Rob Baird has decided to step down from his leadership position at Raymond James Financial effective Oct. 1.

Baird, who was executive vice president and co-head of Public Finance/Debt Investment Banking, will remain at the firm as an active member of Public Finance.

Gavin Murrey, executive vice president and current co-head of Public Finance/Debt Investment Banking with Baird, will become the division’s leader.

Baird has worked at Raymond James and the former Morgan Keegan throughout his 38-year career. He joined Morgan Keegan, which Raymond James acquired in 2012, as the firm’s first full-time Public Finance banker in 1979 and led the division for more than 20 years.

Throughout his career, Baird has been instrumental to the firm’s growth. According to Raymond James, Baird helped establish the division and shepherd its advancement to become a national practice and major underwriter of municipal bonds.

“For 38 years, Rob has been a talented and trusted colleague to our entire organization,” John Carson, president of Raymond James Financial, said in a statement. “His strategic counsel has been invaluable to clients and to the firm as he grew our Public Finance practice to become an industry leader, and then successfully merged it into Raymond James in 2012. Rob will remain with the firm as an active member of our team, and I look forward to working with him for years to come.”

Murrey was appointed co-head of Public Finance/Debt Investment Banking in March 2016 and also joined Raymond James through the Morgan Keegan acquisition in 2012. Since joining Morgan Keegan in 1998, Murrey has been influential as a senior banker and manager in growing the Public Finance practice into one with 180 banking professionals in 26 locations nationwide.