We are a fixed-income investment advisor with a primary focus on customized tax-exempt and taxable municipal bond portfolios. We believe this focus on the municipal market generates valuable insight and access for our clients. We serve high net worth individuals, foundations, endowments, pension funds and institutions. As an independent, employee-owned firm, we are strongly committed to excellent service and meeting our investors’ objectives, a commitment we support with continued investment in our people, systems and technology.


 
January 2010   December 2009   November 2009
 
 
  With less than a year of history, BABs have evolved into a viable and visable taxable-bond sector. More than $72 billion of BABs have been issued since April 2009. Estimates of 2010 issuance are as high as $150 billion.     The Great Recession has left states grappling with one of the most difficult fiscal environments in the past 100 years. The situation has induced concern that some states may impair debt, as occurred after the Panics of 1837 and 1873 and during the Great Depression.     Created as part of the American Recovery and Reinvestment Act of 2009, the QSCB program enables states and local school districts to issue bonds that provide a federal tax credit to investors in lieu of some or all interest payments.

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