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Article: USAA's Shirley sells off a quarter of munis so far in 1995.(Bill Shirley of USAA Investment Management Co.)
- Article from:
- The Bond Buyer
- Article date:
- August 4, 1995
- Author:
CopyrightCOPYRIGHT 1995 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Since the beginning of the year, Bill Shirley has sold off more than a quarter of the $1.4 billion municipal portfolio he manages for San Antonio- based USAA Group's two property and casualty insurers.
USAA's municipal holdings, which are split between United Service Automobile Association and USAA Casualty Insurance Co., now stand at $1 billion - $400 million less than at the end of 1994, according to data from USAA and CDA/Spectrum BondWatch.
Yet Shirley said he has no problems with municipals: "No dissatisfaction whatsoever. There's nothing that we see wrong with the municipal market."
USAA's rationale for cutting back on municipal holdings is ...