Nuveen

The management team sees opportunity in pockets that other investors avoid, like American Dream, Midwestern private colleges and senior living facilities.

The three new hires, two from Nuveen and one from Lord Abbett, will report directly to the fund's manager John Miller.

Nuveen LLC reached an agreement to sell its 11% equity stake in Vistra Vision to Vistra Corp., that started as municipal bonds ensnared in a bankruptcy.

When it comes to sectors, Miller said he likes charter schools, healthcare, land-secured debt and some industrial revenue bond positions.

When set against high-profile public finance projects like American Dream and Legacy Cares, Florida's Brightline marks a rare success for investors.

The long-time high-yield muni manager left Nuveen in April when the firm settled a contentious lawsuit with Preston Hollow.

Brightline's luxury train in Florida accounts for half of the Nuveen High Yield Municipal Bond Fund's top 10 positions.

A John Miller-less speculative bond market may mean more diversification and price transparency, say some investors.

The announcement came as a global settlement agreement that resolves Preston Hollow Capital LLC's litigation against Miller and Nuveen was disclosed.

A Delaware Superior Court judge found PHC failed to show it suffered reputational loss from Nuveen's alleged defamation to go to trial. PHC will appeal.