Saber Partners, LLC was selected by the State of New York's Dormitory Authority, the third largest issuer of municipal bonds in the United States, to serve as financial advisor. This was the first time DASNY employed a financial advisor. Saber served under the Executive Director David D. Brown IV from 2007-2008.
The Authority hired Saber Partners, LLC to analyze the Authority's capital markets practices, from an independent and conflict-free perspective, and to recommend efficiency improvements in their debt management and treasury cash operations and processes. Saber also assisted DASNY during the critical time during the Spring of 2008 as the financial crisis and upheaval in the auction securities market disrupted billions of dollars of DASNY securities.
Among the members of the Saber Team that advised DASNY include:
- Joseph Fichera, an investment banker formerly managing director, principal, Bear Stearns and Smith Barney
- Brian Maher, former financial executive of ExxonMobil Corporation and 2nd highest ranking finance official in the company
- Michael Noel, former Chief Financial Officer of Southern California Edison Company and Edison International
- Andrew Kalotay, a member of Fixed Income Analysts Hall of Fame and former director of Bond Portfolio Analysis at Salomon Brothers
Joseph Fichera, CEO of Saber Partners said “We believe that the challenges facing the market today need advisors who can defy current conventional thinking to create strategic value. The Saber team has demonstrated consistent innovation and achievement in the face of these challenges in over 25 years of experience by each of its members.”
About The Dormitory Authority of the
State of New York (DASNY) as of 2007-2008
The Dormitory Authority, founded in 1944, is the largest higher education, health care and public-purpose bonding and construction authority in the nation. From 2002-2007, the Authority had issued more than $23.6 billion dollars in capital for its clients an d has expended more than $4.3 billion on construction projects that it manages. The Authority had a current construction pipeline of nearly 700 projects valued at $5.8 billion. In addition to the $4.3 billion in construction the Authority had been put in place. The Authority's financings during that same period have funded more than $7 billion in new projects that have been managed by its clients. At the time of Saber's service, DASNY had an outstanding bond portfolio of more than $34.2 billion.