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Leader In Specialty Fixed Income


For decades, MacKay Shields delivered specialty fixed income solutions backed by disciplined research and a commitment to providing long-term value for our clients. The MacKay Shields client experience provides investors direct access to senior investment professionals.

Research Intensive

Focused, high conviction teams develop and implement well-defined investment philosophies, approaches, and processes best suited to their respective asset classes.

Strategies

Strategies

High Touch Service

We offer our clients direct access to our investment teams. We’re well aware that our people are the best investment of all.

Our Investment Teams

Our Investment Teams

Responsibility In Action

We provide purposeful opportunities for our employees and promote the well-being of the environment and communities in which we work and live.

Responsibility

Responsibility

Equitable for All - Visualizing Our Differences

Equitable for All—Visualizing Our Differences

At MacKay Shields we commit to the equitable treatment of all. To demonstrate this, MacKay worked with artist and photographer Maya Barkai to create this piece, which is meant to embody our diversity, equity and inclusion (left image). The piece of art (right) is created by MacKay's own Alina Sysak and represents the unique and diverse makeup of our firm. 

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Equitable for All - Visualizing Our Differences
We Are MacKay Shields

Performance Focused, Independent Thinking, Client Access

With a rich history over eight decades, we have much to be proud of and are truly anchored to knowing ‘Who We Are’ as we partner with clients and support employees.

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System Shock

The introduction of global tariffs by the Trump administration represents a fundamental shift in the international economic order. If sustained, the tariffs not only risk a US recession, but will also lead to a costly and laborious rewiring of global supply chains. In the latest edition of Forward Guidance, Steven Friedman and Michael DePalma discuss the market reaction to recent tariff news, opportunities in US and global credit markets, and guiding principles for managing portfolios in periods of market volatility.

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Employee Spotlight – Alison Micucci

Our new CEO, Alison Micucci, shares her excitement about leading the MacKay team at a time of growing demand for public fixed income among institutional and retail investors. Under Alison's leadership, the team will be focused on building MacKay's experienced position in Municipals, High Yield, and Convertibles, while expanding our multi-sector and multi-asset solutions.

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Navigating Market Volatility: Key Insights on Multi-Sector Bond Positioning

Navigating Market Volatility: Key Insights on Multi-Sector Bond Positioning

Hear from Neil Moriarty discussing MacKay’s Strategic Bond strategy which focuses on diversified sources of alpha, embracing underappreciated sectors, and leveraging market volatility to identify attractive investment opportunities.

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Navigating Market Volatility: Key Insights on Multi-Sector Bond Positioning

FEATURED INSIGHTS

The Muni 360 Podcast - Weekly Wrap Up
Listen to the most recent podcast, as the seasoned active investors at MacKay Municipal Managers share their latest views on the municipal market.
3 MIN READ
Perspectives March 31, 2025
2025 Taxable Municipal Themes
Demand for taxable municipals will remain elevated as absolute yields and solid credit fundamentals provide a haven during a period of global economic uncertainty.
3 MIN READ
Perspectives March 26, 2025
US Banks: Could Regulation Roll Back Go Too Far?
For fixed income investors, US banks should continue operating within a robust regulatory framework despite potential changes. Banks' first line of defense is their profitability, and the likely cancellation of proposed regulations should benefit their bottom lines.
Key Insights on Multi-Sector Bond Positioning Watch Video
MacKay Moments March 19, 2025
Key Insights on Multi-Sector Bond Positioning
In this video, Neil Moriarty analyses what makes the Strategic Bond Strategy different, using last year's snap elections in Europe and the UK, which created market volatility, as an example.
3 MIN READ
February 7, 2025
Taxable Municipal Bonds: An Overlooked Asset Class 2025
Contrary to conventional thinking, taxable municipals are a compelling solution within fixed income portfolios, as they offer a high-quality issuer base, low historical default rates, attractive yield potential, and total return potential.
5 MIN READ
January 30, 2025
A Compelling Case for Diversification Beyond Treasuries: Echoes of the Mid-1990s
One benefit of higher interest rates has been that many investors have become comfortable holding US Treasuries, and with good reason—they’ve served as a low-volatility, liquid core holding.
January 10, 2025
1Q25 Specialty Fixed Income Outlooks
Explore the investment landscape with MacKay Shields' Investment Teams.
5 MIN READ
January 10, 2025
US Banks 2025: Opportunities in a Transforming Landscape
With the backdrop of strong economic fundamentals, favorable regulatory shifts, and evolving market dynamics, we believe the US banking sector is positioned as an attractive opportunity set for income seeking investors.
2 MIN VIDEO
MacKay Moments January 7, 2025
MacKay Moments - Using High Yield in an Uncertain Environment
How should asset allocators be thinking about high yield bonds as part of their toolkit in this uncertain environment of 2025?
2 MIN VIDEO
Perspectives December 13, 2024
Municipal Credit Research Q&A: Why It Matters Now More Than Ever
Full time professional credit research all day and every day has never been more critical in the municipal market.
December 10, 2024
Taxable Municipals: Complement to Core Bonds
Taxable Municipals can be a strategic complement to core bonds in your portfolio, helping to reduce risk and generate income. Watch to learn more.
4 MIN READ
October 14, 2024
Emerging market corporate debt: A potential core investment for institutional investors
Emerging market debt has gained significant prominence over the last two decades, in both economic and financial spheres.
5 MIN READ
October 2, 2024
Opportunities in Synthetic Risk Transfers
The US banking industry is undergoing significant changes that are creating new markets for fixed income investors. One of those markets is Synthetic Risk Transfers or SRTs.
2 MIN VIDEO
MacKay Moments July 24, 2024
MacKay Moment - Investing in Commercial Real Estate Debt: Zombie Apocalypse or Diamond City
Despite recent challenges, we believe the commercial real estate market holds resilient investment opportunities.
5 MIN READ
July 16, 2024
MacKay Municipal Managers Top 5 Insights Mid-Year Update
The Year of FUNDamental Municipal Investing
4 MIN READ
May 29, 2024
US-China Trade Wars: A Benign Déjà Vu or Potential for Wider Escalation?
EMD Team gives timely perspectives on the latest developments on the US-China trade relations.
5 MIN READ
May 9, 2024
Finding Relative Value in Mortgage-Backed Securities
Mortgage-backed securities offer institutional investors varied investment prospects, particularly as residential and commercial MBS.
5 MIN READ
March 25, 2024
Taxable Municipal Bonds: An Overlooked Asset Class
Municipal bonds are historically excluded from qualified retirement plans and IRAs. Yet, they are a compelling solution within fixed income portfolios.
3 MIN READ
March 27, 2024
Exploring the Current Landscape of China
Emerging Market Debt Team answers topical questions on China.
5 MIN READ
May 9, 2024
Finding Relative Value in Mortgage-Backed Securities
Mortgage-backed securities offer institutional investors varied investment prospects, particularly as residential and commercial MBS.
7 MIN READ
April 11, 2024
Banks and Commercial Real Estate
The US banking sector is currently facing major stress faced, particularly in commercial real estate. Although bruised, we expect the larger banks to fair well in CRE at the other end.
5 MIN READ
January 11, 2024
MacKay Municipal Managers Top 5 Insights for 2024
The Year of FUNDamental Municipal Investing
3 MIN READ
January 22, 2024
Stepping Out of Cash and into Short Duration
With short duration bonds currently generating high levels of income, we explain why it is now the time to step out of cash and into short duration bonds.