Tom Metzold, who has worked at Eaton Vance Management since 1987, will leave next month to join MBIA Inc.’s municipal-bond insurance unit, National Public Finance Guarantee Corp.
Metzold, 56, will start at the insurer in August as managing director and head of capital markets, the Purchase, New York-based company said in a press release Wednesday. He’ll reunite with Tom Weyl, who had worked as Eaton Vance’s director of muni research for 14 years until 2012. MBIA brought on Weyl last year as head of new business development.
“It’s going to be a great opportunity to get the team back together and to begin once again competing at the highest level for new business,” Metzold said in a telephone interview.
Bond insurers have ramped up hiring as they regain favor among states and cities. About $12.4 billion of munis sold this year carried insurance, or 6.3 percent of total issuance, Bank of America Merrill Lynch data show. Over the same period in 2014, insurers guaranteed $6.1 billion, or 4.6 percent. National began backing new muni deals last year after winning a Standard & Poor’s boost to AA-, the fourth-highest level.
Metzold was a senior portfolio adviser at Eaton Vance in Boston and had been co-director of municipal investments from 2010 to 2014, according to a separate statement from the money manager. The funds he ran will be overseen by Craig Brandon and Cynthia Clemson when he leaves on July 31. Eaton Vance manages about $28 billion in munis, Metzold said.