Tax Efficient Inflation Protection

Investment Approach

The Tax Efficient Inflation Protection Strategy is an actively managed tax efficient bond strategy with inflation protection overlay. The objective is to provide investors with a tax efficient alternative to Treasury Inflation-Protected Securities that is liquid, high quality, and designed to protect taxable investors’ purchasing power from inflation. This strategy generates higher tax efficient real income and we believe can help investors achieve their real return objectives.

Core Principles

  • Tax Efficient Real Return Objectives
  • Amplified Inflation Protection
  • Tax Free Income
  • High Quality
  • Liquidity

 


This strategy requires the establishment of International Swap Dealers Association (ISDA®) agreements with counterparties, which generally requires a higher minimum investment compared to separately managed accounts for our other strategies.

Senior Investment Team

Benjamin S. ThompsonBenjamin S. Thompson

President and Chief Executive Officer

Ben leads the U.S. division of Fiera Capital as President and Chief Executive Officer.

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Ben was a co-founder and Chief Executive Officer of Samson Capital Advisors LLC.  In addition to heading its Management Committee as Chief Executive Officer, he was a portfolio manager and a member of the Investment Committee. Samson was a privately-owned investment management firm that was founded in 2004 by senior investment professionals from OFFITBANK, Goldman Sachs, and JPMorgan. Prior to its acquisition by Fiera Capital, Samson managed over $7 billion in assets in customized fixed income for affluent families and their foundations, endowments and corporations

Before the founding of Samson, Ben was a Managing Director and Head of Tax Aware fixed Income Investments within JP Morgan Fleming’s U.S. Fixed Income Group. With JP Morgan from 1999 to 2004, he was the investment strategist for the tax aware fixed income sector and responsible for $36 billion in managed bond strategies for US taxpaying investors, including mutual funds, institutional accounts and over $12 billion in private client separate accounts. Ben was a member of both the Global Fixed Income management team and the US Macro investment team.

Prior to joining JP Morgan, Ben was a Vice President and the senior municipal portfolio manager with Goldman Sachs Asset Management from 1992 to 1999. He began his career as an analyst in Chase Manhattan Bank’s Structured Finance Group from 1990 to 1992.

Ben completed a four year term on the Board of Directors of the Municipal Securities Rulemaking Board in 2014 and currently serves as a member of the MSRB’s Investor Advisory Group.  The MSRB was established by Congress in 1975 to protect investors and the public interest by promoting a fair and efficient municipal securities market. Ben has appeared on Wall Street Week, and has been a contributor on CNBC’s Strategy Session and related programs, as well as a regular commenter on industry and market subjects in the financial press.

Ben received a B.A. in economics from Colorado College.

Lacey E. Greenwalt, CFALacey E. Greenwalt, CFA

Assistant Vice President and Portfolio Manager, Fixed Income Investments

Lacey provides sector and corporate bond analysis and generates trade ideas for the firm's Taxable Fixed Income Investment Strategies. She is also responsible for portfolio structuring of the Deployment Capital Strategy and monitoring and structuring the inflation portfolio for the Tax Efficient Inflation Protection Strategy.

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Lacey joined Samson Capital Advisors LLC in 2011. Samson was a privately-owned investment management firm that was founded in 2004 by senior investment professionals from OFFITBANK, Goldman Sachs, and JPMorgan. Prior to its acquisition by Fiera Capital, Samson managed over $7 billion in assets in customized fixed income for affluent families and their foundations, endowments and corporations. As a Portfolio Analyst at Samson, Lacey helped develop the firm’s Deployment Capital Strategy and was responsible for research and analysis within the High Grade and Tax Efficient Inflation Protection Strategies.

Prior to joining Samson, Lacey spent two years at Lehman Brothers Holdings, where she worked as an Analyst in the Interest Rate Derivatives group. Prior to joining Lehman, Lacey was an Investment Banking Analyst in the Leveraged Finance Origination & Restructuring Group at Credit Suisse. She also worked as a Summer Investment Banking Analyst at Credit Suisse in the Financial Strategy Group. 

Lacey graduated from Duke University in 2008 with a BS in Economics and Political Science. She is a CFA charterholder, a member of the CFA institute, and a member of the New York Society of Security Analysts (NYSSA). She is an active member of the New York Junior League and served as a committee vice-chair in 2014-2015.