Wall Street Investment Banker Takes Charge
By Marilyn Marshall
Wall Street Business News USA

In the world of investment banking, only the strong survive. It is a fast-paced, competitive industry, full of high risks and high rewards.
It is also the industry of choice for Avery F. Byrd Sr., who earlier this year became the principal owner of a new Wall Street investment bank. Named Toussaint Capital Partners, the bank is in keeping with Byrd’s firm belief in entrepreneurship.

For Byrd, who is president and CEO of Toussaint Capital Partners, the transition to business owner was a natural one. He is a seasoned capital markets professional and manager with more than 15 years of sales and trading experience. In addition, he is one of the founders of Bradford & Byrd Associates, a thriving New Jersey janitorial maintenance firm with more than 100 employees.

Byrd said his newest venture, TCP, is doing well in New York City, the financial capital of the nation.

“Our name is getting out there,” he said. “We were recently named as a selling group member on a $3 billion transaction. We also have been making inroads into several other corporate issuers and expect to be included in their financial activities over the next month or so.” Byrd added that the firm has participated in several municipal underwritings, including for the city of New York.

TCP is a boutique investment bank, which is a firm specializing in a particular product or industry. Investment banks in general are financial intermediaries that perform a variety of services, from facilitating mergers to providing financial advice to aiding the sale of stocks and bonds.

Byrd is the first to admit that the industry is somewhat shrouded in mystery. Understanding investment banking isn’t always easy, and the language can be intimidating. Terms such as bulge brackets and asset-backed securities are part of Byrd’s everyday vocabulary. When Byrd is asked what he does for a living on the finance side, he has a standard explanation.

“As an investment banker,” he said, “I participate in the practice of underwriting and distributing debt, meaning bond deals, and equity. Our investment banking team focuses on institutional investors, pension funds, corporate and fiscal treasures, and brokerage entities and enterprises.”

He puts a lot of emphasis on the word “team,” and stresses the fact that TCP is a partnership.

The other members of the management team are Vernon Gatling, senior managing partner and COO; Paul Williams, vice chairman; and Wendell Bristol, vice president of marketing and administration. In all, the firm has 10 full-time staff members.

Byrd said the experience of the firm’s partners and principals is one of the things that sets TCP apart, as well as its access to capital.

“We also have a very focused and defined business plan,” Byrd said. “We’re not trying to be everything to everybody. We’re very discriminate and very deliberate in the type of customer we’re looking for, as well as very specific as far as what business lines we’re offering to that customer.”

Byrd said the firm’s focus and planning is paying off. “When we first opened the door, we were looking for people to fill slots,” he said. “It was kind of tough. Now, because we’re out here and doing business, we’re actually starting to get people to come to us and talk to us about partnering.”

With his previous managerial experience, Byrd has no problems taking charge. What kind of boss is he?

“I can be pretty tough,” he said, “but I manage with an open-door policy. I listen to everything before I make a decision.” Long before he made it to Wall Street, Byrd had an interest in investments. A native of East St. Louis, Ill., he attended Morehouse College and earned a B.A. in finance. After moving to New York, he gained experience with Chemical Bank, Merrill Lynch and Dean Witter Reynolds.

Byrd served as principal at Williams Capital Group, and was one of the firm’s top producers. His strong work ethic has carried over to his involvement with Bradford & Byrd Associates. The company was founded in 1989 and is run by Byrd and his wife, Trina.

Despite his busy schedule, Byrd, who is the father of two, finds time for other activities. He is a member of 100 Black Men, a board member of the Promise Outreach Organization, and a supporter of both the New York/New Jersey Minority Purchasing Council and the Georgia Minority Supplier Diversity Council.

As an experienced investment banker, Byrd is well aware of the profession’s pluses and minuses.

“You’ve got to really want to work hard and work smart to make it in this arena,” he said. “When they say it’s a ‘take no prisoners’ type of game, it is. But it’s extremely rewarding.”

Byrd said anyone considering a career in investment banking must be a numbers person as well.

“Superior math skills are imperative. You must be someone who can look at very complex numerical situations and see something that others don’t see. Being able to do that is priceless on the Street.” Byrd added that more people of color are needed on the Street. Statistics compiled by the Equal Employment Opportunity Commission show that employees within the industry are mostly white males, and minorities made up 25 percent of investment banking professionals in 2000.

“The numbers show that there is still a huge amount of underrepresentation of women and minorities in the industry,” Byrd said. “Yet this is an exciting and dynamic marketplace, and there is a considerable amount of opportunity for growth and development.”