Contact: Jennifer A. Galloway, Chief Communications Officer
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THE MUNICIPAL SECURITIES RULEMAKING BOARD ANNOUNCES
SELECTION OF OFFICERS AND NEW MEMBERS
Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today announced the names of new officers and the members who begin their terms on Oct. 1, 2009. Peter T. Clarke, Managing Director of J.P. Morgan Securities Inc. and Vice Chairman of Tax-Exempt Capital Markets, will serve as Chair of the MSRB for fiscal year 2010. Alan Murphy, Senior Vice President at Duncan-Williams Inc., will become Vice Chair. Officers serve one-year terms.
MSRB’s five new members represent securities firms, banks and investors active in the municipal securities market. They are Michael G. Bartolotta, Vice Chairman, First Southwest Co.; Stephen E. Heaney, Managing Director and Head of Public Finance, Stone & Youngberg LLC; Mark G. Muller, Senior Vice President, Municipal Portfolio Manager, Loews Corp.; Alan D. Polsky, Senior Vice President, Dougherty & Co. LLC; and Kevin L. Willens, Managing Director, Goldman, Sachs & Co. The new members will each serve a three-year term that runs through September 30, 2012.
“The experience and depth of the MSRB’s new leadership and Board members will preserve and enhance our ability to protect investors and promote a fair and efficient market,” said MSRB Executive Director Lynnette Kelly Hotchkiss. “We have never been more committed to fulfilling our mission and these seven individuals will ensure that we remain a vital force in the market.”
Following is biographical information about the MSRB’s new officers and members.
Peter T. Clarke, who has served on the MSRB since 2007, is a Managing Director with J.P. Morgan Securities Inc. Prior to joining Morgan in 1977, he had been with Chase Manhattan Bank's Trust Investment Division since 1974. While at Morgan, he began in institutional sales and moved to underwriting in 1982. Since then he has held several management positions and is now Vice Chairman of Tax Exempt Capital Markets. Mr. Clarke, currently Vice Chair of the MSRB, is serving his second term on the Board having served previously from 1990 to 1993. He is a former member of the Bond Market Association's (now SIFMA) Municipal Syndicate and Trading Committee, and a former Board member of the Municipal Forum of New York. Mr. Clarke received a bachelor’s degree in English from the University of Virginia.
Alan Murphy is Senior Vice President of Duncan-Williams Inc., a Memphis, Tenn.-based investment banking firm. He earlier worked at Popular Securities as Managing Director to U.S. Capital Markets Operations and also spent 28 years at Prudential Securities as the Head of Municipal Underwriting and Co-Head of Tax-Exempt Fixed Income. Mr. Murphy was a member of the MSRB Board of Directors from October 2006 through January 2008. He is a former member of the Bond Market Association’s (now SIFMA) Municipal Executive Committee and a member of the Regional Advisory Committee. Mr. Murphy received a Bachelor’s degree in economics from The University of North Carolina at Wilmington and an MBA in finance from The University of Tennessee.
Michael Bartolotta serves on the Board of Directors of First Southwest Company, First Southwest Holdings LLC and PlainsCapital Bank in Dallas, TX. Mr. Bartolotta serves as Chairman of First Southwest Company’s Public Finance Management Committee. Mr. Bartolotta has more than 22 years of experience in public finance serving as either financial advisor or underwriter for a wide variety of clients and issuers. He is also an active member of the Board of Directors of TexSTAR, a local government investment pool, and the Board of Visitors of M.D. Anderson Cancer Center. He also serves as an advisory board member to LOGIC, another local government investment pool. Mr. Bartolotta received a bachelor’s degree in actuarial science from the University of Illinois.
Steve Heaney has more than 30 years of experience in municipal finance, primarily spent at Stone & Youngberg where he is the Head of Public Finance and serves on the Executive Committee of the firm as well as on its Board of Directors. Earlier Mr. Heaney worked for E.F. Hutton & Co. as First Vice President and Manager of the Los Angeles Public Finance Office. Mr. Heaney also worked as Vice President and Assistant Manager for Crocker National Bank. He began his career as a municipal analyst at Moody’s Investor Service. He has also been a member of the California Public Securities Association Board of Directors and of the Regional Bond Dealers Association Municipal Bond Division Executive Committee. Mr. Heaney received a bachelor’s degree from Texas Tech University and a master’s degree in public administration at Syracuse University. He also attended the Public Finance Institute at the University of Michigan.
Mark Muller is Senior Vice President, Municipal Portfolio Manager for New York City-based Loews Corp. Prior to joining Loews Corp. in 1995, he served as Vice President, Asset Management, Municipal Portfolio Manager with Goldman Sachs & Co. Mr. Muller began his career with Van Kampen Merritt Investment Advisory Corp., where he served as a research analyst, assistant trader and later, as Assistant Vice President, Senior Municipal Portfolio Manager for the firm. He is a member of the Society of Municipal Analysts and a past President and Governor of the New York Municipal Forum. Mr. Muller received a bachelor’s degree from the University of Southern California and a master’s of management degree from the Kellogg Graduate School of Management at Northwestern University.
Alan Polsky is Senior Vice President of Dougherty & Co., LLC, a Minneapolis, Minn.-based investment firm where he is responsible for the company’s negotiated municipal underwriting and fixed income institutional sales and research. During nearly 25 years with the firm, Mr. Polsky has also served as Director of Research, responsible for the tax-exempt sector and as a tax-exempt trader. Prior to Dougherty & Co., he was Controller for the University of Minnesota Foundation. Mr. Polsky has also served as an audit manager for Peat Marwick and Mitchell. He served as Chairman of the Board of Governors for the National Federation of Municipal Analysts. Mr. Polsky received a bachelor’s degree in business administration from the University of Wisconsin-Madison.
Kevin Willens is Managing Director of Goldman Sachs & Co. in the firm’s Public Sector and Infrastructure Finance unit. Since 1992, he has served in several leadership roles in the unit, including currently as Co-Chief Operating Officer, managing the firm’s public finance business across the country, and as Co-head of the National Infrastructure Group. Mr. Willens has also served as Head of the Municipal Capital Markets Group for the firm. Prior to joining Goldman Sachs & Co., he was Vice President of Dean Witter’s Public Finance Department and began his career in the Public Finance Department at L.F. Rothschild. Mr. Willens received a bachelor’s degree in economics and computer studies from Northwestern University.
