Carter will join First Union from Alex. Brown & Sons, where he served as managing director of public finance.
As managing director and head of First Union's public finance efforts in the two Carolinas, Georgia and Tennessee, Carter will work closely with the respective state heads of First Union's government banking groups to further develop the company's public sector business across its full range of capital markets and commercial bank products.
First Union also announced the hiring of Joseph A. Niggel as a vice president in the public finance department. Niggel will work with Carter to develop new business and expand existing relationships with state and local issuers. Niggel had served as investment banker and head of Alex. Brown's Charlotte regional office.
"Doug and Joe are tremendous additions to our team," said Sandy Curlett, president of First Union Capital Markets Corp. "They bring many years of experience and know issuers throughout the region. They have the expertise, strategic vision and leadership skills required to continue to grow First Union's public finance business and help state and local issuers meet their financial objectives."
Carter has managed Alex. Brown's public finance department since early 1994. His areas of specialization include infrastructure finance, structured finance, lease/installment purchase finance and financial advisory services.
As head of Alex. Brown's Charlotte regional office, Niggel was responsible for developing new business in North Carolina, South Carolina and Virginia. He previously served as fiscal services manager for Prince William County, Virginia, and debt manager for the Commonwealth of Virginia.
Carter and Niggel join First Union at a time when it is experiencing b growth in the public finance sector and are the latest top public finance executives that First Union has hired. In March, First Union announced the hiring of Craig Hunter as managing director and head of First Union's public finance efforts in Florida. Hunter had served as managing director of public finance at William R. Hough & Co., the largest municipal securities firm based in Florida.
First Union is currently recruiting additional senior public finance investment bankers for positions similar to Carter's throughout the remainder of its franchise. "We are seeking individuals with high integrity, a great deal of experience and a long, successful track record," Curlett said.
Prior to joining Alex. Brown in 1990, Carter served as manager of First Union's public finance department and organized and managed First Union's entrance in the public finance business. Carter also served as finance director for the City of Charlotte. In 1986, he was recognized by City and State Magazine as the nation's top city finance director.
Carter received a bachelor of science degree in business administration from Western Carolina in 1969. He is a member of the Government Finance Officers Association, North Carolina Public Finance Officers Association and other groups.
Niggel received a bachelor of science degree in economics from the University of South Carolina in 1984 and a master's degree in economics from the University of South Carolina in 1987.
First Union's public finance group offers a full range of underwriting and financial advisory services to tax-exempt clients, including state, county, municipal, higher education, health care and housing bond issuers. First Union Capital Markets Corp. provides a broad range of products including public finance, loan syndications, private placements, merger and acquisition advisory, as well as investment grade and high yield debt origination, trading and distribution.
First Union Corporation is the nation's sixth-largest bank holding company with $137 billion in assets. First Union is a leading provider of financial products and services to customers throughout the East Coast and nation.
-- END --
