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Municipal Fixed Income

 
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Tax Exempt Portfolios Actively Managed Against Broad or State Specific Municipal Benchmarks

Philosophy & Objective
Municipal Fixed Income assignments at Northern Trust are constructed with the goal of generating consistent performance with predictable volatility. We emphasize the objectives of:

  • Preserving principal
  • Generating current income
  • Dampen the volatility of other asset classes
  • Providing liquidity in case of need

Investment Process
We have investment views, but our trading scale and skill allows us to be modest in taking traditional manager bets (duration and credit). We add thoughtful approaches to yield curve, sector, structure & state decisions, yet aiming to end up with portfolios that are often higher quality AND higher return than their benchmarks.

Managing credit risk is the cornerstone of our research process:

  • Strong sell discipline focused on identifying early signs of credit deterioration
  • Separate credit approval process from manager's purchase decision
  • Issuer financials are tracked electronically on a timely basis
  • Individual state analysis identifying macro trends

Investment Style
We incorporate key elements of our relative value style, emphasizing a rigorous security selection process while closely monitoring and controlling portfolio risk relative to a client-selected benchmark.

Active Management
We strive to capitalize on market inefficiencies to maximize total return - both income return and price appreciation:

  • The process goes beyond credit and interest rate decisions
  • Key value-added factors include yield curve positioning, security selection/structure decisions, and sector/state analysis

Disciplined Risk Controls
We believe a comprehensive portfolio review process combined with a key understanding of risk is essential to meet our  investment objectives:

  • Risk exposure guidelines established
  • Daily monitoring of duration, sector concentration, and credit quality

Fundamental Research
We combine original credit and macroeconomic research with experience and judgment in the development of portfolio structure and characteristics:

  • Both issuer credit and enhancement (insurance) providers are evaluated
  • The structural risk of each security is evaluated and actively monitored

Flexible Structures
Northern Trust's capabilities can be delivered as separate accounts or mutual fund vehicles.

Susan Weeks

Susan Weeks

Business Development Executive - Southeast
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Susan Weeks

Susan Weeks

Business Development Executive - Southeast
 

Susan Weeks is a Vice President at Northern Trust Asset Management. As a Business Development Executive, Susan focuses on new business development within the financial intermediary channel. She primarily works with registered investment advisors and financial institutions throughout the Southeast U.S., identifying investment product solutions to help support and grow their practices. Susan has more than 18 years of investment industry experience. Prior to joining Northern Trust in 2012, her career included retirement plan and mutual fund distribution-related positions at ING, GE Asset Management, Merrill Lynch, State Street Research and Gibraltar Private Bank and Trust. Susan holds FINRA Series 7 and Series 63 securities licenses, and she is a CRPS® (Chartered Retirement Plans Specialist).

Brian Kiefer

Business Development Executive - Northeast
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Brian Kiefer

Business Development Executive - Northeast
 
Brian Kiefer is a Vice President at Northern Trust Asset Management. As a Business Development Executive, Brian focuses on new business development within the financial intermediary channel. He primarily works with registered investment advisors and financial institutions throughout the Northeastern U.S., identifying investment product solutions to help support and grow their practices. Brian has more than a decade of investment industry experience. Prior to joining Northern Trust, Brian was a Senior Regional Sales Director at Ameriprise Financial, and has held positions at John Hancock Funds and Guardian Investor Services. Brian earned his bachelor’s degree from James Madison University and his master’s degree from Harvard University. Brian holds FINRA Series 7, Series 63 and Series 66 licenses, and he is also a CRPC®(Chartered Retirement Plan Counselor).

Cody Poirier

Business Development Executive - Midwest
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Cody Poirier

Business Development Executive - Midwest
 
Cody Poirier is a Vice President at Northern Trust Asset Management. As the Business Development Executive for the Midwest, Cody is primarily responsible for RIA and financial intermediary advisor relationships. Cody has more than a decade of investment industry experience. Prior to joining Northern Trust, Cody was Vice President with PAX World Investments responsible for institutional and intermediary business development in the Midwest; a Regional Vice President with Invesco in the Northeast; an internal associate with Calamos Investments in Naperville; and an Equity Trader with Great Point Capital in Chicago. Cody earned a BBA in Finance from the University of Iowa and an MBA in Finance from the Kellstadt Graduate School of Business at DePaul University. Cody holds FINRA Series 7 and Series 66 securities licenses.
Brian Bursua

Brian Bursua

Business Development Executive
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Brian Bursua

Brian Bursua

Business Development Executive
 

Brian Bursua is a Senior Vice President at Northern Trust Asset Management. As a Business Development Executive, Brian is responsible for sales and relationship management in the defined contribution recordkeeping division. Prior to joining Northern Trust in 2005, he held a variety of sales and service positions in the retirement and retail operations of Safeco Mutual Funds, where he worked for six years. Brian earned a Bachelor of Science degree from Southern Illinois University, and he holds FINRA Series 6, Series 63 and Series 7 securities licenses.

Pat Gaskin

Pat Gaskin

Business Development Executive
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Pat Gaskin

Pat Gaskin

Business Development Executive
 

Patrick Gaskin is a Vice President at Northern Trust Asset Management. As a Business Development Executive, Pat is responsible for sales and relationship management in the defined contribution recordkeeping division. Prior to joining Northern Trust in 2012, he worked at DWS Investments for 12 years, managing client relationships in the retirement, annuity and mutual fund segments. Pat earned a Bachelor of Science from University of Illinois, and he holds FINRA Series 7, Series 63 and Series 24 securities licenses.

Jeffrey Antonacci

Jeffrey Antonacci

Business Development Executive
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Jeffrey Antonacci

Jeffrey Antonacci

Business Development Executive
 

Jeffrey Antonacci is a Senior Vice President at Northern Trust Asset Management. As the Director of Financial Intermediary Markets and the Head of Sub-advisory Investment Sales, Jeff is responsible for market development across the financial intermediary channel and leads the sales and relationship management efforts for sub-advisory clients. Before assuming his current role, Jeff was Global Head of RFP (request for proposal) Management; Director, Alternative Investment Specialist; Director, Investment Product Strategy; and Director, Wealth Advisory Investments.

Prior to rejoining Northern Trust in 2005 (he began his career at Northern Trust in 1994), Jeff was a senior investment consultant at Ibbotson Associates. He earned a Bachelor of Science in finance from Indiana University and an MBA from the Kellogg Graduate School of Management at Northwestern University. Jeff is a CFA (Chartered Financial Analyst), a member of the CFA Institute and a member of the CFA Society of Chicago.

Frank Szymanek

Frank Szymanek

Business Development Executive
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Frank Szymanek

Frank Szymanek

Business Development Executive
 

Frank Szymanek is a Senior Vice President at Northern Trust Asset Management. He is an Business Development Executive responsible for market development across the financial intermediary channel and supports the sales and relationship management efforts for sub-advisory and insurance clients. Frank has more than 25 years of investment industry experience and joined Northern Trust in 1994. Previously he was a senior product manager responsible for developing, positioning and servicing fixed income products. He was also a manager of the firm’s institutional client servicing team, and has held a variety of roles including new business development, relationship management and as a portfolio specialist.

Prior to joining Northern Trust, Frank worked at First Chicago Bank, American National Bank and KPMG Peat Marwick. He earned a Bachelor of Science in accounting and economics from Elmhurst College and a JD from John Marshall Law School. Frank is also a CPA (Certified Public Accountant), a CFP (Certified Financial Planner) and a CIMA (Certified Investment Management Analyst). He holds FINRA Series 7, Series 3, Series 63 and Series 24 securities licenses.

Susan Weeks

Susan Weeks

Business Development Executive - Southeast
View Profile
 
Hide Profile
Susan Weeks

Susan Weeks

Business Development Executive - Southeast
 

Susan Weeks is a Vice President at Northern Trust Asset Management. As a Business Development Executive, Susan focuses on new business development within the financial intermediary channel. She primarily works with registered investment advisors and financial institutions throughout the Southeast U.S., identifying investment product solutions to help support and grow their practices. Susan has more than 18 years of investment industry experience. Prior to joining Northern Trust in 2012, her career included retirement plan and mutual fund distribution-related positions at ING, GE Asset Management, Merrill Lynch, State Street Research and Gibraltar Private Bank and Trust. Susan holds FINRA Series 7 and Series 63 securities licenses, and she is a CRPS® (Chartered Retirement Plans Specialist).

Brian Kiefer

Business Development Executive - Northeast
View Profile
 
Hide Profile

Brian Kiefer

Business Development Executive - Northeast
 
Brian Kiefer is a Vice President at Northern Trust Asset Management. As a Business Development Executive, Brian focuses on new business development within the financial intermediary channel. He primarily works with registered investment advisors and financial institutions throughout the Northeastern U.S., identifying investment product solutions to help support and grow their practices. Brian has more than a decade of investment industry experience. Prior to joining Northern Trust, Brian was a Senior Regional Sales Director at Ameriprise Financial, and has held positions at John Hancock Funds and Guardian Investor Services. Brian earned his bachelor’s degree from James Madison University and his master’s degree from Harvard University. Brian holds FINRA Series 7, Series 63 and Series 66 licenses, and he is also a CRPC®(Chartered Retirement Plan Counselor).

Cody Poirier

Business Development Executive - Midwest
View Profile
 
Hide Profile

Cody Poirier

Business Development Executive - Midwest
 
Cody Poirier is a Vice President at Northern Trust Asset Management. As the Business Development Executive for the Midwest, Cody is primarily responsible for RIA and financial intermediary advisor relationships. Cody has more than a decade of investment industry experience. Prior to joining Northern Trust, Cody was Vice President with PAX World Investments responsible for institutional and intermediary business development in the Midwest; a Regional Vice President with Invesco in the Northeast; an internal associate with Calamos Investments in Naperville; and an Equity Trader with Great Point Capital in Chicago. Cody earned a BBA in Finance from the University of Iowa and an MBA in Finance from the Kellstadt Graduate School of Business at DePaul University. Cody holds FINRA Series 7 and Series 66 securities licenses.
Corinne McClintic

Corinne McClintic

Business Development Executive
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Corinne McClintic

Corinne McClintic

Business Development Executive
 

Corinne McClintic is a Senior Vice President at Northern Trust Asset Management. As a business development executive, Corinne focuses on new business development within the financial intermediary channel. She primarily works with senior leaders at trust institutions throughout the country, identifying investment product and research solutions to help growth their businesses. Since joining Northern Trust in 1974, Corinne has also served as an investment assistant and a division manager in the Trust Department. She earned a Bachelor of Arts from Barat College and an MBA from Loyola University. Corinne is a CFA (Chartered Financial Analyst) and served as treasurer for the Investment Analysts Society of Chicago. She holds FINRA Series 6, Series 26 and Series 63 securities licenses and is an investments instructor at the BAI, Illinois Bankers Trust School and Cannon School. Corinne also is an avid volunteer for various charitable organizations.

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Institutional investor award winners are chosen by the editorial staff of Institutional Investor magazine based on their market intelligence, performance data and additional information received from the industry following a public call for nominations. Manager winners are also selected by the editors of the magazine based on the results of a survey conducted of U.S. institutional investors.
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Investment Products and Services are:

Not FDIC INSURED | May lose value | No bank guarantee 

Asset Management comprises Northern Trust Investments, Inc., Northern Trust Global Investments Limited, Northern Trust Global Investments Japan, K.K.,NT Global Advisors, Inc. and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company.