Alfred Williams, municipal bond firm founder, dies at 89

When Alfred H. Williams got his start in the industry, the only way to know what was in the market was the "blue list."

"Most people had their blue list delivered to their office," said Glenn Williams, Williams's son. "Along with the morning paper, we had a blue list on our front porch."

Williams's dedication and knowledge distinguished him throughout his four-decade career, from his time as a salesman through leading his own firm. He developed a reputation as an expert on sinking funds in the Philadelphia region.

Williams died peacefully on Jan.9 at the age of 89, surrounded by his family.

Williams began his career in 1957 after graduating from Rutgers University. He was a salesman at Drexel & Co, then joined Francis I. DuPont & Co to manage their bond department.

Peter Appuzzo was buying municipal bonds for Girard Bank. Williams was one of 50 salesmen who covered Appuzzo, he said ? and one of the few he actually trusted.

"He would come over and be two inches from your face and talk to you, and you were very hard-pressed to say no to Al," Appuzzo said.

"You had a feeling that anybody who was able to come over and look you in the eye and talk to you one-on-one, you got the feeling that you could trust this guy," he said.

"I actually thought he was the best salesman I've ever come across," Appuzzo said.

In 1969, Williams founded A. H. Williams and Co., specializing in municipal bond underwriting, trading and sales.

The firm operated in a time before Bloomberg, before computers, before even fax machines, Glenn Williams said. Williams was equipped with a huge manual from Moody's, a basis book, a rolodex and a photographic memory.

By that point, Williams had also developed a reputation ? a huge factor in an era when data was hard to come by, Appuzzo said.

"You better have trust in the guy that you were dealing with, because there was nothing else to rely on," Appuzzo said. "You had to have a one-on-one relationship with that person, and that was the only way to do trades back then."

Williams hired Bill Widerman as one of his first employees.

"I was working for my grandfather. He had an independent insurance agency, and I delivered a policy down there and asked Mr. Williams if they ever take anybody off the street to hire," Widerman said. "I was interested in the investment business. I didn't know much about bonds at that time, but they said, 'Sure.'"

The firm expanded to two offices, one in Philadelphia and one in Haddonfield, New Jersey. Glenn, who had been working in the firm as a summer job, officially joined.

Alfred Williams emerged as an expert and a pioneer in sinking funds and tender option values, especially with the Pennsylvania Public School Building Authority.

"He was able to come up with a formula to figure out which bonds might have more value than the others within their vast amount of issuance," Widerman said.

"Other dealers got into the business, including myself," Appuzzo said. "But no one was ever as good as Al in executing those trades with Penn schools."

Williams turned toward sales, Widerman said, and banks in the region began to rely on his expertise in tax-exempt municipals.

Sometime in the early 1980s, three of Williams's employees, Widerman among them, bought the firm.

Williams left, and was out of the business for a few years through a non-compete agreement. He spent some time developing land in Colorado. But he was far from gone for good, his son said.

Glenn Williams returned to the firm years later, and Alfred Williams continued to offer guidance, connections, and business acumen. At one point, Williams helped bankroll a new fund the firm was starting with his own private capital.

"Some of his friendships obviously helped, because if they knew he was involved, that would make your job a little easier," Glenn said.

It's impossible to pinpoint when Williams retired, Glenn said. He probably stopped renewing his broker's license in the mid 90's, but he was still involved in other capacities until around 2005.

Glenn is now the president of A. H. Williams and Co. The firm has pivoted to focus on asset management, but he said his father's legacy has played a huge role in its reputation.

"There's not many firms that are still around that were started in 1969, and a good portion of that is because of him," Glenn said. "We get a lot of goodwill, name recognition."

Appuzzo remembers Williams as "one of the true giants of the municipal bond world."

"I actually thought he was the best salesman I've ever come across," Appuzzo said.

The family has no plans for a funeral and will hold a private family memorial at a future date to be determined.