Managing Municipal Bond Portfolios for High-Net-Worth Investors
Thomas P. Dalpiaz First Vice President and Portfolio Manager Advisor’s Asset Management Fixed Income Securities, L.P.
This chapter will discuss managing municipal bond portfolios for high-net-worth investors. The nature of individual investors and the unique challenges they present to the municipal bond portfolio manager are addressed first. The importance of determining a client’s existing situation, uncovering and articulating client objectives, setting portfolio parameters, and explaining performance measurement are then reviewed before various tools designed to add value to clients’ portfolios are outlined. A brief discussion of portfolio distributions is followed by a summation recognizing the necessity and effectiveness of municipal bonds as an asset class. Let us first turn to the nature of individual investors and the unique challenges they present.


Of course, ultimately a living breathing human being is what exists behind every investment portfolio. And yet, that simple fact is most critical for portfolio managers to recognize when dealing with high-net-worth investors. The central importance of the individual—the presence of the individual—is felt most immediately by high-net-worth individual portfolio managers. In fact, it is the critical difference that separates high-net-worth individual portfolio managers from those who manage portfolios for mutual funds ...

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