U.S. Trust has hired David Litvack as managing director and fixed-income strategist, the wealth manager said Wednesday.
Litvack was formerly a managing director in the U.S. public finance department at Fitch Ratings.
He will be based in New York and report to Robert McGee, U.S. Trust’s director of macro strategy and research.
“I think this is a really good opportunity here,” Litvack said in an interview.
Litvack will publish research on the municipal market and oversee credit analysis for municipal holdings at U.S. Trust, which is a wealth management subsidiary of Bank of America Merrill Lynch.
“Credit is extremely important right now and I think that investors are concerned given economic problems, budgetary problems, unfunded pensions, and my role is to make sure that our clients’ needs are met based on their risk tolerances given all those concerns,” Litvack said.
While he declined to discuss specific strategies, he did say “there’s a lot of credit stress in the market, and we’re taking a pretty conservative approach in terms of staying at the high-quality end of the market.”
Litvack left Fitch earlier this year after 19 years. Before that, he spent five years at Moody’s Investors Service.
Litvack has an MBA from the Wharton School of the University of Pennsylvania, and an undergraduate degree in human factors engineering from Tufts University.