Siebert Williams Shank Celebrates 5-Year Anniversary of Historic 2019 Merger
Firm continues to deliver strong results for its clients and looks forward to future growth opportunities across its business divisions
New York, NY — November 7, 2024 — Siebert Williams Shank & Co. (SWS) is celebrating the fifth anniversary of its historic merger that brought together two of Wall Street’s leading firms in corporate and municipal underwriting. The merger between Siebert Cisneros Shank and The Williams Capital Group created a top-ranked, independent, non-bank investment bank with nearly 30 years of operating history and a mission to exceed expectations through value added results and to leave a lasting impact on the clients and communities it serves.
Since the November 2019 merger, SWS has continued to build upon its reputation as one of the most significant players in U.S. infrastructure development and corporate liquidity management. With dual headquarters in New York, NY and Oakland, CA, the firm’s headcount has grown, and its footprint has increased to 27 branches nationwide.
The success of the merger led to the launch of the Siebert Williams Shank Foundation (SWSF) in 2020 and the Clear Vision Impact Fund (CVIF) in 2021. Education is the key program area for SWSF’s charitable giving. CVIF provides private credit to businesses in underserved markets and/or businesses that foster inclusive growth and has helped create over 270 jobs at its small- and medium-sized portfolio companies.
So far in 2024, in the public finance sector, SWS has served as senior or joint senior manager on 69 municipal bond transactions totaling $24 billion through Nov. 1. This volume represents a 35% increase from the same period in 2023 and is the largest volume of municipal bonds SWS has ever senior-managed in the first 10 months of a year, going back to the firm’s founding. Through Nov. 1, 2024, the firm has also served as co-manager on 242 transactions totaling $93 billion, a 51% increase from 2023. Its average senior-managed transaction size, through Nov. 1, has exceeded $225 million.
In the corporate finance sector, SWS now counts over 80 Fortune 100 companies among its clients, growing its track record as one of the country’s most experienced underwriters of debt and equity offerings across numerous industries. The firm has grown its roster to 54 commercial paper (CP) programs, standing as the No. 1-ranked non-bank dealer of CP by number of programs, and has grown the clients of its stock repurchase desk by over 50%. The firm is also active in the asset-backed securities market, helping securitize over $27 billion for 10 issuers through the third quarter this year, a 73% increase from the same period in 2023.
“Combining the complementary business platforms of Siebert and Williams allowed our firm to expand its capital base and compete toe-to-toe with the biggest firms on Wall Street,” said Suzanne Shank, CEO of SWS. “The results speak for themselves. Our emphasis on transformational growth, integrity, and impact continues to produce a multiplier effect on business growth and community impact and well positions us for the future.”
Clients continue to trust the capabilities of SWS and enlist the services of the firm to execute their most transformative deals. In the first three quarters of 2024, SWS served as senior or joint senior manager on six transactions each exceeding $1 billion, including a $1.6 billion issuance of tax-exempt bond offerings for the District of Columbia, the largest bond issuance in the District’s history. In 2023, the firm was joint bookrunner on Chicago’s $1.7 billion financing of its COVID-19 Recovery Plan, a transaction that ended up winning The Bond Buyer’s Deal of the Year.
In October 2024, SWS served as joint bookrunner on long-time client, State Street Corporation’s, $2.3 billion three-tranche bond offering, the second-largest corporate bond underwriting mandate in SWS’s history. And in the equity market, SWS served as a co-manager on the largest U.S. equity offering so far in 2024 - The Boeing Company issuance of $24.25 billion of concurrent public offerings.
“It’s been really remarkable to see both sides of the firm’s business grow in tandem,” said Chris Williams, Chairman of the Board of Directors and the former CEO of The Williams Capital Group. “Back when Suzanne and I first sat down to plan the merger, we envisioned a dynamic organization whose combined talents could deliver the highest quality execution for our clients. Huge thanks to the many clients who continue to help fuel this growth.”
Originally known as Siebert Brandford Shank & Co., the firm was founded in October 1996 through a partnership between Suzanne Shank, Napoleon Brandford III, and Wall Street icon Muriel Siebert, the first woman to own a seat on the New York Stock Exchange. In 2015, the firm welcomed dynamic new partners to the fold, including Henry Cisneros, the first Latino mayor of San Antonio and a former Secretary of Housing and Urban Development under President Bill Clinton. Several years later, in 2019, Williams Capital brought a broad spectrum of corporate clients and Siebert Cisneros Shank, meanwhile, had managed transactions for over 90% of the 50 largest municipal issuers. Then in 2022, Apollo Global Management along with its managed funds, made a combined equity and credit investment in SWS to increase SWS’s underwriting capacity for debt and equity offerings.
Dually headquartered in New York, NY and Oakland, CA, SWS is an independent non-bank financial services firm that offers investment banking, sales and trading, research, and advisory services. Its mission is to exceed expectations through value-added results and leave a lasting impact on the sectors, corporations, and communities it serves. SWS counts over 80 Fortune 100 companies among its clients.