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Thomas G. Doe
President and Founder
Timothy R. Holler, CFA
COO and Partner
Matt Posner, CFA
Thomas G. Doe, President and Founder
Mr. Doe has been a sought after speaker on industry issues and its future. His insight, integrity, candor and historical context is sought to establish a clear perspective of current conditions impacting investors and issuers in the municipal cash and derivative markets. Most memorably, on January 20, 2011, Mr. Doe forcefully represented the industry in a CNBC interview to accurately define market credit risks in response to Meredith Whitney’s alarmist municipal default projection. Mr. Doe is the lead analyst on MMA’s monthly Advisor publication which began in 1995, and the firm’s Strategist report. He also contributes to the intraday Insight service, when the Strategist is not published.
Between 2002 and 2005, Mr. Doe served a 3-year term as a public member on the Municipal Securities Rulemaking Board (MSRB), the regulatory entity of the municipal securities industry.
Prior to his leadership role at MMA, Mr. Doe served as an analyst and manager at Municipal Market Data, Inc. from 1984 to its successful sale to the Thomson Reuters Corporation in 1994.
Mr. Doe received his undergraduate degree from Colgate University and a Master’s from Harvard University. He resides in Concord MA with his wife of 30 years. He has two daughters who reside in Austin, TX and Charlottesville, VA.
Timothy R. Holler, CFA, Chief Operating Officer, Partner
Early in his career, Mr. Holler worked at Municipal Market Data as a research analyst between 1993 and 1995. Mr. Holler began his investment career in June 1992 as a board reporting specialist at the Boston Company.
Mr. Holler received his undergraduate degree in Finance from the University of Massachusetts, Amherst and is a Chartered Financial Analyst (CFA).
Matt Fabian, Partner
Prior to his current position, Mr. Fabian was the lead municipal research analyst for UBS and UBS Wealth Management Research. Earlier in his career he was an underwriting analyst at FSA, and a municipal rating analyst with Moody’s Investors Service.
Mr. Fabian has served as chairman of the Municipal Analysts Group of New York (MAGNY) and was on the Board of Governors of the National Federation of Municipal Analysts (NFMA). He is routinely a featured speaker at numerous industry conferences on a wide range of topics, including investment strategy, demographic trends, bond insurance, tax reform, derivatives, defaults, state governments, and municipal credit. Mr. Fabian’s efforts in municipal default analysis led to the creation of MMA’s Credit Impairment Database, the most complete resource of troubled issuers in the industry.
Mr. Fabian has an undergraduate degree from Penn State University, and Masters of Public Administration from the Maxwell School of Citizenship and Public Affairs at Syracuse University.
Robert Donahue, Managing Director
Prior to MMA, Mr. Donahue served as a credit analyst and portfolio manager for several institutional investor platforms including T. Rowe Price and Fidelity. Most recently, Mr. Donahue oversaw new issue and secondary market analysis for municipal bond funds and insurance portfolios with more than $29 billion of combined assets at DWS Investments, Deutsche Asset Management.
Before his career in the municipal industry, Mr. Donahue also spent two years as a consultant at KPMG Peat Marwick, LLP, public services practice where he performed management and budgetary performance audits for local governments and school districts.
Mr. Donahue was on the Board of Governors of the National Federation of Municipal Analysts from 2007 to 2009.
Mr. Donahue obtained his undergraduate degree from the College of the Holy Cross; and a Master of Public Administration, State and Local Financial Management, from Syracuse University’s Maxwell School of Citizenship and Public Affairs. He also serves on the Board of Directors of Hebron Academy in Bath, Maine
Matt Posner, CFA, Managing Director
MMA’s market Insight service combines timely coverage of primary and secondary municipal market activity uniquely placed in a historical context and supported by proprietary data. Published at meaningful intervals during the trading day, MMA’s provides candid coverage of the daily ebb and flow of activity presented both in a historical context and complemented by observations from leading participants in the industry.
Mr. Posner’s exposure to the municipal industry began during his tenure as a market reporter for The Bond Buyer.
Mr. Posner has an undergraduate degree from Georgetown University and is a Chartered Financial Analyst (CFA).
Lisa Washburn, Managing Director
Prior to her position at MMA, Ms. Washburn was at Moody’s Investors Service for 20 years. From 2005 through 2011, she was a Managing Director in the Public Finance Group. During her tenure at Moody’s, Ms. Washburn managed several ratings teams including: Southwest Local Governments, Housing and State Revolving Funds, and Municipal Structured Products. She was a member of several senior level credit policy committees including Public Finance, Structured Finance and Public, Project and Infrastructure Finance. Additionally, Ms. Washburn led a number of the company’s high profile initiatives related to municipal bond default analysis and ratings comparability, including the 2010 Municipal Rating Recalibration and the rating agency’s first published municipal default study. She utilized her analytical and project management skills to work alongside Product Strategy to develop and launch the first generation of Moody’s Municipal Financial Ratio Analysis product (MFRA).
Ms. Washburn has been a member of the Board of Governors of the NFMA since 2008. She is a member of the organization’s Executive Board, Co-Chair of the Industry Practices Committee and an active member of the Education Committee. Ms. Washburn is also a member of MAGNY.
Ms. Washburn has an undergraduate degree from Lehigh University.