The objective of the state specific bond management product is preservation of capital while maximizing after-tax yield. Bond selection for the portfolios is restricted to the state where the client resides. Our Fixed Income team currently runs nine separate state specific municipal bond composites.

Our Fixed Income Group creates separately managed high quality municipal portfolios tailored to a client’s specific needs and invest only in issues of the specific state of residence of the client. The team prefers the benefits of geographic diversification but for some clients, a state specific mandate is appropriate. Intermediate laddering of maturities is part of the portfolio construction in order to reduce risk. The approach focuses on the income portion of total return. Sophisticated sector and structure selection is used to capture above market yields. Our highly efficient trade execution process exploits the inefficiencies in the municipal bond market, resulting in better pricing and higher yields for our clients.

Our Fixed Income Group consists of 3 investment professionals with deep experience focused exclusively on fixed income. The average investment experience of the team is in excess of 20 years.

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• Individually constructed, high quality portfolios
• Sophisticated sector and structure selection
• Efficient trade execution
• National and state-specific portfolio construction expertise
• Alternative Minimum Tax (AMT) issue expertise