(Bloomberg) -- Morgan Stanley has hired four public finance bankers from Citigroup Inc.’s long-vaunted municipal-bond unit that is being shuttered, according to a person familiar with the matter who declined to be identified because the matter is not yet public.

Three of the new bankers will lead different groups within Morgan Stanley’s public finance division, the person said. Citigroup executives announced in December that the bank would wind down its public finance unit this quarter. 

Alex Zaman will serve as head of surface transportation and urban development and Lori Small will serve as head of airports, the person said. Shai Markowicz will serve as head of social infrastructure, which includes project finance and public-private partnerships. Imani Boggan is also joining as an associate, the person said. 

A spokesperson for Morgan Stanley declined to comment.

It’s the latest example of a firm seizing on the chance to lure talent from their former rival. Citigroup had historically ranked as the No. 2 muni department and was known for having long-tenured bankers.  

Morgan Stanley was ranked as the fifth-biggest muni-bond underwriter in 2023, according to data compiled by Bloomberg. The bank has had a busy start to 2024 with several large-sized transactions, and it is currently ranked the third biggest muni underwriter. 

The hires will also add to Morgan Stanley’s presence across the US. Markowicz, who worked at Citigroup for almost 20 years, is based in south Florida. Zaman is based in Los Angeles, and Small in Chicago.

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