Francis B. McKenna, a veteran public finance professional at the investment banking firm Roosevelt & Cross Inc., resigned yesterday to head the public finance department at Glickenhaus & Co.
Mr. McKenna will start work at Glickenhaus on Monday as a managing director. With Mr. McKenna's addition, Glickenhaus will re-enter the public finance business after at least a three-year hiatus.
Charlie Bell, an associate at Roosevelt & Cross for the past year, has also resigned from the firm to take a similar position at Glickenhaus.
Glickenhaus is a regional investment advisory and money management firm with expertise in the equity and fixed-income markets. The firm has also been an active participant in the secondary trading of New York municipal issues. In addition, it manages unit trusts and mutual funds of tax-exempt New York municipal securities.
But Glickenhaus has cut back on its public finance activities in recent years, following a rash of resignations of key personnel in the late 1980s.
Mr. McKenna, a vice president at Roosevelt & Cross who started the public finance department there over four years ago, said he will try to bolster the public finance department's reputation.
Mr. McKenna has 12 years of public finance experience, including stints at Lehman Brothers and Citicorp.
Mr. McKenna played a key role at Roosevelt & Cross, attracting New York negotiated bond deals, especially those issued by New York State authorities and regional authorities.
Mr. Mckenna said he joined Glickenhaus partly because of the firm's potential to attract business.
"They have about $100 million in capital and a long history as a significant player in the New York market," Mr. McKenna said in a telephone interview yesterday. "Now they want someone with knowledge of public finance in the New York municipal market. I can help them with that."
For the time being, the departures of Mr. McKenna and Mr. Bell have reduced Roosevelt & Cross's public finance department to two executives.
But Richard Griffiths, president of the firm, said both men will be replaced as soon as possible. In the meantime, other Roosevelt & Cross executives with public finance experience will pitch in to bolster the department.
"We are disappointed and wish Frank well," Mr. Griffiths said. "But we have a void now. You're never prepared when good people leave."