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## Overview According to JPMorgan Chase & Co., the business of overseeing individually tailored municipal-bond portfolios — known as separately managed accounts (SMAs) or 'private' muni accounts — has continued to grow rapidly, with assets swelling to $1.6 trillion (Bloomberg, April 8... [note: article dated June 29, 2026]). This growth has turned the managers of these individually tailored accounts into the biggest holders of state and local government debt, surpassing other traditional holder categories such as mutual funds and insurance companies, according to JPMorgan (Bloomberg, June 29). ## Why It Matters The shift toward private, individually managed muni accounts represents a structural change in who controls municipal debt markets. This has implications for: - **Market liquidity and pricing**: Individually managed portfolios may behave differently than pooled funds during periods of market stress, potentially affecting liquidity dynamics in the $4 trillion municipal bond market. - **Wealth management industry**: The growth reflects the broader trend of high-net-worth individuals and family offices moving away from commingled funds toward customized, tax-optimized separately managed accounts. - **Regulatory attention**: As SMA managers become the dominant holder class, they may attract increased regulatory scrutiny given munis' role in financing public infrastructure, schools, and essential services. ## Key Players JPMorgan Chase & Co. is cited as the source of this data, suggesting the bank has visibility into this market segment, likely through its own wealth management and municipal bond underwriting businesses. ## What to Watch - Further data on which specific asset managers are capturing this growth. - Potential shifts in muni bond issuance patterns as the buyer base evolves. - Impact on muni bond spreads and volatility during future market stress events.