Siebert hire of UBS’ Nicholson shows its commitment to munis, Shank says

Siebert Williams Shank has formed a six-person quantitative solutions group to be headed by public finance industry veteran Giles Nicholson.

Siebert said the hire highlights the firm’s steadfast and growing commitment to expand its public finance practice.

“Hiring Giles along with other senior and experienced hires over the last year demonstrates our deep commitment to public finance at a time when our competitors are laying off in droves or retrenching from the sector entirely,” said Suzanne Shank, president and CEO of Siebert Williams Shank. 

Nicholson, who has developed and executed complex financing structures for major investment banking institutions, has over 34 years of experience in municipal finance. Other former UBS employees have joined other firms.

He was most recently the head of UBS’ quantitative strategies group, where he coordinated the firm’s quantitative idea generation and modeling techniques, which helped the firm get and complete lead-managed transactions.

He previously worked at JPMorgan, Lehman Brothers, Barclays Capital and Wells Fargo. He earned a BA in economics from Harvard University. 

“I am very excited to join the Siebert Williams Shank team,” Nicholson said. “The firm is deeply committed to the success of its clients and provides the highest quality of service to them with innovative and actionable ideas.”

Nicholson provided quantitative support and ideas for the Chicago Sales Tax Securitization and tender in 2023, which won The Bond Buyer’s Deal of the Year Award in December.

He also worked on the New York Metropolitan Transportation Authority’s $1.04 billion debt restructuring in 2002, which consisted of the MTA’s Series 2002C and Series 2002E transportation revenue bonds, the TBTA’s Series 2002F general revenue bonds and Series 2002G subordinate revenue bonds; and in 2012 he worked on the refinancing of the MTA’s $960 million of Series 2012A dedicated tax fund refunding bonds.

Over the course of his career, Nicholson has worked on bond deals for the Dormitory Authority of the State of New York, the New York Municipal Water Finance Authority, the Port Authority of New York and New Jersey, the state of Oregon, the Texas Water Development Board and the University of California.

His specialties include tenders, pooled loans, restructurings, defeasances and energy prepays.

Siebert’s new group will be based in New York and will coordinate idea generation and execution, the firm said.

Nicholson will lead a team of five people from around the country, aiming to give clients the best ideas possible in turbulent market conditions. The group will also work to beef up the firm’s training and development opportunities for junior bankers.

“We are eager to leverage Giles’ deep expertise and experience to provide our muni issuer clients with the best and brightest ideas to achieve their financial objectives,” said Gary Hall, president of infrastructure and public finance. “I know he will contribute greatly to SWS being a perennial leader in the public finance industry.”

Siebert Williams Shank ranked 13th as lead bookrunner on 72 muni bond deals in 2023 totaling $10.4 billion, a 2.9% market share.