Guggenheim Securities hires four more for municipal investment banking

By Susanna Moon

Chicago, March 9 - Guggenheim Securities said it hired a four-person public finance team to provide primary municipal underwriting, co-headed by Ramiro Albarran and Jeff Hyman.

Albarran joins Guggenheim as managing director and co-head of public finance with 23 years of experience. He was previously managing director and head of East Coast public finance at Stone & Youngberg. Before that, he was head of public finance at Banc of America Securities. Albarran specializes in project finance, real estate and other specialty municipal banking.

Hyman is managing director and co-head of public finance and has 16 years of public finance experience, most recently as managing director at Stone & Youngberg. Before that, he was managing director and head of Northeast U.S. public finance at JPMorgan Chase & Co. and, before that, was managing director and head of New York public finance at UBS/PaineWebber. He specializes in project-related finance, securitizations, story bonds and infrastructure finance.

Walter Kulakowski joins the firm as managing director, public finance. He has 24 years of public finance experience, including senior positions at Stone & Youngberg, Roosevelt & Cross and Citigroup, where he led solid waste, water and sewer, and state revolving funds finance practices. Kulakowski's expertise is in infrastructure finance, privatization, environmental and energy credits.

Jay Murphy joins as managing director, underwriter, with more than 30 years of public finance experience. He was most recently managing director and head of national underwriting at Stone & Youngberg. Before that, he was vice president and co-head of the syndicate/underwriting desk at Goldman Sachs. Murphy has broad experience in both competitive and negotiated underwriting across the municipal credit spectrum.

Guggenheim Securities is a subsidiary of Guggenheim Partners, a privately held financial services firm.

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