FYI: A handful of the biggest firms on Wall Street are landing the vast majority of cash pouring into the municipal-bond market.
Vanguard Group Inc.’s mutual funds focused on tax-exempt debt have received about $12.7 billion this year, or nearly a third of the $39.1 billion that’s been added to such funds, according to data compiled by Bloomberg. TIAA’s Nuveen, Goldman Sachs Group Inc., BlackRock Inc. and MacKay Shields LLC received another $18.2 billion, leaving those five companies receiving about 80% of the new cash.
The figures show that the biggest Wall Street firms are benefiting the most from the rush this year into municipal bonds, illustrating the difficulty that smaller companies may have in keeping up with industry behemoths that have widespread brand recognition and the ability to charge lower fees.
Regards,
Ted
https://www.bloomberg.com/news/articles/2019-07-23/vanguard-nuveen-goldman-win-fight-for-cash-flooding-muni-fundsYahoo.Com No Paywall:
https://finance.yahoo.com/news/vanguard-nuveen-goldman-win-fight-173000351.html
