M.R. Beal is the latest municipal bond underwriter to bolster their distribution network in response to increased retail demand for tax-exempt securities by forming an alliance with a brokerage house that has a broader footprint with investors.

The partnership between the New York City-based underwriter and TD Ameritrade was announced Tuesday. It comes on the heels of a similar pairing in September between Goldman, Sachs & Co. and Chicago-based distributor Incapital LLC.

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