(Bloomberg) -- Oppenheimer & Co. has hired Frank Sanchez Reed, a former UBS Group AG banker, as managing director to head its public finance team in the US Southwest.

Reed, an industry veteran with almost three decades of experience, is based in Texas and will focus on large issuers including California. He’s the sixth municipal banker Oppenheimer has hired from UBS this year as the firm expands its reach in US public finance. 

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Reed joins after New York-based Oppenheimer named Elizabeth Coolidge, UBS’s former head of Midwest public finance, to lead its national municipal practice in January.

“I have worked with Frank for years and have witnessed him execute many complex deals for his clients,” Coolidge said in a company statement seen by Bloomberg. “His addition further demonstrates the firm’s commitment to making strategic investments in public finance.”

UBS and Citigroup Inc.’s retreat from the municipal underwriting business has contributed to the most significant shift in talent within the municipal debt market since the Great Recession. Morgan Stanley, Ramirez & Co., Barclays Plc and Raymond James Financial Inc. have been among peers who have quickly picked up bankers and analysts from UBS and Citigroup. 

--With assistance from Amanda Albright.

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