Demand for tailor-made investments is fueling a surge in personalized portfolios of municipal bonds.
Separately managed accounts that invest in muni assets now hold an estimated $1.3 trillion across 180 managers, according to JPMorgan Chase & Co. That’s up 6% from a year ago.
Once designed for only the wealthiest investors, so-called SMAs have become popular with a broader range of clients as account minimums decrease. These portfolios are run by a professional money manager, but each client owns the securities directly instead of in a pool with other investors, like with mutual funds. That allows for a greater degree of personalization and enhanced tax-loss harvesting.
Bloomberg Markets
By Aashna Shah
February 9, 2026