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...The company plans to refashion its $553mn Core Plus Fixed Income Portfolio as the Eaton Vance Total Return Bond ETF and its $188mn Short Duration Municipal Income Portfolio as the Eaton Vance Short Duration...
...Both ETFs will invest at least 80 per cent of their assets in municipal securities. Those ETFs will carry a 28-bp expense ratio. The manager also launched the Corporate Bond and Core Plus Bond ETFs....
...The deals were the purchases of online trading platform ETrade and money manager Eaton Vance....
...The gains for bonds issued in international markets by local government financing vehicles — investment entities that raise debt to fund spending on infrastructure and other projects — reflect Chinese financial...
...fund....
...“Morgan Stanley made a killing with the Smith Barney deal, and they have added to that with Solium, ETrade and Eaton Vance, giving them much more products to sell to their clients,” said Filippo Alloatti...
...In that capacity, he is responsible for $1.7tn in investor assets, in just about every form of fixed income, from municipal bonds to private credit....
...But municipal governments built up massive “Rainy Day” funds after Covid-19 hit, and still have a “very substantial fiscal cushion,” says GS....
...“Top picks by the current market would be LGFV bonds from Tianjin and Henan and Xi’an from the Shaanxi province,” a Shanghai-based bond trader at fund manager Western Leadbank said, adding that the bonds...
...Michele: Money is certainly going to go into general bond funds. So investment-grade securities will do well. And high-tax payers will put it into general municipal bond funds....
...If a referendum is required to sell bonds backed by your taxing power — as it is many places in the US — hoarding cash in rainy day funds makes sense....
...In the US, cities such Detroit have defaulted on municipal bonds....
...Vance....
...The manager’s US iBond business, which includes Treasuries, municipal bonds and both investment-grade and high-corporate debt, attracted inflows of $8.1bn during 2022, and a further $5.2bn in the seven months...
...They were bolstered in recent years with the US acquisitions of online trading platform E*Trade and fund manager Eaton Vance. But what happens when two of these legs get wobbly at the same time?...
...Among them were Canadian pension fund Ontario Municipal Employees Retirement System, as well as the Abu Dhabi and Chinese sovereign wealth funds....
...Gorman helped reshape the bank through a string of wealth acquisitions including online brokerage ETrade Financial in 2020 and asset manager Eaton Vance in 2021....
...Morgan Stanley acquired fund manager Parametric in 2021 through its $7bn acquisition of Eaton Vance. JPMorgan had also bid to buy Eaton Vance, the Financial Times has previously reported....
...These included cutting the risk-weighted assets allocated to the trading business by 25 per cent, closing businesses such as cash equities or municipal bond trading or even raising capital to buy a sizeable...
...Envision’s senior lenders, including investment firms Strategic Value Partners, Brigade Capital, Blackstone and Eaton Vance, will swap their paper into the restructured Envision equity....
...Job moves Calpers private equity head Yup Kim is leaving the US’s largest public pension fund to become chief investment officer of the Texas Municipal Retirement System....
...Now, again, if you are a US-domiciled investor, you might do that through municipal bonds and sometimes those will have tax advantages....
...In recent years, Gorman has grown Morgan Stanley’s money management operations with deals for ETrade and Eaton Vance, and he told analysts on Wednesday that “we’ll do more acquisitions”....
...But SVB’s sin was holding a portfolio of dull long-dated US municipal or agency bonds whose paper value eroded following sharply tightened US monetary policy....
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