Asset Management

Institutional Portfolios

Most institutions look at their fixed income portfolios as two distinct sectors: On one-hand, they view their taxable bond portfolio primarily as a source of total return, while at the same time viewing their municipal bond portfolio simply as source of after-tax income. We see things a bit differently. We believe that each sector contributes to both price return and income return. The sectors should not each be managed in a vacuum. The best way to maximize portfolio returns is to optimize the allocation between the segments, and across the yield curve.

At MuniCrest, regardless of whether we are managing the entire fixed income portfolio or just one of the segments, we work closely with the client to ensure that our portfolio decisions make sense for the investment portfolio as a whole. In addition, we look to the municipal portfolio as a source of total return, as well as a source of income, due to the inefficiencies that exist in the sector. The fact that most investors consider municipals to be a buy-and-hold sector is the reason MuniCrest performs so admirably -- we are able to extract value from the inefficiencies created by the "typical" municipal investor.

Individual Investor Portfolios

In a world of the 'bigger is better', many in the financial industry have attempted to provide one-stop shopping for the individual investor. This approach has left investors with cookie-cutter products that gravitate to the needs of the average investor. By trying to cater to everyone, mass marketed products end up appealing to no one. We believe investors deserve better. At MuniCrest, each account is individually managed by bond market professionals with years of experience managing portfolios with diverse goals and objectives.

There are distinct advantages to having your money managed by a firm that also manages institutional assets. First and foremost is the level of experience and expertise the portfolio managers bring to bear. Second is in trade execution: We leverage our institutional broker relationships in an attempt to get the best execution for our individual clients.