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(Bloomberg, AP, UPI) - New York, N.Y. - March 8, 2004
Rafferty Capital Markets, LLC today announced that it
has purchased J.J. Kenny Drake, the municipal bond inter-dealer
brokerage unit of Standard & Poor’s, from The
McGraw-Hill Companies (NYSE:MHP). The transaction has
been approved by the N.A.S.D. Terms were not disclosed.
“JJ Kenny Drake is a quality addition to our organization
as we expand our operations into different securities
products. With their excellent staff and the planned addition
of new personnel and new technology we expect to be in
a good position in a growing municipal bond marketplace,”
according to Tom Mulrooney, president of Rafferty Capital
Markets, LLC. “This is an important component of
our plan to offer brokerage services in a variety of fixed
income and equity products to our institutional clients.”
Rafferty Capital Markets, LLC has been a registered broker-dealer
since 1987 with it’s headquarters in Garden City,
NY. Currently, the institutional brokerage group at RCM
focuses primarily on U.S. Government and Agency debt,
with an eye on expanding their municipal and corporate
debt efforts. The broker-dealer has other business units
operating within the financial markets, while separately
they have affiliated entities Potomac Funds and Hilton
Capital Management. The Rafferty group sold their investment
banking arm, Cohane Rafferty Securities, to Lehman Bros.
in December, 2001.
Based in New York and with other offices in Los Angeles
and Boca Raton, J.J. Kenny Drake, the oldest inter-dealer
broker in municipal bonds, has built a strong client base
and reputation throughout the United States. “Under
this new framework we will be in a better position to
grow our municipal brokerage franchise,” said Anne
Conwell Nemetz, associate director of trading at J.J.
Kenny. “With the wealth of experience the new owners
bring in similar ventures, including investment banking,
institutional advisory services, broker-dealer operations
and various technology initiatives, we will be able to
explore other opportunities in the market.”
"Standard & Poor's is proud of its affiliation
with Kenny Drake over the past 14 years and we believe
that the people and the business will be more appropriately
positioned to continue their outstanding contribution
to the municipal marketplace under the new ownership,"
said Leo O'Neill, president of Standard & Poor's.
“Rafferty Capital looks forward to giving the management,
traders, and staff of J.J. Kenny Drake the opportunity
and support needed to expand this great company,”
said Michael Rafferty, Managing Director of Rafferty Holdings,
LLC.
Press contacts:
Joe Carballeira at Rafferty Capital Markets:
Tel: 1-516-877-5300
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