The Power
 of Independence

Analyst Team

Thomas Doe
Founder, CEO

Robert Donahue
Managing Director

Matt Fabian
Managing Director

Lynne Funk

Timothy Holler

Tripp Kaiser

Kevin McGuigan

Matt Posner
Managing Director

Brian Potter

Lisa Washburn
Managing Director

Municipal Market Advisors (MMA) is an independent research firm based in Concord, Massachusetts, founded in 1995. MMA’s core business is to provide strategic analysis and commentary on historical and quantitative conditions of the US municipal market. In 2012, MMA introduced its newest service, the Portfolio Credit Benchmark (PCB), an enterprise risk solution for bank portfolios to meet their regulatory needs pertaining to the credit review of municipal bonds.

Over 300 organizations receive MMA’s research, which value the firm’s honest and timely perspective on key industry issues. MMA’s clients include leading investment firms, banks, security dealers, financial advisors, issuers and regulators. MMA is proud to have the Securities Exchange Commission, Federal Reserve Banks of New York, Atlanta, Cleveland and Boston, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and Pew Foundation as clients. MMA also maintains relationships with staff members at a number of influential organizations including: National Governors Association, Government Finance Officers Association, National Federation of Municipal Analysts, Council of Economic Advisers, Government Accounting Standards Board, and SIFMA.

MMA has regularly testified or presented on issues affecting the municipal market. In addition to many municipal industry sponsored events, MMA has testified or presented at the following recent events:

  • U.S. Senate Committee on Finance: Financing 21st Century Infrastructure (May 17, 2011)
  • U.S. Committee on Oversight & Government Reform, Subcommittee on Healthcare, D.C., Census & the National Archives: DC FY 2012 Budget: Ensuring Fiscal Sustainability (May 12, 2011)
  • National Governors Association: Economic Development & Commerce Committee (February 27, 2011)
  • U.S. Securities and Exchange Commission: Second Field Hearing on State of Municipal Securities Market (December 7, 2010)
  • U.S. Senate Committee on Banking, Housing & Urban Affairs: Enhancing Investor Protection & the Regulation of Securities Markets (March 10, 2009)
Over 200 media outlets have cited MMA for its independent and credible assessment of market conditions and issues. Influential print, television and radio organizations such as The New York Times, Wall Street Journal, Financial Times, Bloomberg (print, radio and television), The Bond Buyer, CNBC, Fox News and NPR, routinely reach out to the firm for insights on key municipal issues and/or to better understand the impact of events on the market.

MMA personnel have been selected to a variety of leadership roles in the municipal industry including the Municipal Securities Rulemaking Board, National Federation of Municipal Analysts and Municipal Analyst Group of New York.

Thomas Doe Thomas G. Doe, CEO, Founder
Throughout his career, Mr. Doe has addressed all the leading groups in the municipal industry. 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. In March 2009, Mr. Doe testified before the Senate Banking Committee on the future of municipal regulation and the state of the industry and in December 2010, he appeared before the Securities Exchange Commission (SEC) to provide insight on the market’s stability and liquidity. On January 20, 2011, he represented the industry in a CNBC interview to accurately define market credit risks in response to Meredith Whitney’s dire municipal default projection. Also in 2011, Mr. Doe had the honor of addressing the National Governors Association’s winter meeting regarding the state of public finance, which he did again in February 2013. On March 19, 2013, Mr. Doe will speak to the country’s state Treasurers at their annual legislative session in Washington DC.

In 2012, Mr. Doe addressed the Municipal Division of the SEC, been a featured speaker at US Bank Government Banking Retreat, Fortigent Winter Meeting, Philadelphia Council of Business Economics, Municipal Bond Buyer’s Annual Conference, BMO’s Fixed-Income Perspective Event, GFOA’s National Conference and SIFMA’s Municipal Summit. In July, MMA presented at the FFIEC Capital Markets Specialists Conference and to its bank examiner attendees on the subject of the municipal market credit risk. In September, MMA conducted its seminar on Municipal Credit Risk for the FDIC and its regional bank examiners.

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.

Mr. Doe received his undergraduate degree from Colgate University and a Master’s from Harvard University.  top

Robert Donahue Robert Donahue, Managing Director
Robert Donahue, who joins MMA as a Managing Director, most recently 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.

From 2000 to 2010, Mr. Donahue was a Portfolio Manager and Analyst at Fidelity Investments’ Fixed Income Division, where he was responsible for five municipal money market mutual funds totaling more than $6 billion in shareholder assets. He spent three years at T. Rowe Price Associates’ Fixed Income Division, where he was responsible for credit analysis and surveillance of multiple municipal sectors, managing 17 municipal bond funds with more than $8 billion in assets.

Mr. Donahue was president of the Boston Municipal Analyst Forum in 2007, was on the Board of Governors of the National Federation of Municipal Analysts from 2007 to 2009.

Mr. Donahue was a teacher, coach and administrator from 1987 to 1994 at schools in Saint Louis, Missouri and Washington, D.C. and was a special assistant to the CEO of the District of Columbia Public Schools in 1997. He 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 obtained a Master of Public Administration, State and Local Financial Management, from Syracuse University’s Maxwell School of Citizenship and Public Affairs and a Bachelor of Arts from College of the Holy Cross.  top

Matt Fabian Matt Fabian, Managing Director
Mr. Fabian is a Managing Director for MMA. Mr. Fabian has been a municipal analyst for eighteen years and is the lead author of MMA’s Weekly Outlook and a contributor to the Advisor.

Prior to his current position, Mr. Fabian spent two-and-a-half years as the lead municipal research analyst for UBS and headed up a group within UBS Wealth Management Research, the award-winning division of 150 analysts and economists supporting the company’s $1.3 trillion in invested wealth management assets. Mr. Fabian was the prime resource on municipal bond research for the UBS network of nearly 7,500 US financial advisors, while also advising the company’s institutional trading and investment-banking clients. Mr. Fabian was also a research analyst with the UBS Municipal Securities Group for three years, an underwriting analyst with a municipal bond insurer for four years, and a municipal rating analyst with Moody’s Investors Service for three years.

Mr. Fabian was chairman of the Municipal Analysts Group of New York (MAGNY) in 2010-2011 and is on the Board of Governors of the National Federation of Municipal Analysts (NFMA). He has been a featured speaker at numerous industry conferences on a wide range of topics, including investing strategy, demographic trends, bond insurance, tax reform, derivatives, defaults, state governments, and tobacco bonds. He is also a contributing editor for the Municipal Finance Journal.

Mr. Fabian has a Master’s of Public Administration degree from the Maxwell School of Citizenship and Public Affairs at Syracuse University and undergraduate degree from Penn State. He has current Series 7, 63, and 16 NASD licenses.  top

Timothy Holler, CFA COO
Timothy R. Holler is head of quantitative research and technology and COO at Municipal Market Advisors (MMA).  Mr. Holler's primary responsibilities include researching portfolio and trading strategies, and ensuring the efficiency and integrity of MMA’s database and MMA’s Consensus yield data.

Mr. Holler also leads and develops the research used in risk and trading modeling. Mr. Holler’s emphasis is on developing computer-programmed systematic trading/investment systems.  Mr. Holler places a premium on the rigorous historical testing of systems, a discipline that involves analyzing performance in the context of evolving market conditions.

Prior to joining MMA in July 1995, Mr. Holler worked at Municipal Market Data as a Research Analyst from June 1993.  Mr. Holler began his investment career in June 1992 as a board reporting specialist at the Boston Company.

Mr. Holler holds an undergraduate degree in Finance from the University of Massachusetts, Amherst and is a CFA charterholder which is a graduate-level curriculum focused on investment management.  top

Matt Posner

Matt Posner, Managing Director
Matt Posner is head of MMA’s municipal market coverage and coordinates the firm’s Washington, D.C. initiatives. Since 2008, the municipal industry has seen extraordinary interest from the regulatory community and policymakers in Washington, D.C. To satisfy intelligent coverage of policy changes and how they affect the industry, Mr. Posner meets regularly with members of Congress, the U.S. Treasury Department, the Federal Reserve and those in regulatory circles to help advise on proposals shaping the industry.

Mr. Posner also produces MMA’s market Insight report. Insight, published two to three times a day, combines experienced observations of primary and secondary municipal market activity. The report 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 has undergraduate degrees in Political Science and American History from Georgetown University and is currently a CFA Level 3 candidate. He has testified before the United State Senate Committee on Finance and contributes to the Municipal Finance Journal.  top

Lisa Washburn

Lisa Washburn, Managing Director
Ms. Washburn is a Managing Director for MMA. She has been a municipal analyst for over 20 years and leads the firm’s client credit education and screening services and is a contributing author to MMA’s Weekly Outlook.

Prior to her current position, 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. Ms. Washburn has extensive experience in the analysis of municipal bonds covering a wide variety of sectors in the market. During her tenure at Moody’s, Ms. Washburn managed a number of 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 in finance from Lehigh University. She also passed all sections of the Certified Management Accountants exam in 1989.  top

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