Alvarez & Marsal Private Wealth Partners

A sharp selloff can shift market valuations faster than it alters underlying credit fundamentals. Municipal bonds fell 6.35% in the third quarter as rising yields, heavy issuance, and weaker demand weighed on the market. The decline also pushed yields to levels not seen in more than a decade, reshaping the relative value picture for investors. In our 3rd Quarter 2026 Municipal Market & Credit Review, the Alvarez & Marsal Private Wealth Partners Fixed Income Division examines the forces behind the selloff, the implications of higher yields, and emerging credit pressures across municipal sectors. As we look toward 2027, our research points to an increasingly important distinction between broad market conditions and the financial strength of individual issuers. Read the full report and download the PDF on our website: https://lnkd.in/g76Q8Pzt #MunicipalBonds #FixedIncome #CreditResearch #MunicipalFinance #WealthManagement

In “Growth Resilience Meets Tightening Reality,” Alvarez & Marsal Private Wealth Partners CIO Michael M., and his team examine the tension underlying Q3’s headline returns: resilient economic activity and earnings, alongside narrower market leadership, higher financing costs, and inflationary pressure from energy prices. We believe durable cash flows, strong balance sheets, and valuation discipline remain important. Higher bond yields also create selective income opportunities, while cash and shorter maturities can help preserve flexibility. Our Q3 2026 Investment Commentary examines how these developments affect equity valuations and portfolio positioning heading into year-end. Read the full commentary: https://lnkd.in/gyh_TWae

It may sound intuitive, but it's worth saying. We believe the quantitative discipline of portfolio construction belongs in wealth and estate planning. At Alvarez & Marsal Private Wealth Partners, the A² Lab applies that discipline to decisions about trust funding, entity structures, and liquidity. Jonathan Fitzgerald, JD, CPA/PFS, Miloš Janičić, and their team combine planning with quantitative analysis to evaluate these decisions in the context of a family’s broader wealth. For advisors, attorneys, and CPAs, the work builds a shared understanding of the assumptions, dependencies, and trade-offs behind a recommendation. Learn more about the A² Lab here: https://lnkd.in/gv33a7fQ

A municipal bond portfolio starts with understanding the people it serves: their priorities, time horizons, and plans for the next generation. In this video, Takuya Kisaka, Managing Director and Head of Fixed Income at Alvarez & Marsal Private Wealth Partners, shares how that understanding informs his team’s approach to municipal bond investing. Drawing on more than 25 years of municipal bond experience, Taki works alongside Jude Scaglione, Peter Aloisi, CFA, Abdulla Begai, CFA, and the team to develop separately managed portfolios for ultra-high-net-worth clients. Together, they actively manage these portfolios through credit research, trading, and ongoing conversations about each client’s objectives. Watch Taki discuss the team’s work, and read more about his approach: https://lnkd.in/e4d6Vm2C #fixedincome #municipalbonds #activelymanaged #ampwp

Meet Miloš Janičić, Director and Head of the A² Lab at Alvarez & Marsal Private Wealth Partners. Miloš brings more than 12 years of experience across hedge funds, family offices, and global banking. Since joining AMPWP last summer, he has helped build the Lab around a practical question: how do trusts, entities, liquidity, and investments interact when a family makes a planning decision? We’re proud to recognize his work in bringing quantitative discipline and explainable analysis to wealth and estate planning. Learn more about the A² Lab here: https://lnkd.in/gv33a7fQ

Thank you, Gregg Greenberg, of InvestmentNews, for hosting Managing Director and Head of Wealth Planning, Jonathan Fitzgerald, JD, CPA/PFS, on IN the Nasdaq to discuss Alvarez & Marsal Private Wealth Partners’ new A² Lab. As Jonathan explains, the A² Lab breaks down longstanding silos by bringing quantitative rigor to the intersection of portfolio optimization, trust and estate planning, and tax modeling. We believe this is the key to helping families unlock their wealth. Watch the full video here: https://lnkd.in/gv33a7fQ