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Thursday, March 14, 2024

IR+M Teams With a CA ETF Shop

Reported by Neil Anderson, Managing Editor

The team at a three-year-old, Bay Area ETF shop is partnering with the folks at a 37-year-old, $96-billion-AUM, institutional fixed income asset manager in Massachusetts.

Erinn Rachelle King
Income Research + Management
Chief Strategy Officer
This morning, Tony Kelly, co-founder of BondBloxx [profile], and Erinn King, chief strategy officer of Income Research + Management (IR+M), unveiled the launch of the BondBloxx IR+M Tax-Aware Short Duration ETF (TAXX on the NYSE Arca). The new fund is a series of the BondBloxx ETF Trust.

TAXX's inception date is today. The actively managed ETF comes with an expense ratio of 35 basis points.

BondBloxx Investment Management Corporation (BIM) serves as investment advisor to TAXX. IR+M serves as the new fund's subadvisor.

The PM team for TAXX includes Elya Schwartzman, head of portfolio management at BIM. The team also includes seven IR+M PMs: Rachel Campbell, director of securitized research; Jim Gubitosi, co-chief investment officer; Allysen Mattison, director of investment risk and vice chair of the investment committee; Bill O'Neill, senior portfolio manager; Wesly Pate, senior PM; Jake Remley, senior PM; Mike Sheldon, deputy CIO; and Matt Walker, senior PM.

Kelly frames the launch of TAXX by noting that "there is more to tax-aware investing than municipal bonds."

"With TAXX, investors have the ability to access a tax-aware strategy using that wider opportunity set, available with the accessibility, liquidity, and cost efficiency of an ETF," Kelly states. "Our two firms share a cultural commitment to democratizing access to the most sophisticated and useful fixed income strategies, and we are thrilled to introduce TAXX as the first step in our partnership."

King notes that the IR+M team "has decades of experience managing similar tax-aware approaches for institutional and private clients."

"TAXX represents the first time we have made our tax-aware capabilities available to the broader investment market," King states. "We're thrilled to combine our team's acumen in tax-aware investment strategies with the BondBloxx team's fixed income expertise."

TAXX's other service providers include: Brown Brothers Harriman & Co. (BBH) as administrator, custodian, dividend disbursing agent, and transfer agent; Cohen & Company, Ltd. as independent accounting firm; Foreside Fund Services, LLC as distributor; and Ropes & Gray as counsel. 

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