Ramirez & Co. gains veteran trader

BY SourceMedia | MUNICIPAL | 06/09/22 09:36 AM EDT By Christine Albano

The taxable municipal trading desk at Ramirez & Co. is expected to see continued growth and expansion with the recent arrival of veteran trader Hardy Manges, the firm said this week.

A municipal trader with over 30 years experience, Manges is a senior vice president focusing on taxable municipal bonds, and located in the New York City headquarters of the nationwide, full-service investment bank, brokerage, and advisory firm.

?We at the firm feel Hardy is a well-rounded individual with a huge amount of knowledge in the muni world and very well-respected with institutional accounts,? Alan Greco, head of institutional sales and trading at the firm, to whom Manges will report, said.

Hardy Manges, SVP and taxable municipal trader on the institutional sales and trading desk at Ramirez & Co.
Manges, who officially joined the firm on May 24, is part of Ramirez? institutional sales and trading desk, which includes four institutional traders, one retail trader, three underwriters, two strategists, and 16 salespeople.

He replaces McKim DeGuzman, who is retiring from the firm, according to Greco.

Upon the first week of joining the firm, Manges worked on the $1.075 billion double-A-rated Connecticut general obligation offering that Ramirez senior-managed and of which $350 million were taxable GOs, which were priced ranging with 4.25% coupons in 2023 at a 2.86% yield, to 3.631% in 2027 to 4.16% of 2032, both at par.

"Hardy is making two-sided markets on this name other names," Greco said. ?At Ramirez, we have established a big following with accounts in taxable munis, and Hardy will continue to grow that business."

Manges said he is also eager to join a firm with such a strong presence and track record in the municipal bond industry.

?I?m very excited to join Ramirez & Co.,? Manges told The Bond Buyer, adding he is looking forward to using his more than 32 years of institutional taxable municipal trading experience ?to make markets for the firm's clients.?

?The firm has a stellar reputation and is extremely involved in all facets of the municipal market,? he said.

Manges? career spans three decades, most recently working in municipal sales at MarketAxess (MKTX), where he worked for over six years prior to joining Ramirez.

Prior to that, Manges was a managing director at Cantor Fitzgerald from 2014 to 2016, and an executive director at Mitsubishi UFJ Securities from 2011 to 2014.

He began his career in 1990 on the trading desk at Alex. Brown & Sons Inc., where he worked for six-plus years before joining Deutsche Bank Securities in 1997, where he spent 12 years as a managing director.

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.