Siebert expands taxable trading with Lori Ciraolo

Siebert Williams Shank has brought on Lori Ciraolo to further strengthen its taxable fixed-income team.

Ciraolo, who spent more than 17 years at Goldman Sachs (GS), has been hired as a senior vice president in corporate and municipal short-term securities to help expand SWS' taxable muni franchise through commercial paper trading.

"It's a hybrid role between building the municipal franchise in the front end as well as trading corporate taxables in the [front-end] market as well," Ciraolo said in an interview.

Her role "entails trading, managing, and marketing municipal and corporate short-term securities, including commercial paper, and further developing these asset classes for the firm through new issuer and investor relationships," according to a press release.

Ciraolo will be based out of the firm's New York office and will report to will David Coard, senior managing director and head of commercial paper. She started Aug. 26.

Ciraolo joins SWS after her time at Goldman Sachs (GS), where she "excelled in trading and managing a multibillion-dollar remarketing portfolio that encompassed various municipal short-term products, including commercial paper, floating rate notes, variable rate demand notes, tender option bonds, and put bonds for both tax-exempt and taxable issues," the release said.

Prior to her time with Goldman Sachs (GS), she worked at The Bank of New York as a relationship manager in corporate trust.

"We're extremely excited that Lori is bringing her extensive expertise in trading and marketing to the municipal side of our business," Coard said in a statement. "Our taxable municipal franchise has seen tremendous growth recently, and we're confident that Lori can elevate us even further by tapping into her relationships with buy-side investors and municipal issuers."

Ciraolo said she is excited to help build out the franchise from the muni side and work with bankers to help them with their efforts from the banking side, along with learning a different part of the asset class.

At Goldman Sachs (GS), she covered higher-quality taxable credits such as higher education and healthcare names.

Now at SWS, her now role broadeners her experience more wider commercial paper market, she said.

Ciraolo said she believes growing the business is an opportunity that's "pretty exciting in itself," along with complementing banking efforts there and bringing new products over SWS.

The firm has not been involved in the municipal front ends, so "it'll be exciting to see new credits, and it'll be a fresh start for them," she said.