BMO Global Asset Management has expanded its municipal fixed income division with the addition of three municipal veterans that have a combined 65 years of experience in portfolio and asset management.
Robert Wimmel was appointed head of municipal fixed income, while Tom Byron and Brian Sipich were added to the municipal fixed income portfolio management team, the Chicago-based firm said in a Oct. 13 press release.
Wimmel replaces Duane McAllister, who left the firm for other opportunities, according to a spokesperson.
All three professionals arrived at BMO from Invesco, where Wimmel was head of investment-grade municipals, and Byron and Sipich were members of the portfolio management team that together managed over $13 billion in U.S. tax-exempt open and closed-end funds.
In their new roles, Wimmel will oversee the management and strategies for the team, which is responsible for the BMO Intermediate Tax-Free, BMO Short Tax-Free and BMO Ultra Short Tax-Free funds, in addition to the firm’s separately-managed municipal accounts.
Wimmel, who officially took the reins effective Aug. 25, reports to John Boritzke, managing director of fixed income, while Byron and Sipich report to Wimmel.
Boritzke lauded the team for their stellar performance at Invesco and their overall long tenure in the municipal asset management industry.
“Rob, Tom, and Brian share an investment philosophy and process that is closely aligned with ours,” he said in the press release.
“They contributed meaningfully to an outstanding track record at their predecessor firm, delivering top quartile Lipper performance, and we look forward to them joining our team,” Boritzke added.
Wimmel brings 20 years of experience in fixed income to his new position, and holds a Bachelor of Arts degree from the University of Cincinnati and a master of arts degree in economics from the University of Illinois.
Bryon and Sipich have 30 and 15 years experience, respectively.
The new hires at BMO Global Asset Management are unrelated to yesterday’s completion of an acquisition by Minneapolis-based Piper Jaffray Co. of BMO Capital Markets GKST Inc., BMO Capital Markets’ municipal bond sales, trading and origination business, according to a BMO spokesperson.
There is no connection between that acquisition and BMO Global Asset Management's mutual fund business, she said.
