Muni Asset Management
Hey everyone,
I'm an incoming PubFin IB analyst at a BB and I'm interested in potentially transitioning to Muni AM in a few years. With that being said, there seems to be a lack of info on Munis on this forum outside of IB. I'm hoping someone could provide color on the municipal asset management space.
- Who are the top performers in this space?
- What is the background of most juniors working in Muni AM (PubFin IB?, Muni S&T? credit agency analysts? etc.) Is there a strong preference for candidates to have/be working towards their CFA/MBA?
- Is career progression in Muni AM similar to other areas of AM?
- Are any muni AM strategies more lucrative to work in than others (i.e. HY revenue bonds vs IG GO bonds)?
Any guidance is appreciated!
Genuine question, what appeals about munis to you? I worked in a CRA and I know of several people who transferred out of sub-sovereign coverage because munis were so boring to cover.
I think AM was a reasonably common exit for those who stayed and I'm sure the CFA would help.
Again, I don't have any direct experience personally but I'd speculate that if you were going to work in the space HY would certainly be much, much more interesting in the same way EM sovereign coverage is so much more interesting than IG.
OP here - thanks for the reply! I was a SA with the PF IB team that I'm returning to this summer and I enjoyed working with the team. I'm attracted to municipals due to their tangible nature, structural complexity, and because they generally are issued for the common good. It's worth noting that the BB I'm at focuses on more complex deals and hence I was focused on revenue, HY, P3, etc. deals rather than plain vanilla GOs, which I imagine isn't as stimulating. Additionally, the team does more than just underwriting, so I had a more diverse experience than purely focusing on DCM.
Obviously I haven't started FT yet, so I may eventually find Munis boring, but since I'm in PubFin now and I'm interested in public market investing switching to a Muni or FI AM team seems like a logical/obtainable career step for me.
Buyside Muni Research Analyst going on 5 years. I kind of fell into munis and remember there being absolutely nothing on this forum when I was weighing my decision, so happy to put some info out there. I cover revenue bonds across the credit spectrum and love the work. On to your questions…
Thanks, I appreciate the color!
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