Siebert Williams Shank

What Siebert Williams Shank does

Siebert Williams Shank & Co., LLC is an independent, privately held non-bank financial services firm founded in 1996 and headquartered in both New York (100 Wall Street) and Oakland (1901 Harrison Street). The firm operates through three core divisions — Investment Banking (corporate and municipal finance), Sales & Trading (equity, taxable fixed income, and municipal fixed income), and Research — serving a client base that includes 80 of the Fortune 100, more than 500 corporate issuers, 1,200+ municipal issuers, and 1,000+ institutional investors across 29 U.S. offices. Services span debt underwriting (investment-grade, high-yield, and ABS), equity execution and share repurchase (nearly 2 billion shares over 20+ years), public finance for airports, water/sewer, transportation, higher education, and general infrastructure, and dedicated equity research on U.S. Energy & Infrastructure.

The firm generates revenue through three principal streams: (1) underwriting and advisory fees on debt capital markets transactions where SWS acts as senior manager, co-manager, or bookrunner, (2) trading commissions and market-making across equity, taxable fixed income, and municipal fixed income, with over 50% of secondary market activity routed through Separately Managed Account (SMA) and private wealth channels, and (3) advisory fees for corporate and municipal financial counsel. Pricing is transaction-based and negotiated deal-by-deal; not publicly disclosed.

A defining structural differentiator is the firm's Women/Minority Business Enterprise (W/MBE) certification, which has held the #1 ranking in U.S. M/WBE investment banking since 2019 and unlocks supplier-diversity mandates that bulge-bracket competitors cannot serve. In April 2022, Apollo Global Management made a strategic equity-and-credit investment to expand underwriting capacity and enable larger-deal origination. The firm has compounded this positioning with 7 consecutive years (2019-2025) of Bond Buyer Deal of the Year awards, #1 ranking in Peer Group Investment Grade USD Bookrunner rankings in 2025, and record 2025 transaction volumes of approximately $400 billion raised across 180+ corporate debt transactions and $108 billion in par amount across 329 municipal transactions. Adjacent platforms include the Clear Vision Impact Fund (private credit, ~$145M Fund 1 fully deployed) and the SWS Foundation.

Name

Siebert Williams Shank

Legal name

Siebert Williams Shank & Co., LLC

Website

https://siebertwilliams.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

101–250 employees

Short description

Siebert Williams Shank is an independent, privately held non-bank financial services firm providing investment banking, sales & trading, and research to corporations (including 80 Fortune 100), 1,200+ municipal issuers, and 1,000+ institutional investors across 29 U.S. offices, operating as the #1 U.S. M/WBE investment bank since 2019.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (52394), Other Financial Investment Activities (5239)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro industry

PRIMARYBPAHAOAL

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory)

Business & Public Services/Professional Services (Legal, Accounting, Consulting)/M&A, Transaction & Restructuring Advisory

SECONDARYFSAEAGAJ

Industry-Specialist / Sector-Focused M&A Advisory

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/M&A Advisory & Corporate Finance

Keywords

• Investment banking services
• Municipal bond underwriting
• Fixed income trading
• Equity sales trading
• Corporate finance advisory

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices21 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Investment Banking - Underwriting: Debt underwriting fees from municipal and corporate bond issuances. The firm serves as senior manager, co-manager, or bookrunner on debt transactions.
2. Sales and Trading: Equity, taxable fixed income, and municipal fixed income sales and trading services to institutional clients. Revenue generated through trading commissions and market-making activities.
3. Advisory Services: Advisory fees from providing strategic financial counsel to corporate and municipal clients on capital markets transactions.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels9 records

Core offering

Siebert Williams Shank is an independent non-bank financial services firm that delivers full-service investment banking, sales and trading, equity research, and capital markets advisory to institutional and municipal clients. The firm acts as senior manager, co-manager, or bookrunner on municipal and corporate debt issuances, provides equity and fixed-income sales/trading to institutional investors, and executes corporate share repurchase programs. Core segments are Corporate Finance and Municipal Finance, supported by an institutional sales force distributing to 1,000+ institutional accounts and a professional retail SMA channel.

Product overview

Siebert Williams Shank is an independent non-bank financial services firm offering investment banking, sales and trading, research, and advisory services. The firm operates through distinct but interconnected divisions: Investment Banking (corporate and municipal finance), Sales & Trading (equity, taxable fixed income, and municipal fixed income), and Research (equity research and Energy Policy Perspectives publication). Services include debt structuring, underwriting, share repurchase programs, and capital markets advisory, supported by the 'In Conversation with SWS' podcast for thought leadership content.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Banking Full-service investment banking including advisory, structuring, and execution for debt and equity transactions for corporate and institutional clients.
• Equity Sales, Trading & Research Equity execution services to institutional clients covering single-stock, ETF, program, and block trades, with dedicated equity research on U.S. Energy & Infrastructure sector.
• Taxable Fixed Income Sales & Trading Institutional sales, trading, and capital markets platform across fixed income products including government/agencies, corporate bonds, asset-backed securities, and mortgage-backed securities.
• Municipal Fixed Income Sales & Trading Marketing of municipal bonds across all credit ratings to institutional and professional retail investors, serving mutual funds, insurance companies, and investment advisors.
• Municipal Finance Public finance services for municipal issuers including debt structuring, underwriting, and sales & trading for education, housing, transportation, utilities, and general infrastructure projects.
• Corporate Finance Corporate capital markets services including debt portfolio management, tax-exempt and taxable debt structuring, and project financing strategies.
• Share Repurchase Services Execution of share repurchase programs for corporate management teams, with regulatory-guideline expertise and a 20+ year track record of nearly 2 billion shares executed.

Quantifiable outcome

• $6.7 trillion in total financings completed
• +4 more outcomes

Named customers16 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators14 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Loop Capital Markets: Chicago-based minority-owned investment bank and broker-dealer providing investment banking, sales and trading, and municipal finance services. Closest direct competitor to SWS in the M/WBE investment banking category with overlapping municipal and corporate debt capital markets capabilities.
• Samuel A. Ramirez & Co. Hispanic-owned investment bank and broker-dealer focused on municipal underwriting, fixed income sales and trading, and corporate finance. Direct M/WBE peer to SWS competing for the same municipal and corporate debt mandates, particularly with Latino-focused and diverse issuer relationships.
• Cabrera Capital Markets: Minority-owned full-service investment bank and broker-dealer providing public finance, institutional brokerage, and equity research. Directly comparable M/WBE peer with overlapping municipal underwriting, fixed income trading, and corporate finance capabilities.

Emerging players

• CastleOak Securities: Minority-owned broker-dealer focused on fixed income sales, trading, and underwriting for institutional clients. Competes with SWS in taxable fixed income and municipal trading, with a narrower product set but similar diversity-driven go-to-market positioning.
• Blaylock Van: Minority-owned investment bank specializing in public finance, corporate finance, and fixed income trading. Competes with SWS on municipal underwriting mandates and corporate debt capital markets, particularly with public-sector and community-focused issuers.

Broad incumbents

• Morgan Stanley: Global bulge-bracket investment bank with leading municipal and corporate debt capital markets franchises. Competes with SWS on Fortune 100 corporate debt mandates and large municipal underwriting syndicates where SWS often participates as a co-manager.
• JPMorgan: Global bulge-bracket bank with top-tier municipal and corporate underwriting franchises. Competes with SWS on the largest debt capital markets transactions and frequently co-manages alongside SWS, as in the $2B University of California transaction.
• Goldman Sachs: Global bulge-bracket investment bank dominating investment-grade debt underwriting and equity capital markets. Competes with SWS for Fortune 100 corporate mandates and large municipal issues where it typically leads and SWS participates.

Regional players

• Stifel Financial: Mid-market full-service investment bank with strong public finance and institutional brokerage businesses. Comparable to SWS in mid-sized municipal and corporate mandates but with a broader wealth management and equity research footprint.
• Robert W. Baird: Mid-sized private investment bank with public finance, fixed income, and equity research franchises. Comparable to SWS in serving middle-market municipal issuers and institutional fixed income clients, though SWS holds a stronger M/WBE position.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SiebertWilliams
• Facebookfacebook.com/profile.php?id=61561205098616
• LinkedInlinkedin.com/company/siebertwilliamsshank
• Instagraminstagram.com/siebertwilliamsshank

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Siebert Williams Shank