Herbert J. Sims, one of the oldest municipal bond underwriters, has acquired Braintree Capital Partners in its effort to expand into the investment management business.

Braintree — based in Braintree, Mass., and founded in 2008 — will operate as a wholly-owned subsidiary of HJ Sims and continue to manage tax-exempt portfolios for its own clients. The firm focuses on investing in high-yield municipals and seeks long-term stability of tax-exempt income by being credit-driven.

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