FICC Focus Sustainability Makes SMAs Tick: Masters of the Muniverse
10 snips
Feb 14, 2025 Tim Coffin, Director of Sustainability at Breckinridge Capital Advisors, shares his insights on the burgeoning municipal bond market and the rising demand for sustainable investing. He discusses the shift toward separately managed accounts and how technology enhances investment strategies. The conversation also covers the influence of ESG factors on bond portfolios and the challenges faced by underserved communities. With changing federal policies, Coffin emphasizes the critical relationship between retail investors and the muni market in fostering sustainable growth.
AI Snips
Chapters
Transcript
Episode notes
Accidental Entry
- Tim Coffin's entry into the municipal bond market was accidental, starting in retail in 1987.
- He now views public finance as a fascinating career path and encourages others to consider it.
Breckinridge's Founding
- Breckinridge Capital Advisors was founded on the conviction that separate accounts could better serve investors.
- The firm's growth was facilitated by evolving technology and the increasing accessibility of resources like Bloomberg.
SMAs Explained
- In a separately managed account (SMA), investors directly own their bonds, unlike mutual funds where they are shareholders.
- This direct ownership offers predictability and reliability, aligning with the view of fixed income as a safe haven.