Veteran muni banker named California deputy treasurer

John Sheldon, a veteran broker-dealer, was appointed deputy treasurer of public finance by California Treasurer Fiona Ma.

Ma announced Tuesday Sheldon had been named to replace Juan Fernandez, who retired in late February.

Sheldon, who has more than 30 years of experience, was sworn in on Tuesday.

“This position requires an experienced financial practitioner with a thorough understanding of municipal finance markets,” Ma said in a statement. “John’s three-decade career, distinguished resume, and highly regarded reputation made him a perfect fit for this position, and I look forward to working with him in this capacity.”

Fernandez replaced Tim Schaefer in November 2022. Schaefer, widely known in public finance, retired in October 2022, and then died in January 2023. Schaefer was named to The Bond Buyer’s Hall of Fame last year.

Fernandez began his career in the state treasurer’s office in 1995 and worked there until 2006 when he left to work for J.P. Morgan, where he remained until 2021.

As deputy treasurer, Sheldon will advise Treasurer Ma on economic and financial matters, including the state’s sale of bonds and investment of funds. He will also oversee the Public Finance, Investments, and Centralized Treasury and Securities Management divisions, as well as the California Debt and Investment Advisory Commission, which the treasurer chairs.

Sheldon said he’s honored to serve in Ma’s administration in the state in which he grew up and has lived most of his life.

“There is a lot to learn but I believe my background and experience will help me come up to speed quickly to benefit the STO team and the state,” Sheldon said in a statement.

He joins the treasurer’s office from Morgan Stanley, where he was managing director for the Municipal Securities Division and led a team of approximately 30 professionals based in nine offices throughout the country.

Sheldon has helped state and local government debt issuers raise over $100 billion in capital for infrastructure and other projects over his banking career and has served as a lead banker to the state of California on bond transactions for almost 20 years, according to the treasurer’s office.

Prior to joining Morgan Stanley in 1997, Sheldon was vice president for public finance at Rauscher Pierce Refsnes, Inc. He also held positions at Prudential Securities and T. Rowe Price Realty Advisers.

He earned an MBA in finance and public policy & management from The Wharton School at the University of Pennsylvania, and a bachelor’s degree in mathematics, with a minor in economics, from Occidental College.