What Roosevelt & Cross does

Roosevelt & Cross Incorporated is a privately held, employee-owned broker-dealer founded in 1946 and headquartered in New York City, specializing in tax-exempt and taxable municipal debt. The firm operates five branch offices across the Northeast (New York City and Buffalo NY, West Hartford CT, East Greenwich RI, and Warren NJ), serving government issuers, institutional accounts, professionally managed retail accounts, and high net worth individuals seeking municipal bond exposure. It is consistently ranked as a top municipal bond underwriter in New York, New Jersey, and New England, and as the #1 underwriter of education bonds in New York State, with additional depth in short-term financings.

The firm's product set spans the full municipal securities value chain: underwriting (acting as senior book-running manager and co-manager), secondary market trading and market-making, sales and distribution, public and project finance structuring for schools, housing, transportation, and other governmental facilities, plus proprietary research. Recent senior-managed deals include the $759.1 million DASNY School Districts Revenue Bond Financing Program (Series 2022A and 2022B) and a $54.145 million Connecticut Housing Finance Authority special needs housing Social Bond issue that generated $159 million in orders. The technology stack centers on a Wealthscape-based investor portal backed by a clearing relationship with National Financial Services, with no disclosed API, SDK, or proprietary platform beyond standard broker-dealer infrastructure.

The business model is transaction-fee based: the firm earns underwriting fees from senior book-running and co-manager roles on bond issuances, plus trading and distribution income from secondary market activity. Distribution is sales-led and direct, leveraging the firm's branch network and regional brand recognition. There is no outside equity ownership, no parent company, and no disclosed funding rounds; 100% of firm capital is committed to municipal securities. Recent leadership transitions (promotions of Charles Stavitski and Elaine Brennan in November 2024) suggest an ongoing succession within the employee-ownership structure.

Name

Roosevelt & Cross

Legal name

Roosevelt & Cross Incorporated

Website

https://roosevelt-cross.com

Company type

Private

Founded year

1946

Operating status

Operating

Headcount range

11–50 employees

Short description

Roosevelt & Cross is an employee-owned, New York-based municipal bond broker-dealer founded in 1946, serving Northeast government issuers and institutional, retail, and high-net-worth investors through underwriting, trading, sales, and public finance services.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Bond Underwriting & Book-Running: Roosevelt & Cross acts as senior book-running manager and underwriter for municipal bond issuances, earning fees on the bonds issued and sold. It generates orders from institutional, retail, and high net worth clients and is allotted a portion of each bond deal.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Roosevelt & Cross Incorporated is a municipal bond broker-dealer that underwrites, trades, and sells tax-exempt and taxable municipal securities for institutional, retail, and high-net-worth investors. The firm also provides public and project finance advisory services to state and local government issuers, school districts, and municipal authorities. The firm was founded in 1946, is employee-owned, and operates from New York City with branch offices across the Northeast.

Product overview

Roosevelt & Cross is a registered broker-dealer specializing in tax-exempt and taxable municipal debt. The firm operates as a unified municipal securities platform offering underwriting, trading, sales, public finance, and research services. The company acts as a top-ranking municipal bond underwriter in New York, New Jersey, and New England, with particular strength in education bonds (ranked #1 in New York State), short-term financings, and affordable housing bond programs. The firm is entirely employee-owned with 100% of capital committed to municipal securities, distributing through institutional accounts, retail accounts, and high net worth individual accounts.

Differentiator

Problem solved

Functional benefit

Products and services

• Capital Markets — Underwriting, Trading, Sales, Public Finance, and Research Integrated capital markets offering covering the underwriting and distribution of new municipal bond issues, secondary market trading, institutional and retail sales, public finance advisory, and municipal credit research for issuer and investor clients.
• Short-Term Financings (Bond Anticipation Notes, Revenue Anticipation Notes, Tax Anticipation Notes) Underwriting and placement of short-term municipal notes such as Bond Anticipation Notes (BANs), Revenue Anticipation Notes (RANs), and Tax Anticipation Notes (TANs) for government issuers and authorities awaiting long-term bond proceeds or seasonal tax revenues.
• Public Finance / Investment Banking Advisory (e.g., DASNY, Yonkers) Financial advisory and investment banking services for public-sector issuers, including authorities such as the Dormitory Authority of the State of New York (DASNY) and municipalities such as the City of Yonkers.

Quantifiable outcome

• Generated $159 million in orders for $54.145 million Connecticut Housing Finance Authority bond issue, including $82.5 million in retail orders ($29.3 million from Connecticut investors). Allotted $44.14 million of bonds, of which $25 million were for retail accounts.

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• PNC Capital Markets: PNC Capital Markets runs a municipal underwriting and public finance group serving government issuers in the Mid-Atlantic and Midwest. It is a direct peer in municipal bond underwriting and fixed-income distribution.
• Robert W. Baird & Co. Baird runs a sizable public finance and municipal underwriting group serving state, local, and education issuers across the Midwest and East Coast. It is a direct peer to Roosevelt & Cross in municipal bond underwriting and institutional/retail distribution.
• Raymond James: Raymond James operates a public finance division that underwrites tax-exempt municipal debt for state and local government issuers. Comparable to Roosevelt & Cross in serving institutional and retail muni investors with a multi-state footprint.
• FHN Financial (First Horizon): FHN Financial is the fixed-income and public finance subsidiary of First Horizon, with a municipal securities practice underwriting and trading tax-exempt bonds. Comparable to Roosevelt & Cross as a specialty municipal broker-dealer with multi-state issuer coverage.
• Hilltop Securities: Hilltop Securities is a Dallas-based broker-dealer specializing in public finance, municipal underwriting, and fixed-income sales/trading. It is a direct peer to Roosevelt & Cross as a specialty municipal broker-dealer serving government issuers and institutional/retail investors across multiple states.
• Mesirow Financial: Mesirow operates a public finance and fixed-income capital markets group focused on municipal underwriting for schools, housing authorities, and state/local issuers. It is a direct peer to Roosevelt & Cross as an independent, specialty municipal broker-dealer.
• Stifel Financial: Stifel operates a major public finance and municipal securities franchise alongside its broader wealth management and investment banking businesses. It is a direct peer in municipal underwriting, with comparable geographic and segment coverage.
• Loop Capital Markets: Loop Capital is an independent, minority-owned investment bank with a public finance and municipal underwriting practice serving government issuers. It is a direct peer to Roosevelt & Cross as an independent specialty broker-dealer with public-sector focus.

Broad incumbents

• Wells Fargo Municipal: Wells Fargo runs a large municipal underwriting and trading platform alongside its broader investment banking and commercial banking businesses. It is a broad incumbent in municipal bond underwriting with overlapping capabilities to Roosevelt & Cross.
• J.P. Morgan Securities: J.P. Morgan operates a top-tier municipal underwriting and trading desk within its broader fixed-income and investment banking franchise. It is a broad incumbent competing with specialty firms like Roosevelt & Cross for senior-manager mandates on large municipal deals.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/roosevelt-cross-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Roosevelt & Cross