Wealth management

Investor demands and lower account minimums have grown separately managed accounts across fixed-income markets, particularly in munis. Russell Feldman, CEO and co-founder of IMTC, discusses this evolution and how technology has contributed to changing market dynamics.

Some participants on the Street estimate that SMAs hold as much as $1.5 trillion of munis while others peg it closer to $1 trillion to $1.3 trillion.

It's a color-coded controversy about how far the fight over ESG and green investing precepts will affect public finance this year, with the latest skirmishes involving Bank of America and New York and New Hampshire.

"Preserving a livable planet and a thriving economy will require a collective global commitment both to the phase-out of fossil fuels and to massive new investments," said New York Comptroller Brad Lander.

"BNP Paribas choosing Miami to open its newest office reinforces our community's status as a top financial market within the global economy," said Miami-Dade County Mayor Daniella Levine Cava.

The higher returns offered by alternatives also carry higher risk.

"Wokeism" in public finance is an increasingly popular talking point among conservatives.

Surpassing $150 million in total investments, New York, Illinois, Pennsylvania, Texas, Ohio, Arizona and Georgia have joined Florida, Miami-Dade and Palm Beach counties and Miami Beach in supporting Israel financially in the wake of the deadly terror attacks by Hamas.

Additionally, the Florida Treasury will follow suit and invest $25 million in Israeli bonds, said Jimmy Patronis, the state's chief financial officer.

"After more than 36 years as investor and leader, Peter has decided the timing is right to begin his own retirement next year," said Rich Kushel, senior managing director at BlackRock.

Mentoring and a passion for helping people cultivate and achieve goals remain important to Matthew Stitt.

The city, which issued POBs in 2005, is awaiting recommendations from an actuary on how to deal with a $3 billion unfunded liability in its public safety fund.

For the three-month period ending June 30, the fund's investments returned about 3.08%.

Treasurer Dale Folwell said the law protects retirees' money from being used for what he called Wall Street's "wacktivist" agenda.

"Recent months have been trying for investors," said State Comptroller Thomas DiNapoli, "and there is no doubt that challenges lie ahead, with concerns over a recession and potential interest rate increases, but the state pension fund is well-positioned to weather these storms."

Now that economic activity has largely resumed, investors and analysts are taking another look at longer-term issues, and the volatile stock market performance since the pandemic is raising concerns.

"We're in a market right now where there's heightened volatility in prices, inconsistent pace of supply, and for investors who need to put money to work, muni ETFs continued to play that role," CreditSights' Pat Luby said.

James Pruskowski, a nearly 30-year veteran of BlackRock, will be CIO and head of business development for 16Rock Asset Management LLC, a newly formed affiliate of 16th Amendment Advisors LLC.

Stabilizing pension debt as a share of GDP re-frames the discussion on pension fund problems.

The $750 million in state grants will go to eligible local government public pension funds that have funded ratios under 60%.