FHN adds three public finance pros

“In evaluating the industry, we looked at where we could add value the most,” said Ajay Thomas, FHN’s senior managing director and head of public finance.

Callie Lipkin

FHN Financial has hired three new public finance professionals as it looks to grow its municipal business to include more project finance deals.

The new hires are Managing Director Howard Manning, Executive Director Stan Rosendahl and Executive Director Alana Zimmerman.

All three are joining FHN from D.A. Davidson. Manning and Rosendahl are based in Chicago; Zimmerman is based in New York City.

“We initially launched our public finance department in 2012, and then in 2017, when I joined the firm, we had the charge to expand to more of a national public finance business,” Ajay Thomas, FHN’s senior managing director and head of public finance, told The Bond Buyer. “And in evaluating the industry, we looked at where we could add value the most. … This particular group allows us to expand into several sectors within the municipal industry, but from a perspective of project finance deals, as opposed to the conventional GO and revenue transactions that we’ve been doing.”

Manning will be the national lead banker for project finance transactions in FHN’s municipal products group. A veteran of D.A. Davidson, Piper Sandler and Raymond James, he will focus on the healthcare sector.

“Howard has an existing clientele as well as an ability to go and develop new business addressing the healthcare sector – anything from new hospitals to replacement hospitals and critical care facilities are all within Howard’s area of expertise,” Thomas said. “Howard has been known in the industry for developing really high-quality projects for communities all across the country, so we were excited to have the opportunity to bring him and his team aboard.”

Rosendahl will range broadly and will be more of a generalist in his approach to project finance, according to Thomas.

“Stan has expertise in the healthcare sector, as well, but he also has a lot of transaction expertise in education, whether it be specialized education and various delivery systems for primary and secondary schools, water facilities, or things like that – all of a project finance nature,” Thomas said.

Zimmerman will aim to address investor questions about the various nuances of particular project financings that FHN is working on, according to Thomas. She brings a dual perspective spanning sales and banking that gives her insight into necessary credit strengths and protections for both investors and issuers, he said.

“We’re very excited about bringing someone of Alana’s caliber on board,” Thomas said. “Alana has a lot of unique perspective in that she used to be on the sales side, in the fixed income sales group. She’s also been in various groups within the fixed income structure in the course of her career. Alana’s role is going to be our lead execution banker for all the project finance deals that come in, and also is the liaison to our own sales force, to be able to be the banker who can work with our sales force to sell these particular transactions to investors.”

FHN has come a long way since it started its public finance business, initially focused only on GO and essential purpose revenue transactions in the AA category and above, Thomas said.

“We continue to invest and grow our municipal business all across the board,” he noted. “We are always in the market to identify talent and bring those talented individuals to the firm. We are committed to the municipal industry long-term, and this is just the next step in our growth strategy.”