Ciccarone Focuses on Merritt as Retirement Includes Web

Richard Ciccarone, chief research officer at McDonnell Investment Management, will focus on his other companies tracking local governments and the $3.7 trillion U.S. municipal market when he retires from the firm at the end of the year.

Ciccarone, 61, who’s spent more than 35 years in the investment industry, will concentrate on his position as chief executive officer of Merritt Research Services LLC, a municipal-bond research company. The majority owner of Hiawatha, Iowa-based Merritt, Ciccarone will work from Chicago, he said in an interview from Oak Brook, Illinois, where McDonnell is based.

Ciccarone is also co-publisher and co-owner of, a local-government finance and economics website, with James Spiotto, a partner in the Chicago office of Chapman and Cutler LLP and head of the firm’s bankruptcy group.

Through the website and Merritt, “I expect to be busy and focused,” said Ciccarone, who’s also a co-founder of the National Federation of Municipal Analysts and served as its chairman.

Ciccarone will be succeeded at McDonnell by Jim Butler and Brad Mincke, who will serve as co-heads of research, the firm said in a statement. The unit of Natixis Global Asset Management L.P. supervised about $12.5 billion in assets as of Sept. 30, the company said.

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