Tax Efficient Fixed Income

Investment Approach

Our tax efficient fixed income investment strategies focus on quality control and effective risk management by utilizing a disciplined, capital preservation focused investment process. Portfolio Managers work directly with clients to customize separately managed portfolios to their particular investment goals, risk tolerance, liquidity needs, and state and federal tax status.

Active Management Approach:

  • Interest Rate Exposure
  • Yield Curve Structure
  • After-tax Sector Analysis
  • Credit Rating Allocation
  • Municipal State and Sector Relative Value
  • Trade Execution
  • Security Selection

Core Principles

  • Credit Research Emphasis
  • Transparency
  • Preservation of Capital
  • After-Tax Total Return Orientation
  • Risk-Management

We invest across the maturity and investment grade credit spectrum with strategies ranging from customized liquidity and deployment capital solutions, to core mandates, to opportunistic long duration portfolios.

 

  Short Term Capital Deployment Core Conservative Core Plus
Mandate Liquidity
Asset Liability Management
Preservation of capital Preservation and growth of capital
Benchmarks Immunized Treasury Portfolio Bloomberg Barclays Municipal Index

  • 3 Year
  • 5 Year
  • 1-10 Year
Bloomberg Barclays 1-10 Year Municipal Index
Liquidity Focus on large, liquid issues Focus on large, liquid issues Some limited liquidity, particularly in down markets
State Allocation Customized to client state tax status Customized to client state tax status Allocation based on fundamental and technical analysis
Maturity Spectrum 0-5 years Range of 0-12 years depending on mandate Typically 0-15 years
Credit Investment grade A-rated or below typically limited to 25% Up to 50% in A-rated or below
Strategic investments in BBB-rated bonds
Sector Allocation After-tax total return and interest rate scenario analysis Quality-driven approach with focus on limited volatility and after-tax total return Robust sector rotation based on internal credit research and quantitative models
After-tax total return analysis

 

Senior Investment Team

Jonathan E. LewisJonathan E. Lewis

Chief Investment Officer

Jonathan is the Chief Investment Officer for the U.S. division, chairs the Fixed Income Investment Committee, and is a member of the Management Committee and the Tactical Asset Allocation Committee. Jonathan manages fixed income portfolios for high net worth individuals and institutions and is lead manager for the Fiera Capital STRONG Nations Currency Fund.

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Jonathan was a co-founder of Samson Capital Advisors LLC. 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. He was a Managing Principal, Chief Investment Officer and a member of the Management Committee. As chair of its investment committee, he supervised the design, development, and implementation of the investment and risk management processes central to the firm’s approach to taxable and tax-efficient investing. In this position, he designed the quarterly planning process that serves as a foundation of the firm’s longer-term outlook, risk management approach, and the quality control techniques used in its peer review process. His work in currency investing led Samson to launch its first mutual fund. His comments regularly appear in The Wall Street Journal, Reuters, and Bloomberg News and he has appeared on Bloomberg TV, CNBC, and PBS’ Nightly Business Report.

Prior to Samson, he was the Chief Fixed Income Strategist at OFFIT Investment Group (formerly OFFITBANK), which he joined in 1999. Jonathan also chaired its Portfolio Strategy Committee. In that capacity, he served as Managing Director of Fixed Income for Evergreen Private Asset Management, which managed $18 billion in private client assets. He also served as a member of Evergreen’s Customized Fixed Income Management Team, overseeing more than $100 billion in fixed income assets.

From 1988 through 1999, Jonathan was a Portfolio Manager and Vice President with Skandia Asset Management, where he served as Head of Fixed Income, and a member of the firm’s Global Fixed Income Investment Policy Committee for the firm’s insurance related portfolios. From 1986 to 1988, Jonathan was a money market trader at Dean Witter Reynolds.

Jonathan is an active member of Business Executives for National Security, an organization comprised of senior American business leaders contributing potential solutions to national security problems. He served as part of the congressionally mandated independent panel that reviewed the CIA’s venture capital operation, In-Q-Tel, in 2001.  From 2003-2004, he was part of a compensation reform study which was presented to the CIA Director and the House Permanent Select Committee on Intelligence.  He was awarded the CIA’s Agency Seal Medal for this work.  He was also a part of a 2008 study of private sector analytical practices and how they could inform the Intelligence Community’s own capabilities. In 2015, he was a member of a four-person BENS Task Force which reviewed domestic security capabilities to protect the US from terrorism. 

He is the author of Spy Capitalism: Itek and the CIA (Yale University Press, 2002) and the co-author of CIA Deputy Director Richard Bissell’s memoirs: Reflections of a Cold Warrior (Yale University Press, 1996).   He is a member of the Investment Committee of The Phi Beta Kappa Foundation and served as a trustee of the Fellows of Phi Beta Kappa. He is a former trustee of the Scarsdale Board of Education. He served as President of the Juvenile Diabetes Research Foundation of Westchester County and remains on its board of chancellors.

Jonathan holds an MA from New York University Graduate School of Arts and Sciences, and an MBA from the Columbia University Graduate School of Business. He is a Phi Beta Kappa graduate of the University of North Carolina at Chapel Hill.

Carolyn N. Dolan, CFACarolyn N. Dolan, CFA

Executive Vice President, Head of Direct Client Investments

Carolyn is Head of Direct Client Investments and a member of the Management Committee. She also sits on the Fixed Income Investment Committee and Tactical Asset Allocation Committee and directs and manages portfolios for high net worth individuals.

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Carolyn was a co-founder and a Managing Principal of Samson Capital Advisors LLC. 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. Carolyn was a member of the Management Committee, and the Chairman of the Principals Meeting, She was also a Portfolio Manager and served as a member of the Investment Committee.

Prior to Samson, Carolyn was a cofounder of OFFITBANK, which in 2002 after the firm’s merger with Wachovia, was restructured and changed to OFFIT Investment Group. At Wachovia, Carolyn was a Senior Vice President and the Senior Managing Director of OFFIT Investment Group. In this role, she led the firm’s 25 person Tax Sensitive Fixed Income management team; while in this role, the OFFIT three municipal funds achieved and maintained Morningstar 5 star ratings.  Prior to OFFITBANK’s purchase by Wachovia, Carolyn was responsible for the firm’s high net-worth investment group and was a member of the Management Committee. She was integrally involved in the management and analysis of taxable and tax-exempt portfolios and managed OFFITBANK’s New York Municipal Bond Fund, which achieved a Morningstar 5 star rating during the five years that Carolyn managed the account. Carolyn was on the firm’s investment strategy committee and portfolio review committee. She represented OFFITBANK as a trustee on various fiduciary accounts and worked extensively with clients on asset allocation and manager selection decisions.

From 1978 to 1983 she was associated with Julius Baer Securities, Oppenheimer Capital Corporation and Equitable Life Assurance as a portfolio manager, investment analyst and quantitative analyst. At Equitable, she was a senior team member in the restructuring of a multi-billion dollar Taft-Hartley Fund.

She currently serves as a Trustee of Fordham University and serves on the Finance/Investment and Audit Committees. She has served on the boards of the Cathedral School of St. John the Divine and Marymount College. Carolyn is presently on the boards of Mutual of America Funds, Inc., and Market Street Trust Company. She is a member of The Economic Club of New York.

Carolyn received an MS Degree from the Columbia School of Social Work in 1977 and an MBA from Columbia University in 1978. Carolyn graduated from Marymount College in 1968 and was a social worker for the state of New Jersey from 1968 to 1975. She is also a CFA charterholder.

Joseph A. Abraham, CFAJoseph A. Abraham, CFA

Senior Vice President, Direct Client Investments

Joe directs portfolio management for high net worth individuals. He is a member of the Fixed Income Investment Committee, Equity Index Subcommittee, and Tactical Asset Allocation Committee.

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Joe was a co-founder and Principal of Samson Capital Advisors LLC.  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. At Samson, he worked with individual clients and their advisors to best structure their investment portfolios to suit individual objectives and investment constraints.  He was also a member of Samson’s equity allocation committee. Joe was a regular contributor to Samson’s market bulletins and quarterly commentary.  He continues in his responsibilities at Fiera Capital, helping decide and direct the Firm’s investment strategy.

Joe directs portfolio management for high net worth individuals. He is a member of the Fixed Income Investment Committee, Equities Allocation Committee, and Tactical Asset Allocation Committee.  Prior to joining Samson, Joe was a Senior Portfolio Manager with the Offit Investment Group (formerly OFFITBANK), focusing primarily on structuring and managing municipal bond portfolios for high net worth individuals. Joe is also an equity analyst and was responsible for analyzing and assessing the firm's allocation to stocks and equity mutual funds. Previously, Joe was the Director for the Sanwa Bank's U.S. tax group. Prior to that, he was a manager in KPMG's International Bank Tax Consulting and Compliance group, with responsibility for a number of their largest European and Asian banking clients.

Joe received his BA and MA in Middle Eastern Studies and Economics from Georgetown University in 1980, an MBA in Finance from the Wharton School of the University of Pennsylvania in 1984, and an MS in Accounting from the University of Virginia in 1991. Joe is a CFA charterholder.

Peter M. Gagliano, CFA, CMTPeter M. Gagliano, CFA, CMT

Vice President, Direct Client Investments

Peter manages portfolios for high net worth individuals and is a member of the Equity Index Subcommittee.

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Peter joined Samson Capital Advisors LLC in 2010 as a Portfolio Analyst.  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.  Peter aided in the development of Samson’s other investment offerings in equity, high yield fixed income, and closed-end funds and served as a member of Samson’s equity allocation committee.

Prior to joining Samson, Peter spent 5 years as an Investment Strategist at U.S. Trust, Bank of America Private Wealth Management. While at U.S. Trust, Peter evaluated ultra-high net worth client portfolios, created customized asset allocation proposals, aided in the development of the firm's capital market assumptions and asset allocation guidelines, and developed and managed model ETF portfolios.

Peter graduated Magna Cum Laude from Lafayette College with a BA in Economics & Business. He is a member of the Phi Beta Kappa and Omicron Delta Epsilon academic honor societies. Peter is a CFA and CMT charterholder.

Kenneth M. PottsKenneth M. Potts

Senior Vice President

Ken is a strategy leader for the Tax Efficient Fixed Income Investments team. He is also a member of the Fixed Income Investment Committee and manages fixed income portfolios for high net worth individuals.

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Ken was a Principal, Portfolio Manager and a member of the Investment Committee at Samson Capital Advisors LLC., where he joined in 2005.  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.  At Fiera Capital he continues in this role where he structures and invests tax efficient portfolios for many of the firm’s clients.  Ken develops and uses innovative tools and strategies to measure and manage risks in order to achieve optimal returns.

Prior to Samson, he was a Senior Municipal Portfolio Manager at Goldman, Sachs & Co.’s Asset Management group, where he joined in 1997. From 1999 to 2005 Ken was a senior portfolio manager with responsibility for tax-efficient bond portfolios. During this time Ken also developed significant expertise in credit analysis, derivatives, portfolio return attribution and risk management. From 1997 to 1999 Ken led a team which managed the firm’s four tax-exempt money market funds. Prior to Goldman Sachs, Ken worked at Prudential Insurance Co, serving first as a Portfolio Manager in the money market group and subsequently as a risk manager, trading a $10 billion direct issue commercial paper program.

Ken holds a BS in Business from Skidmore College and a MBA in Finance from New York University Stern School of Business.

Judy Wesalo TemelJudy Wesalo Temel

Senior Vice President, Director of Credit Research

Judy leads the fixed income credit research team. She is a member of the Fixed Income Investment Committee and the author of the book The Fundamentals of Municipal Bonds.

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Judy was a co-founder and Principal of Samson Capital Advisors LLC, where she was also the Director of Credit Research 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.  At Fiera Capital she continues to have the same responsibilities for heading the credit approval and oversight process for the firm.  She oversees the development of credit policy, databases and other tools to manage the credit risk of clients’ portfolios invested in municipal and corporate issuers. Judy is the author of The Fundamentals of Municipal Bonds, 5th Edition, the most widely used book about the municipal bond business. She is quoted frequently in the media and has lectured and written extensively about municipal credit and other aspects of the market.

Judy was a Vice President at Goldman, Sachs & Co from 1980-1997, where she was responsible for the credit analysis of state and local governmental and revenue bond issuers, higher education, health care and non-profit institutions, utilities and all other revenue bond issuers. Judy had extensive interaction with the issuers, rating agencies, bond insurers, financial advisors and counsel. Her perspectives on credit influenced decisions on underwriting and trading both at the broker-dealer side and on the asset management side. Prior to joining Goldman, she worked at Lehman Brothers and the New York City Comptroller.

Judy is a member of the Metropolitan Transportation Authority Inspector General Management Advisory Board and MSRB EMMA Development Advisory Group. She has also served as a Board Member of the New York City Municipal Water Finance Authority.

Judy served as Chair of Cornell Alumnae Council and as an Administrative Board Member of the Cornell University Council.  She is a member of the National Federation of Municipal Analysts, The Economic Club of New York and MAGNY.

Judy received her BS from Cornell University and an MPA from New York University.

Dexter J. Torres, CFADexter J. Torres, CFA

Senior Vice President, Head of Trading

Dexter is Head of Trading and a Portfolio Manager for the Tax Efficient Fixed Income Investments team. He also serves as a member of the Fixed Income Investment Committee.

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Dexter was a Principal at Samson Capital Advisors LLC prior to its acquisition by Fiera Capital, where he served as the firm’s Head Trader and as 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. Samson managed over $7 billion in assets in customized fixed income for affluent families and their foundations, endowments and corporations. Dexter will continue on as Head Trader at Fiera Capital, where he maintains responsibility for trading, contribution to investment strategy, and communication of market activity and opportunistic trading ideas.

Prior to Samson, Dexter was a Portfolio Manager and Trader at Lazard Asset Management focusing on the Municipal, US Government and Agency sectors for private clients and institutional accounts.  Before joining Lazard in 1999, he worked for Deutsche Bank in their Interest Rate Derivatives group and held various positions at Norwest Financial.

Dexter received his BA in Economics from the State University of New York at Albany in 1995. He is a CFA charterholder and a member of the New York Society of Securities Analysts.

Alec L. AltermanAlec L. Alterman

Associate Portfolio Manager

Alec works closely with other portfolio managers on the day-to-day management and analysis of clients’ portfolios. He is also responsible for compliance testing on all of the firm’s bond portfolios and supports the Currency Strategies management team.

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Alec joined Samson Capital Advisors LLC in July 2006 and served as a Portfolio Analyst until Samson’s acquisition by Fiera Capital. Samson was a privately-owned investment management firm that was founded in 2004 by senior investment professionals from OFFITBANK, Goldman Sachs, and JPMorgan. Samson managed over $7 billion in assets in customized fixed income for affluent families and their foundations, endowments and corporations. 

Prior to joining Samson, Alec was a Mutual Fund Accountant at the Bank of New York.

Alec received a BS in Communications from Ithaca College, also studying Business and Music. Alec also holds an MBA from the University of Massachusetts.