September 2024 - Monthly Review

SMAs = Cool Kids

It has taken over 20 years, but SMAs (Separately Managed Accounts) are now the “in” thing for muni investors. Growing at over 25% in recent years (at the expense of mutual funds), they are now available for anyone at any amount and for any type of muni investor. Why are they cool now? Are some cooler than others? MainLine defines this SMA “coolness” in this month’s muni review.

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Expert Insight About The Municipal Bond Market

Our team of investment professionals are active in the market daily. Our blog includes posts with valuable insight and commentary about critical municipal finance topics and expert interpretation of how current economic factors may affect the municipal bond market.

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About The Author

Mike Maciolek, CFA, is a Senior Vice President at MainLine West and a member of the investment team for individually managed client accounts and our family of Tax Advantaged Opportunity Funds. Prior to his current role, he was a portfolio manager for First Data Corporation. Mike directed a set of municipal bond portfolios approaching $12 billion in market value, and $7 billion in interest rate derivatives, applying his expertise to meet the various objectives of the portfolios. He began his 30 year career in New York City as an analyst with management responsibilities for $2 billion in tax-exempt money market funds for Oppenheimer Funds.

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