Independent & Data Driven

MMA Team

Thomas G. Doe
   President and Founder

Timothy R. Holler, CFA
   COO and Partner

Matt Fabian

Robert Donahue
   Managing Director

Tripp Kaiser

Kevin McGuigan

Matt Posner, CFA
   Managing Director

Brian Potter

Lisa Washburn
   Managing Director


MMA is regularly invited to address regulators, congress, administration, associations and industry conferences on issues affecting the municipal market and industry. MMA has presented to the following groups or at recent conferences:

  • U.S. Senate Committee on Finance
  • U.S. Senate Committee on Banking, Housing & Urban Affairs
  • U.S. House Committee on Oversight & Government Reform, Subcommittee on Healthcare
  • U.S. Securities and Exchange Commission
  • Government Finance Officers Association
  • National Governors Association
  • National Association of State Treasurers
  • U.S. Conference of Mayors
  • SIFMA’s Annual Conference
  • Bond Dealers of America national summit
  • Bond Buyer national and regional events
  • U.S. Federal Reserve Board
  • FFIEC Capital Markets Specialists Conference
  • Federal Deposit Insurance Corporation
  • Massachusetts Investor Conference
  • California Debt and Investment Advisory Commission
  • And numerous security dealers, banks and investor internal conferences for their staff and clients
  • Over 200 different media outlets have cited MMA for its independent assessment of market conditions and issues. Influential print, television and radio organizations such as The New York Times, The Wall Street Journal, The Economist, The Financial Times, Bloomberg News, The Bond Buyer, CNBC, Fox News, Governing Magazine, and National Public Radio, routinely reach out to the firm for insights on key municipal issues or market impacting events.
  • MMA personnel have served or are currently serving on boards of the following organizations: Municipal Securities Rulemaking Board (MSRB), National Federation of Municipal Analysts (NFMA) and Municipal Analyst Group of New York (MAGNY).

Thomas Doe Thomas G. Doe, President and Founder
Mr. Doe is President of Municipal Market Analytics, Inc. (MMA) which acquired Municipal Market Advisors at the conclusion of 2014. Mr. Doe founded and served as the CEO of Municipal Market Advisors, the leading independent research firm in the municipal industry, from its inception in 1995.

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.  top

Timothy R. Holler, CFA, Chief Operating Officer, Partner
Timothy R. Holler is COO and Partner at Municipal Market Analytics, Inc. Mr. Holler leads MMA’s quantitative research team where he oversees portfolio management research and security trading modeling for risk management applications. He also ensures the efficiency and integrity of MMA’s proprietary databases. In addition, Mr. Holler manages the daily business operations and technology of the firm. Prior to 2015, Mr. Holler served in a comparable role at Municipal Market Advisors for 20 years.

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).  top

Matt Fabian Matt Fabian, Partner
Mr. Fabian is a Partner at Municipal Market Analytics (MMA) where he leads market and credit research. Mr. Fabian is the lead contributor MMA’s weekly Outlook and biweekly Default Trends . His expansive knowledge of the idiosyncratic characteristics of the municipal market has made him one of the primary voices of the industry. Prior to MMA in 2015, Mr. Fabian served in a similar capacity at Municipal Market Advisors since 2006.

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.  top

Robert Donahue Robert Donahue, Managing Director
Robert Donahue, is a Managing Director at Municipal Market Analytics (MMA) where he leads the bank credit team and manages the portfolio credit benchmark. Mr. Donahue oversees the on-going credit research for more than 150 bank municipal investment portfolios. Mr. Donahue also is the lead analyst of MMA’s weekly Investor report and a regular contributor to the weekly Outlook. In addition, he performs the key analysis for MMA’s Puerto Rico coverage that has received national and international attention. Prior to 2015, Mr. Donahue served a similar role at Municipal Market Advisors, Inc. from 2012 to 2014

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  top

Matt Posner

Matt Posner, CFA, Managing Director
Matt Posner is head of Municipal Market Analytics’ municipal market coverage and coordinates the firm’s Washington, D.C. initiatives. Mr. Posner oversees the daily production of MMA’s Insight service and weekly Municipal Issuer Brief, a report designed exclusively for the issuer community. In Washington DC, Mr. Posner meets routinely with members of Congress, Administration and regulatory entities to counsel on proposals shaping the industry. Mr. Posner initiated MMA’s activities amid the 2008 financial crisis. Prior to 2015, Mr. Posner served in a similar capacity at Municipal Market Advisors at which he started his municipal career in 2008.

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).  top

Lisa Washburn

Lisa Washburn, Managing Director
Ms. Washburn is a Managing Director for Municipal Market Analytics. At MMA, Ms. Washburn leads the firm’s consulting practice. In addition, MS. Washburn maintains MMA’s credit impairment database and is a regular contributor to the firm’s weekly Outlook, Default Trends and Investor publications. Prior to 2015, she held a similar position at Municipal Market Advisors.

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.  top

© 2015 Municipal Market Analytics, Inc.