Lind Capital Partners (LCP), a SEC registered investment advisory firm, was formed in 2009 when two life-long friends and business colleagues joined forces to provide UHNW, HNW and family offices an alternative to traditional access (open-end mutual funds) to the lower rated and non-rated world of the municipal bond market. Bob Lind and Dave Murdoch founded the firm on the fundamental belief that liquidity provided to investors should match the liquidity of underlying portfolio assets to protect all investors. They thought combining Bob’s decades of municipal market experience with Dave’s extensive credit credentials would result in the perfect skillset to exploit the broad inefficiencies inherent in the municipal bond market. The market is comprised of 50,000+ individual credit stories to be uncovered and nearly 1,000,000 different bonds from which to choose to populate client portfolios.
The LCP team seeks to maximize after-tax returns for our clients by constructing and managing long-term fixed rate portfolios that possess strong and dependable revenue characteristics, as well as solid investor protections via collateral packages. LCP constructs portfolios with high conviction credits. LCP Research analyzes existing and prospective portfolio credits daily. Additionally, the research team provides an in-depth review of every credit in every portfolio for the entire team on a quarterly basis, at a minimum.
LCP has worked closely with select UHNW, HNW and family office investors with separately managed accounts and limited partnerships. In February 2022, LCP launched a SEC registered 1940 Act Interval fund to make their investment strategy available to a broader universe of tax-sensitive investors. LCP believes the interval fund is an ideal structure for the asset class, matching liquidity to investors with the liquidity of portfolio assets, a founding principle of the firm. If you are a longer-term investor interested in maximizing after-tax returns, please contact us so we can provide greater detail on our investment approach or any of the interesting credit stories populating our portfolios.
J. Robert Lind
Principal & Founder
Bob has 39 years of experience in the municipal bond market. Prior to founding LCP, he constructed and managed a $500 million high yield municipal bond portfolio for Deutsche Bank, AG. He built and managed a municipal high yield sales, trading and origination team at Raymond James & Associates. Bob began his career at John Nuveen & Company as a municipal credit analyst. Other experience includes Institutional Underwriter, Kemper Securities Group. He received a BA in History from Kenyon College and an MBA in Finance and Accounting from the University of Chicago. Bob and his wife live in Winnetka where they raised their 3 grown children. He enjoys bowling, golf, telemark skiing and baking bread.
David M. Murdoch
Senior Advisor & Founder
Dave has 36 years of fixed income experience. Prior to founding LCP, Dave worked with RBS Greenwich Capital and Nomura Securities in credit analysis, asset valuation, loan structuring and origination. His primary markets included senior living, student housing, affordable housing and commercial projects related to economic development. He was responsible for the financial analysis and structural composition of the loan portfolio, including ground lease vs. fee simple facilities, reserve sizing and senior-subordinate provisions. He received a BA in Economics from Tufts University and an MBA in Finance and Accounting from the University of Chicago. Mr. Murdoch is married with four children.
Stephen C. Wool
Steve has 40 years of fixed income experience in portfolio management, business development, institutional sales, trading and management experience. Steve is focused on marketing LCP’s strategies and product line. Steve has worked in comparable roles with Eaton Vance, C. W. Henderson and McDonnell Investment Management. Steve was selected to serve as an industry representative to the Municipal Securities Rulemaking Board (MSRB). He received a BA in Economics from Harvard University.
Anthony L. Chun, CFA
Vice President, Director of Research
Anthony is responsible for credit research, portfolio management, and new business development. Anthony returned to Lind Capital Partners in 2020, after a brief hiatus with the Global FP&A group at Steelcase. He first joined Lind Capital Partners as a summer intern in 2011, and was previously with the firm from 2014 - 2018 as a Senior Analyst and Vice President. He received a BA in Economics from Kenyon College and is a CFA Charterholder. Anthony and his family live in Grand Rapids, Michigan.
Jon R. Lind
Vice President, Director of Trading
Jon joined Lind Capital Partners in 2017. His primary responsibilities include trading and portfolio management. Previously, Jon worked at Loop Capital Markets in Chicago as an Institutional Fixed Income Salesman and on their Municipal Funding desk managing 3rd Party Municipal Tender Option Bond (TOB) programs. He has a BA from Miami University (Ohio) and currently lives with his wife and 2 children in the northern suburbs.
Ryan Arthur Smith, CFA, CPA
Vice-President, Senior Credit Analyst
Ryan is primarily responsible for performing credit analysis on new and existing investments. He began his career as an auditor, most recently with Ernst & Young, before working in commercial real estate property tax consulting with Ryan, LLC. He joined Lind Capital Partners in 2018. Ryan received a BS in Accountancy from Northern Illinois University and is a CFA Charterholder and a CPA.
The Lind Capital Partners Municipal High Yield Strategy (MHY) seeks maximize after-tax returns for our clients. We view the generation of high levels of income exempt from federal income taxation as the most efficient means towards our investment goal. Portfolio appreciation is often a natural by-product of superior security selection and successful credit sureviellance. The strategy actively invests in select fixed-rate holdings that LCP believes have strong and dependable revenue characteristics identified through a process of fundamental research and proprietary credit analysis. The combination of extensive pre-trade credit analysis and ongoing credit surveillance allows the portfolio management team to exploit attractive investment opportunities in our target municipal sectors. Lind Capital Partners offers the MHY strategy via separately managed accounts (SMA) and SEC registered 1940 Act fund (LCPMX).
The Lind Capital Partners Municipal Total Return (MTR) strategy is designed to maximize total return via a combination of short-term capital gains and income (taxable and tax-exempt). MTR targets different sub-sectors of the municipal bond market, including: Investment grade tax-exempt and taxable bonds; high yield tax-exempt and taxable bonds; and, non-rated bonds. Lind Capital seeks to exploit the inherent inefficiencies within the municipal bond market resulting from fragmentation, supply-demand imbalances, excessive new issue calendar in aggregate or individual borrower, and other municipal market dislocations. Lind Capital Partners incorporates a relative-value analysis in security selection, portfolio construction and trading strategy. Lind Capital Partners offers the MTR product in both a SMA and LP format.