Ray is responsible for all of Legg Mason Capital Management’s equity mutual funds and separate account products. He began his career in 1987 and three years later was promoted to a junior trader on Legg Mason’s institutional bond and equity trading desks. It was Ray’s money management prowess that put him in a position to manage Legg Mason Capital’s equity portfolio, which is worth about $17 billion today.
While the financial markets were reeling, James Reynolds, CEO of Loop Capital Markets (No. 1 in taxable securities with $29.03 billion in lead issues and No. 2 in tax-exempt securities with $2.83 billion in lead issues on the BE Investment Banks list), says his firm was having one of its best years ever.
“We added a significant amount of personnel, and revenues held up very well,” he says. Reynolds, 57, says his firm took advantage of the market dislocation during the financial crisis since most of the subprime-fueled turmoil affected the large, global firms who had the scale to play the credit default swap game. “It enabled us to hire some really good people as the large firms retrenched or left the business and helped us grow in many of the businesses that we were in.”
The end result: Loop Capital beat out several global firms on a structured underwriting of $962.5 million of general obligation refunding bonds for New York City—the largest underwriting deal completed by a minority-led syndicate in the city’s history.
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