Nurturing Inclusion and Building Futures

TIME TO READ: 3.5 MINUTES

How BNY empowers firms to break down barriers while driving strength and scale.

In 1996, three trailblazing pioneers — Muriel Siebert, Suzanne Shank and Napoleon Brandford III — joined forces to create a groundbreaking municipal finance firm based on financial industry prowess, shared values and the vision to champion belonging and inclusive representation as well as greater economic opportunity throughout the United States.

“They were very, very mindful as they talked about what this merger would look like,” noted James Roundtree, Pershing managing director. “And how they protected the flank of the employees who might otherwise in other types of mergers just be a number.” Equally important was business continuity for clients – and here, Williams Capital’s preexisting clearing relationship with Pershing played a crucial role in ensuring the seamless settlement of trades, keeping things running smoothly and keeping growth on track.

SWS and Pershing’s joint commitment to belonging and inclusion was further solidified when, in 2022, SWS joined BNY’s Minority Business Enterprise (MBE) Council as a founding member. A recipient of the 2022 Diversity, Equity and Inclusion Award for its efforts, the MBE works to represent the voices of diverse clients – and amplify them, as it looks to support the success of MBE broker-dealers and registered investment advisors (RIAs) in the marketplace.

SWS’ long and successful track record in fixed-income underwriting and its value-added collaboration with the MBE council paved the way for SWS to be appointed by BNY as a joint bookrunner* on the BNY $1.7 billion debt issuance in April 2022 and then again in May 2023, as a joint bookrunner on the first BNY all minority-led $500 million bond issuance. “BNY has shown leadership in terms of the inclusion of diverse-owned firms in the bank's underwriting and financing activities," Williams said of the impact of the relationship. "When we are able to leverage our expertise, knowledge and investor relationships as a joint bookrunner, our focus is to work closely with the bank to achieve its objectives and to deliver a successful outcome.”

Ongoing success, enduring legacy

Working together with BNY’s Pershing enables SWS to clear and settle corporate buybacks with ease. “Pershing provides us with the platform to seamlessly establish accounts for our corporate customers so that doing business with our buyback desk is as effortless as with a larger, self-clearing broker,” says Sobani Warner, co-head of Corporate Finance, Siebert Williams Shank.

SWS has continually proven its prowess, consistently ranking as the #1 MWBE (Minority Women Business Enterprise) in municipal finance and corporate finance. Notably, in an era marked by frequent staffing reductions, the firm has grown its headcount – and with it, its capabilities – significantly. In 2023, SWS underwrote its largest corporate bond commitment in firm history. And in October 2023, based on the prior track record of success, BNY again appointed SWS as joint bookrunner on its $2 billion multi-tranche bond issuance, further underscoring the importance of the SWS and BNY relationship.

SWS’ growth and momentum are testaments to the power of partnership in breaking down barriers and shaping a future where opportunities are not limited to a few. Across the financial landscape and the many communities throughout the United States that they serve, the evergreen and unwavering commitment of SWS to integrity, partnership and impact ensures those barriers will continue to fall and opportunity rise.

*What is a Bookrunner?

In investment banking, a bookrunner is usually the main underwriter or lead-manager/arranger/coordinator in equity, debt or hybrid securities issuances.  The bookrunner usually syndicates with other investment bankers in order to lower the risk.