Career breaks aren’t for everyone. Sometimes you come back and get nothing. Sometimes you come back and work an even better employer than before.
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Towny Swiggett joined Goldman Sachs this month as a managing director (MD). He spent the last two years out of the industry, and was previously at hedge fund Whitehaven Asset Management as a partner and senior investment professional. He traded municipal bonds at Barclays before that.
Whitehaven’s flagship fund is an actively managed fund in the $3.7tn US municipal bond market. It appears he will still be involved in municipal bonds at Goldman, too. About a year and a half after Swiggett left the fund, it announced that it was returning cash to investors to become a family office, Bloomberg reported.
Municipal bonds, also known as munis, are a pretty good place to be in 2026. A report from Goldman Sachs Asset Management said that market volatility will persist, driven by “the selection of a new Federal Reserve Chair, the ongoing impact of evolving economic data, and increasing policy unpredictability.” Issuances will increase, too. Both of those things are good for traders.
Muni trading has not been a great career for everyone, however. Citi exited the business back in 2023. “It became quite difficult to profitably trade both munis and secondary credit,” said head of markets Andy Morton at its 2026 investor day. Since then, the firm’s intermediation revenue has fallen significantly behind its financing revenue. Maybe munis are doing better now.
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