Updated
Updated · Bloomberg · Jun 29
Private Muni-Bond Accounts Reach $1.6 Trillion After 7% Annual Growth
Updated
Updated · Bloomberg · Jun 29

Private Muni-Bond Accounts Reach $1.6 Trillion After 7% Annual Growth

1 articles · Updated · Bloomberg · Jun 29

Summary

  • $1.6 trillion in municipal-bond separately managed accounts made those private portfolios the largest holders of state and local government debt, JPMorgan said.
  • The total grew about 7% in 2025, extending rapid expansion in individually tailored muni portfolios run for clients.
  • Since 2017, SMA assets have jumped 44%, underscoring how quickly customized accounts have gained share in the municipal-bond market.

Sources

Left100%
Bloomberg3h ago
JPMorgan: Private Muni-Bond Accounts Swell to $1.6 Trillion

Insights

As customized muni bond accounts boom, are investors overlooking the systemic risks now building outside of traditional banks?
With non-banks now dominating government debt, can central banks manage financial stability without creating new moral hazards?

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Sources

1 total
Left100%
Bloomberg3h ago
JPMorgan: Private Muni-Bond Accounts Swell to $1.6 Trillion

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