Smith Barney tops muni market. (municipal finance business dominated by Smith Barney Inc.)

Crain's New York Business, September, 1997 by Birger, Jon

Firm grabs underwritings after others exit business WALL STREET In the last 11 years, only two securities firms have ended the year as No. 1 in the municipal finance business: Merrill Lynch & Co. and Goldman Sachs & Co. But this year, Smith Barney Inc. is almost certain to supplant those firms as the top underwriter in the business.

Through the first week of September, Smith Barney had managed $15.0 billion in municipal bonds, well ahead of the $11.6 billion underwritten by both Merrill and Goldman, according to Securities Data Co. Smith Barney successfully filled the void left by the many firms that have abandoned the business, and its bankers have carefully cultivated ties with public officials, especially in New York. The municipal business is far more...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.