Anne S. Morse Profile   Print E-mail

Anne S. Morse, Senior Director, brought over 30 years of healthcare industry experience to First River Advisory upon joining in October 2017. During her career, Ms. Morse has assisted a wide variety of hospitals and healthcare systems, senior living organizations and specialty care institutions as an investment banker, financial advisor, credit support provider and operator.

Immediately prior to joining First River Advisory, Ms. Morse served as a Managing Director at Melio & Company, a municipal advisory firm focused on debt and credit strategies, public and private tax-exempt and taxable debt issuance and strategic matters for regional and national health systems, academic medical centers, major community hospitals and senior living organizations. Before joining Melio & Company, Ms. Morse held the position of Managing Director in Janney Montgomery Scott's Municipal Capital Markets Group, where she concentrated on building a healthcare practice across the firm's core footprint.

Anne Morse
Prior to joining Janney, Ms. Morse served as a Senior Vice President of Ambac Assurance Corporation's national healthcare underwriting team. Post-credit crisis, she managed numerous remediation and restructuring efforts involving both Ambac-insured healthcare debt transactions and Ambac's insured derivatives portfolio.

Preceding Ambac, Ms. Morse was a Vice President at both Lehman Brothers and, earlier in her career, at Legg Mason. At each of these firms, she assumed responsibility for business development as well as financial analytics, credit assessment, transaction structuring and deal execution within the healthcare sector. Ms. Morse began her healthcare career in operations and strategic marketing at Harvard Pilgrim Health Care and Universal Health Services, Inc.

Ms. Morse currently serves on the Executive Alumni Board of the Wharton School and on the Board of Trustees of the Dunwoody Village senior living community.


  • Applies vast experience in healthcare investment banking, credit analysis, capital planning and business due diligence to client advocacy
  • Leaves "no stone unturned" in evaluating a broad spectrum of financing and strategic options critically important to each client
  • Contributes a fresh, unique, non-status quo perspective to client organizations in evaluating opportunities, strategies and enterprise risk
  • Exhaustively analyzes pro-forma enterprise impact, including risk assessments related to new strategies
  • Thoroughly gathers and analyzes competitive intelligence to assist in strategic initiatives
  • Provides deeper, more relevant insights into the financial markets and the manner in which today's financial institutions operate and interact with non-profit organizations
  • Skillfully balances an independent, strategic, long-term perspective with close attention to transaction throughput
  • Always on the client's side by providing the impartial and unbiased advice that an investment or commercial banker cannot, given fundamental conflicts inherent in the banking role
  • Staunchly supports preferred client positions in negotiations with investment bankers, lenders and investors and their respective legal counsel
  • Diligently manages the divergent interests of 501(c)(3) institutions and lenders, investors, swap counterparties and unsecured creditors in distressed credit and workout situations

Ms. Morse earned a Master of Business Administration degree in both Finance and Health Care Management from the University of Pennsylvania’s Wharton School and a Bachelor of Arts degree in Economics from Brown University.


  • Municipal Securities Rulemaking Board (MSRB) Series 50 Qualification as a Municipal Advisor Representative
  • Previously maintained FINRA General Securities Principal (Series 24), Municipal Securities Principal (Series 53), General Securities Registered Representative (Series 7) and Uniform Securities Agent (Series 63) licenses while employed by a broker-dealer
  • Firm is a Municipal Advisor registered with the Securities and Exchange Commission (SEC) and the MSRB
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