Rockefeller Asset Management recently announced the addition of three new portfolio managers to enhance its municipal investment strategies. This move is aimed at expanding the firm’s fixed income division and tapping into new opportunities within the high-yield municipal market.
Scott Cottier, Mark DeMitry, and Michael Camarella have joined Rockefeller from Invesco, where they previously managed the California Value Municipal Income Trust and the Trust for Investment Grade New York Municipals. Bringing a wealth of experience to the table, these new portfolio managers will be launching high-yield municipal investment strategies and introducing new investment vehicles.
Experience and Roles
Scott Cottier, with over 29 years of financial services experience at Invesco OppenheimerFunds and Victory Capital Management, will serve as the managing director. Mark DeMitry, who has 26 years of financial experience from Invesco, OppenheimerFunds, and M&T Securities, will take on the role of senior vice president. Michael Camarella, with 25 years of varied experience at Invesco, OppenheimerFunds, Wells Fargo, and Morgan Stanley, will also serve as a senior vice president. Together, they will be based in Rochester and report to Alex Petrone, director of fixed income at Rockefeller.
Market Opportunities
According to Alex Petrone, there are significant opportunities in both high-yield and investment-grade municipal bonds currently. The firm remains committed to expanding its offerings and enhancing its ability to deliver alpha through actively managed strategies. With the addition of these three experienced investment professionals, Rockefeller is poised to capitalize on the evolving market trends and deliver value to its investors.
The hiring of Cottier, DeMitry, and Camarella is part of Rockefeller’s ongoing efforts to strengthen its team and diversify its investment strategies. Over the past two years, the firm has made several strategic hires, including Petrone. As the high-yield market continues to outperform the broader muni market, Rockefeller is well-positioned to leverage this trend and drive value for its clients.
Outlook
Income generation remains a crucial driver of returns for fixed income investors, and Rockefeller believes that high-yield municipals offer attractive opportunities in the current market environment. With the Bloomberg Barclays High Yield Municipal Index currently yielding 5.61%, there is a significant excess yield compared to the Bloomberg Municipal Bond Index. This favorable outlook reinforces Rockefeller’s commitment to delivering superior returns and generating alpha for its investors.