Anne Ross will take the helm at the National Federation of Municipal Analysts in 2021 as the muni market deciphers the effects of the coronavirus pandemic.
Ross, a principal consultant at Muni Credit & Compliance Advisors, LLC was announced as chair this week. Ross founded the firm, which has been retained by asset managers, hedge funds and financial guarantors. Ross was NFMA’s vice chair in 2020.
Ross expects 2021 to be another challenging year and plans to work vigilantly with other muni market stakeholders.
“It’s going to be another challenging year in 2021 so I’m looking forward to being able to communicate with our members and being engaged in outreach to broaden up interest in our association whether it’s broadening up our members, having more visibility with the public finance participants,” Ross said.
This past year, NFMA connected with other muni market groups in the Disclosure Industry Group and signed onto a recommendation paper in
In the past, analysts and issuers disagreed on issuer financial disclosures in the secondary market and the need for more voluntary disclosures, but participants are hoping for cooperation rather than regulatory mandates.
As for the pandemic, Ross is keeping an eye out for long-term effects.
“We’re thinking about it broadly in terms of credit and challenges and our view of credit risks,” Ross said. “They are evolving. Some of the impacts of the pandemic were obviously immediate. Some of it will be longer term. Differences of opinions on how resilient states and local governments are and can be are going to continue to evolve over 2021, 2022 and possibly into 2023.”
Ross plans to continue NFMA’s long-term push for interim financial information from governments in 2021, which former Securities and Exchange Commission Chair Jay Clayton advocated for.
President Joe Biden will choose a new SEC chair in 2021 and Ross wants to see that chair continue the momentum for interim information.
“Certainly you have staff who’s been working on that for quite some time now,” Ross said. “It was certainly elevated under Chairman Clayton. So we hope that momentum will not be lost and will continue.”
Previously Ross was a manager at Roosevelt & Cross’s research department for 22 years and served on that firm’s compliance committee gaining a detailed understanding of SEC Rule 15c2-12.
Ross also served more than 20 years on the advisory council to the Government Accounting Standards Board representing NFMA, the Securities Industry and Financial Markets Association and its predecessor, the Bond Market Association.
In 2012, Ross received an award in Smith’s Research & Gradings’ Top Municipal All-Star Team. Ross holds an MBA in banking and finance from the Lubin School at Pace University and a B.A. in economics and political science from the College of the Holy Cross.
Ross succeeds Nicole Byrd, a senior investment professional at Nationwide Mutual Insurance. Rachel Barkley, a senior vice president at Loop Capital Markets was elected vice-chair. Mark Capell, managing vice president and senior underwriter at Build America Mutual will continue his role as secretary and education chair.
Ron Mintz, principal and senior municipal investment analyst in Vanguard’s Investment Management Group was elected treasurer. Mintz and Neene Jenkins, executive director at JMP Chase Asset Management will chair the NFMA’s 2021 annual conference. That conference will be virtual and held on May 12-13.
NFMA was established in 1983 and has about 1,200 members who represent mutual funds, insurance companies, broker-dealers, bond insurers, rating agencies and financial advisory firms, among others.
