Wall Street Job Boom Fades as Puerto Rico Convulses: Muni Credit
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Money managers in the municipal market are adding analysts at the slowest pace since before the financial crisis, a sign research staffs are able to manage the volatility stemming from beleaguered Puerto Rico.
AllianceBernstein Holding LP, Nuveen Asset Management, T. Rowe Price Group Inc. and Vanguard Group Inc. -- which combined have 59 researchers and oversee about $270 billion in munis -- haven’t added analysts in the past year-and-a-half. Neither have banks such as Barclays Plc. Morningstar Inc. in Chicago stopped providing muni research as of June 30.