Junior Trader and then expanded his role to Retail Trader on the Fixed Income Trading desk of First Institutional Securities which was acquired by RBC in 2003. After the acquisition, his role expanded to Senior Retail Trader on the Regional Municipal Trading desk in West Paterson, NJ. He eventually moved to the NYC trading floor as a Senior Institutional Trader and then took on the role of Senior Underwriter. Daren is currently the Head of Municipal Retail Trading and Syndicate Risk.
In his current position, Mr. Colaiacovo is responsible for managing Retail Trading of municipal bonds at RBCCM. Retail Trading’s primary focus is the merchandising of municipal bonds to meet RBC’s Wealth Management’s effort to provide various product demands of the retail distribution network. Additionally, Daren manages syndicate risk by monitoring and marketing the balances of capital commitments from various syndicate municipal bond deals.
Mr. Colaiacovo holds Bachelors of Business Administration with a concentration in Finance from Radford University in Radford, VA and Series 7, 53, 56 and 63 licenses.
Director, Municipal Investment Portfolio Manager/TOB Portfolio Manager
Mr. Huesman’s current position is Municipal Investment/TOB Portfolio Manager. Prior to joining RBC, Joe was at Deutsche Bank where he traded Municipal Bonds, Municipal Derivatives and Illiquid Credit. Joe began his 25 year career in Municipal Finance at Alex. Brown and Sons in Baltimore.
Joe joined RBC Capital Markets in April 2009. Throughout his years at RBC he has held positions as a municipal bond trader, underwriter, salesperson, and tender option bond portfolio manager.
In his current position, Mr. Huesman is responsible for managing the Bank’s municipal bond portfolio, its municipal direct purchase lending portfolio and the firms 3rd party tender option bond portfolio which provides financing to RBCCM’s top tier municipal bond customers.
Mr. Huesman holds a BA in Economics from the University of Richmond and an MBA from Loyola College in Maryland and Series 7, 24, 52, 53, 55, 63 and 79 licenses.
James F. Losty
Managing Director, Municipal Products Marketing
Mr. Losty manages the RBC Capital Markets Municipal Products Group with focus on marketing to tax-exempt issuers in all sectors. He has been instrumental in developing new and innovative use of derivative structures that have received wide acceptance in the tax-exempt market. Over his 33 years in the industry, he has focused on creative financing structures in both the cash and derivative markets that have resulted in several billion dollars of financing transactions.
Additionally, Mr. Losty has also worked extensively with many state and local authorities. These include: North Texas Transportation Authority, Denver Public Schools, Texas Department of Transportation, Philadelphia Authority for Industrial Development (PAID), Montgomery County Health and Higher Education Authority and the Hospital & Higher Education Facilities Authority of Philadelphia, the Pennsylvania Turnpike Commission, the Commonwealth of Puerto Rico as well as many others. Prior to joining the Firm, Mr. Losty served as Manager of Wheat First Butcher Singer Public Finance department for over 10 years.
Mr. Losty is a graduate of Villanova University with a B.A. in Economics.
Director, Institutional Trading Manager Municipal Markets
Prior to rejoining RBC in 2011, Pat was a Director and Municipal high yield/special revenue trader at Jefferies. He managed the Municipal Middle Markets sales and trading at First Albany/Depfa Bank. Pat started his municipal career at Tucker Anthony in 1990 and traded retail, municipal Middle Markets and Institutional books during his time there. Tucker Anthony was bought by RBC and Pat traded Institutional and Middle Markets books here until 2003. Aside from his managerial responsibilities, Pat is responsible for institutionally trading high yield/ California, zeros and muni derivatives for the bank.
Pat holds a BA of Liberal Arts from St. John’s University.
He also holds the following certifications: Series 7, 53 and 63.
Managing Director, Municipal Short-Term Sales, Trading & Underwriting
Craig Laraia is the Head of RBC Capital Markets’ Municipal Short-Term Department. Mr. Laraia is responsible for the trading, underwriting, and remarketing of a complete range of short term debt instruments. Prior to joining RBC Capital Markets in 1997, Mr. Laraia managed the Short-Term Department for Alex Brown & Sons, where he was a Principal.
Mr. Laraia has been responsible for the underwriting and remarketing of over 1700 short-term issues, representing in excess of $70 billion in aggregate principal amount.
Mr. Laraia received a Bachelor of Arts degree from Adelphi University. Mr. Laraia also holds Series 7, Series 53, Series 24, and Series 63 Securities Licenses.