• TD is second-biggest underwriter of short-term municipal notes
  • Tishelman was head of TD Securities Municipal Finance Group

At least six members of TD Securities’ municipal-bond desk have left the bank this month, including Ed Tishelman, the head of the department in New York, according to records filed with the Financial Industry Regulatory Authority.

Tishelman, who spent six years at Toronto-Dominion Bank’s investment banking division, previously led municipal underwriting at Bank of America Corp. and co-ran the desk at JPMorgan Chase & Co. He is also on the board of the Municipal Securities Rulemaking Board, the self-regulator of the $3.7 trillion U.S. municipal bond market. He declined to comment.

“We made changes to the TD Securities municipal-finance department to position the organization for future growth and opportunity,” Alison Ford, a TD Bank spokeswoman, said in e-mail. “Our core municipal capabilities remain intact and we are fully committed to serving our public sector.”

Ford didn’t comment on any individuals.

In addition to Tishelman, trader Anthony Mancini, salesmen William Rich and Natalino Castelli and public finance banker Scott Wentnick and analyst Sophie Jean are no longer at TD, the filings show.

TD Securities is the second-biggest underwriter of short-term municipal notes, excluding securities purchased by multiple issuers, according to data compiled by Bloomberg. The firm has underwritten $3.8 billion of notes this year.

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