Municipal separately managed accounts (SMAs) have exploded 16-fold in market share, becoming a predominant investment vehicle in the post-global financial crisis world, with tight spreads and low ratios making alpha elusive. In this episode of Masters of the Muniverse, Bloomberg Intelligence’s new head of municipal research and strategy, Matthew Gastall, sits down with two guests from JPMorgan, the world’s second-largest SMA provider. Dan Freise, senior portfolio manager at J.P. Morgan Asset Management, and Paul Jacobson, head of municipal strategy at J.P. Morgan Private Bank, unpack active trading strategies, high-conviction sector positioning, and the critical market risks on their radar.Masters of the Muniverse is part of BI’s FICC Focus series.