The municipal analyst community is mourning the loss of Edward Merrigan, remembered as a top-notch healthcare analyst, a mentor, and patriot.
Merrigan died on May 9 after a struggle with an aggressive form of lymphoma. He was 68.
Merrigan retired in November after a 35-year career in the municipal market, the latter half spent leading Ziegler’s municipal research efforts.
“Within Ziegler Research, I worked under Ed for nearly 20 years. For those in our group, he was a beloved leader, mentor, and personal friend,” said Lavinia Criswell, the current head of municipal research. “Interspersed with his corny jokes, Ed always pushed us to work hard with an emphasis on detailed accuracy and the highest ethics. Ziegler itself has lost a respected colleague. We will miss him dearly.”
Merrigan joined Ziegler in 1998 in New York and led the research group beginning in 2000. He had previously led the healthcare and higher education ratings group at Fitch Ratings where he specialized in the acute care, nursing home and continuing care retirement community industries.
Prior to joining Fitch in 1989, he served as manager of municipal high-yield research at Mabon, Nugent & Co. and previously held research positions at Glickenhaus & Co. and MBIA Inc. Merrigan began his municipal career in 1983 at S&P Global Ratings.
During his career, he authored extensive analytical guidelines in his specialty sectors, winning accolades from industry groups and Institutional Investors magazine for his contributions. In May, 2010 the National Federation of Municipal Analysts honored Merrigan with an award of excellence, highlighting his exemplary disclosure on behalf of Ziegler issuer clients.
A Fitch colleague, Hawley Vander Poel, called Merrigan one of the smartest and nicest analysts he knew, one who freely shared his expertise. When he went on a tour of a continuing care facility, Merrigan said once inside the door, first thing he did was to look up. If the ceiling was painted, that was a good sign that the facility wasn’t skimping on costs that it might take to install scaffolding to paint.
“Ed Merrigan was one of the pioneers of high-yield municipal credit research. As an analyst, he had an impeccable reputation for integrity and a sharp wit to match,” said fellow high-yield analyst Triet Nguyen, a managing partner at Axios Advisors LLC. “A fighter until the very end, Eddie kept his friends and family up to date on all the ebbs and flows of his treatment, never losing hope while referring to himself with typical self-deprecating humor as ‘your reluctant warrior.’ We will all miss him dearly."
Before his municipal analytical career, the Fordham University graduate served in the U.S. Army where he did two tours of duty in Vietnam between 1969 and 1972. He received the Combat Infantry Badge, the Bronze Star and multiple Army Commendation Awards and told family, friends, and colleagues he considered every day a gift after Vietnam.
“Ed was especially proud of his military service in Vietnam,” Criswell recalled.
Merrigan also championed women's global education through his work serving on the board at The Ursuline School of New Rochelle.
Merrigan is survived by his wife of 40 years, Elizabeth Cain, and daughters Eileen Merrigan, Deirdre Merrigan, Maureen Merrigan, and grandsons Daniel Edward Mraz and Kian Merrigan Mraz.
Visitation was held Monday at the Fred H. McGrath & Son Funeral Home in Bronxville, New York, and the funeral was held on Tuesday. Merrigan’s family is asking that donations in his memory go to The Ursuline School of New Rochelle for a scholarship fund to be established in his memory.
