Funding advisory agency sixteenth Modification Advisors LLC has shaped an Asset Administration arm and tapped BlackRock’s former head muni portfolio supervisor to function its chief funding officer.

James Pruskowski, an almost 30-year veteran of BlackRock, will likely be CIO and head of enterprise improvement for16Rock Asset Administration Llc. Pruskowski partnered with sixteenth Modification’s Chief Govt Officer Jed McCarthy and President John Lee to create the asset administration agency that gives “revolutionary managed account options, transition administration companies, and different investments.”

McCarthy mentioned sixteenth Modification had been taking a look at methods to develop its funding administration enterprise outdoors of its individually managed account enterprise — which already has a greater than 10-year observe document.

“Hiring somebody like James, along with his skills and popularity, will tremendous cost that effort,” McCarthy mentioned. “Together with his very broad expertise each within the tax-exempt and taxable area and his creativity, he is excellent at offering options for traders world wide.”

“James’ experience in asset administration will assist speed up our progress, specializing in offering world purchasers with revolutionary municipal merchandise and funding excellence,” Lee mentioned in a press release.

Pruskowski was head of institutional and wealth administration for municipal bonds at BlackRock and head portfolio supervisor since 2004.

He additionally served on the division’s administration committee, which is chargeable for main the agency’s municipal bond division. Pruskowski began his profession at BlackRock in 1994 the place he helped construct the agency’s options, monetary establishments enterprise, and its municipal bond franchise. 

After his lengthy tenure with BlackRock, Pruskowski mentioned he’s excited to be positioned at extra of a distinct segment store that has the flexibility to be nimble and supply a bespoke array of companies to purchasers. 

“Our ardour is to assist purchasers translate their wishes and aspirations into subtle outcomes that exude order,” Pruskowski mentioned.

Pruskowski mentioned the custom-made managed accounts will concentrate on establishments and high-net price people with extremely curated accounts centered on tax-exempt and taxable munis. 

The taxable municipal market has a deficit of short-duration muni merchandise and 16Rock intends to fill that void. 

“We intend to institutionalize what sixteenth Modification has began and concentrate on reaching a worldwide viewers,” he mentioned.