| June 6
June 6 Bank of America Merrill Lynch is
bringing back its former head of municipal research after last
week's departure of the firm's three top muni analysts.
Philip Fischer, who ran the group from 2004 to 2009, will
rejoin the firm on Monday, the bank said on Thursday, according
to an internal memo seen by Reuters.
Nearly half of the municipal research team at Bank of
America Merrill Lynch, the biggest lead manager of municipal
bond sales in the $3.7 trillion U.S. market, left the firm last
week in a restructuring of the unit.
John Hallacy, an award-winning analyst, was head of muni
research and had been at the firm for more than two decades.
Also departing are Susannah Page and Howard Sitzer. Four junior
Fischer co-founded eBooleant Consulting when he left Bank of
America Merrill Lynch. He wrote a book on municipal bond
investing that was published earlier this year.
Like Hallacy, Fischer is considered an all-star of analysis
and research in the muni bond market.
"Under Phil's leadership, the group will continue to produce
municipal credit research and develop a municipal strategy
product with a focus on thematic pieces and relative
value analysis and ideas," the bank said in the memo, written by
Michael Maras, head of global credit and global emerging
market's fixed income research.