Tag: Municipal Bonds
Wealth Management Invest: Building Diversified Portfolios with Nomura’s Milissa Hutchinson

Wealth Management Invest: Building Diversified Portfolios with Nomura’s Milissa Hutchinson

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David Bodamer speaks with Milissa Hutchinson, managing director and head of U.S. Wealth at Nomura Asset Management, about how financial advisors can approach diversification as they build portfolios for today’s evolving markets. Milissa shares Nomura’s perspective on diversification, explaining where the firm sees opportunities across emerging markets, small caps and innovation, including artificial intelligence-related growth beyond the largest U.S. technology companies.

Milissa also explores the income opportunities available across fixed income, including high-yield and municipal bonds, and explains where active management may play a role as markets broaden. In addition, she addresses recent concerns surrounding private credit, the importance of understanding liquidity and investment vehicles, and why viewing private credit within the context of a diversified portfolio can help advisors and investors better assess its role alongside public equities and fixed income.

Milissa discusses:

  • How diversification can support portfolio resilience while maintaining exposure to potential growth opportunities
  • Where emerging markets may offer exposure to AI growth through areas such as high-bandwidth memory and technology
  • Why small caps, quality growth, value and innovation can serve different roles within diversified equity portfolios
  • How current yields in high-yield and municipal bonds may offer income opportunities within investor portfolios
  • How financial advisors can evaluate private credit while considering diversification, liquidity and its role within the broader portfolio

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Wealth Management Invest: Digging into SMAs and Direct Indexing with Columbia Threadneedle’s Daniel Milligan

Wealth Management Invest: Digging into SMAs and Direct Indexing with Columbia Threadneedle’s Daniel Milligan

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In this episode of Wealth Management Invest, host David Bodamer speaks with Daniel M. Milligan, vice president of separately managed accounts at Columbia Threadneedle Investments, to examine how advisors are using SMAs and direct indexing when building client portfolios.

Daniel outlines how technology has increased access to SMAs, why tax-aware personalization is gaining traction, and how direct indexing creates flexibility for investors seeking tailored equity exposures. He also walks through the role municipal bond SMAs can play in taxable accounts and highlights how advisors can use these tools.

Key takeaways:

  • How technology has allowed SMAs to move downmarket with lower minimum investments
  • Tax and transparency benefits that distinguish SMAs from mutual funds and ETFs
  • How direct indexing pairs index-like exposure with systematic tax management and client-level customization
  • Using SMAs and direct indexing to address concentrated stock positions while managing tax consequences over time
  • Limits of customization, advisor education needs, and why SMAs are increasingly central to holistic planning

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About Our Guest:

Dan Milligan is Vice President of Separately Managed Accounts at Columbia Threadneedle Investments, based in Boston, MA. He has been at the firm for almost 19 years. He holds a bachelor’s degree in economics from Boston College and an MBA from Boston College Carroll School of Management. He is a CFA Charterholder.

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