Bancroft Capital Welcomes Glen Balanoff to Municipals Team
Posted: June 3, 2024
Bancroft Capital, a certified Service-Disabled Veteran-Owned Small Business (SDVOSB) specializing in Institutional Brokerage and Capital Markets services, announces that Glen Balanoff has joined the Bancroft team as Managing Director of Municipals and lead negotiated underwriter.
“We are excited to add someone with Glen’s proven track record of excellence to our team,” said Cauldon Quinn,
Bancroft’s CEO, referring to Balanoff’s nearly 40 years of experience in municipal underwriting. “We believe Glen’s experience further establishes our firm as the premier, veteran-owned municipal team in the marketplace,” Quinn added.
Balanoff most recently served as the Executive Director of Morgan Stanley’s underwriting desk for 14 years. He will assume responsibility for the negotiated underwriting desk at Bancroft, which has seen continued growth each year since inception. Already in 2024, Bancroft is on pace to see a growth in negotiated par volume of nearly 25% over 2023 volume, after seeing more than 20% growth year-over-year from 2022 to 2023.
“I look forward to this opportunity to help Bancroft continue to grow,” said Balanoff. “More importantly, I am excited to work alongside military veterans to help them develop the requisite skills to succeed in the financial services industry,” he added, referencing Bancroft Capital’s Veteran Training Program.
Committed to offering meaningful training and employment to service-disabled veterans, Bancroft Capital launched its signature Veteran Training Program (VTP) in 2019. Bancroft funnels profits, earned through its hard work and extensive knowledge, into the VTP, which puts disabled veterans in a position to develop a skill set capable of supporting a new career as Institutional Traders and Investment Bankers. Bancroft is dedicated to helping restore disabled veterans to their rightful place as leaders in our society and communities, but first and foremost as providers for their own families.
“We believe in building a culture that values wisdom and experience, and Glen brings tremendous amounts of both to Bancroft,” said Quinn. “Having someone who has participated in multiple types of markets and witnessed a myriad of different situations and circumstances will be invaluable, both for our customers and for the candidates in our VTP.”
In addition to his time at Morgan Stanley, which totaled more than 20 years in two different stints, Balanoff also worked at Bank of America. He began his underwriting career with 18 years at Merrill Lynch, after initially working as an audit supervisor at Coopers & Lybrand for five years.
Throughout his career, Balanoff has also been active in education and advocacy for future generations of industry participants. He spent a year as Chairman of the Syndicate Committee for Securities Industry and Financial Markets Association (SIFMA), and regularly taught underwriting and syndicate as part of the Municipal Bond Club of New York’s “Bond School.”
Balanoff graduated from State University of New York (SUNY) at Buffalo with a B.S. in accounting and finance. He holds FINRA Series 7, 24, 53, and 63 licenses, and is a Certified Public Accountant.
Bancroft was co-founded in 2017 by Cauldon Quinn, a disabled Navy veteran. His vision was to build a company with a strong commitment to service: service to clients, country, and veterans. Bancroft places financial industry veterans alongside military veterans to deliver value-added content to its clients; and strives to offer best-in-class service to its institutional clients across an array of financial services. Bancroft rises above the competition on the merit of value-added content and leadership derived from industry veterans with 40-plus years of industry pedigree.