About

$15.1 B
Assets Under Management
95%
Client Retention Rate since Firm Inception
30
Dedicated Municipal Investment Professionals
68%
Of the National Municipal Market Rated by Our Research Team
230,000+
Municipal Bond Allocations since Firm Inception (2/01/2008)
0
Purchased Bonds Defaulted since Firm Inception
As of August 31, 2019

Gurtin Municipal Bond Management, a PIMCO company, is an investment management firm founded on a simple premise: Do what you do best, and never settle.

With a singular focus on preserving principal while aiming to maximize tax-free income, we serve high and ultra-high net worth individuals nationwide, striving to protect and grow their wealth through our suite of high-grade municipal bond investment strategies.

Primarily working closely with a network of more than 150 independent RIAs, family offices, and investment consultants across the country, we are committed to providing tailored municipal investment experiences, including seeking to maximize risk-adjusted returns, through our:

Our History

Throughout Gurtin’s history, our commitment to putting clients’ needs first — through our specialization in high-grade municipal bond portfolios, innovation, and boutique-level service — has never wavered, and never will.

Our history is rooted in finding opportunity where others see problems and uncertainty. Breaking away from Morgan Stanley in 2008 with $5 billion in assets under management, Bill Gurtin founded Gurtin Municipal Bond Management in the midst of the uncertainty of the financial crisis — pursuing a dream of building the premier tax-exempt municipal bond management firm in the industry and making a commitment to the loyal clients who would make this possible.

Recognizing that striving to exceed clients’ expectations would require doing things differently, that’s exactly what we did: We built a firm focused on putting clients’ needs first and finding innovative ways to manage municipal bond portfolios that could serve as the foundation of their overall investment portfolio.

Similar to an investment portfolio, a company is only as strong as its foundation. To that end, we dedicated the firm’s first 10 years to investing in our people, research, and technology. We set out to attract, train, and retain:

  • Portfolio management and investment research teams equipped to identify creative ways to construct high-grade municipal portfolios capable of preserving the wealth our clients have worked so hard to build
  • A technology team skilled in driving innovation across the firm and building proprietary tools specific to the municipal bond space for greater market visibility and trade efficiency, with the aim of maximizing returns and minimizing fees for our clients
  • Advisory services and client service teams adept at providing the boutique-level service we believe our clients deserve

With this solid foundation in place, the firm again seized an opportunity to redefine excellence in serving our clients, as we became a PIMCO company in January 2019. Today, with the support of one of the world’s premier fixed income investment managers and $38 billion in assets under management across the combined businesses, we continue to seek out ways to raise the bar on municipal bond management for high and ultra-high net worth investors.

Gurtin's History of Municipal Investing


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2008

The Gurtin Group breaks away from Morgan Stanley, launching an independent firm with $5.2 billion in assets
The Gurtin Group's most popular strategy, the Municipal Stability strategy, carries over as the firm's primary municipal offering

2009

Gurtin develops its Credit Databank technology

2010

Gurtin launches the Municipal Opportunistic Value strategy and its first private funds

2011

Gurtin introduces the Municipal Lader strategy
Gurtin develops its Portfolio Optimizer technology
25 full-time employees

2013

Gurtin develops its Muni Exchange technology

2014

Gurtin launches its first mutual funds

2015

Gurtin unveils the Municipal Intermediate Value strategy
50 full-time employees

2017

Gurtin introduces the Municipal Social Advancement Strategy
AUM reaches $14 billion

2018

Gurtin launches Municipal Extended Value strategy
65 full-time employees

2019

Gurtin becomes a PIMCO company

As of January 2, 2019

Singular Focus on Municipals

With a deep and focused expertise in one of the most opaque and often misunderstood asset classes, we are passionate about municipal bonds and the investors who rely on them for fixed income. While every client is different, our investment team’s collective decades of experience in analyzing municipal bonds and actively managing municipal bond portfolios give us great insights into the often shared values, goals, and concerns of the country’s wealthiest families and their investment advisors.

Creatively Uncovering Value

Our passion for municipal bond management fuels our creativity and outside the “style” box thinking. Offering more than industry standard laddered portfolios, Gurtin also offers municipal bond strategies that are uniquely focused on minimizing portfolio volatility, as well as credit-based municipal bond strategies that seek to outperform the market by taking an intelligently contrarian viewpoint.

The Support Clients Need

With the belief that there is more to peace of mind than simply being comfortable with your municipal bond investments, we view the client experience as tantamount to investment security and are wholly committed to client satisfaction. By being available and responsive, and providing a customized client experience, Gurtin seeks to ensure that client needs are always being completely met.

Investment Philosophy

A singular focus on municipal investments.

As we work to protect principal and intelligently maximize after-tax income and returns, our highest priority is the comfort of investors in their municipal portfolios and financial future. To achieve this objective, we’ve made municipal credit and market research a core competency — using our independent credit and quantitative research to integrate environmental, social, and governance (ESG) factors into our investment process and uncover generally overlooked value.

Learn more about our approach to credit research:

By employing a collaborative approach to investment management, we seamlessly integrate our independent credit and quantitative research into our portfolio management process in order to protect and grow our clients’ wealth.

Credit Research

Our forward-looking analysis of credit risk, including ESG factors, enables our portfolio managers to purchase only bonds that we have identified as sustainable and high quality, and anticipate credit distress before major credit ratings agency outlook changes or rating downgrades can negatively impact the pricing of clients’ holdings.

Quantitative Research

We perform quantitative analyses to identify the market’s structural inefficiencies, calculate optimal pricing, and determine the types of municipal bond structures that we believe will perform best given client needs and objectives—whether clients are looking to minimize volatility, ensure predictable income, or generate high income.

Team

The Gurtin team is dedicated to delivering the highest quality service to every client. We understand the importance of being responsive, and go the extra mile to meet the needs of our clients and their advisors.

Philanthropy

Gurtin and its employees not only support but are involved in a number of philanthropic organizations in the greater San Diego area. We seek to improve the community by investing in issues and causes close to our heart, focusing on developing culture, education, and youth in San Diego.

Gurtin employees actively serve on the boards of the following local San Diego organizations.

La Jolla Playhouse

A Tony Award-winning professional non-profit theatre located on the prestigious campus of the University of California, San Diego, the La Jolla Playhouse proudly serves and supports over 30,000 children, students, and adults each year in its efforts to serve the neighborhood, provide educational programs, and enrich the community.

Words Alive

Believing reading to be the fundamental skill capable of altering and bettering lives and communities, Words Alive is committed to helping today’s adolescents and youth value and learn to read. By providing educational opportunities, reading experiences, and student scholarships, Words Alive annually impacts over 5,000 students and families across the community.


In addition, Gurtin is also proud to support the organizations below.

Feeding San Diego

In-N-Out Burger Foundation

Jackie Robinson Family YMCA

Knowledge Is Power

Rady Children's Hospital San Diego

San Diego Food Bank

Stanford Cardiovascular Institute

Walk For Water