Fixed Income Leaders Summit 2025: Key Takeaways from the Conference

The Fixed Income Leaders Summit (FILS) in Washington DC brought together some of the most innovative thinkers in our industry, tackling the challenges and opportunities shaping fixed income management. While the fixed income market continues to face complexity—in technology, data, and trading—the event surfaced clear signals about where forward-thinking firms are investing their attention, and which trends will impact the competitive landscape in the years ahead.

However, a key highlight from the conference was our IMTC-hosted workshop for buy-side attendees “Expanding SMA Management: How to Automate and Optimize Using Technology for Scalable Operations.” The session featured Russell Feldman CEO of IMTC), Sean Simko (Head of Fixed Income Investment Management at SEI), and Patrick Duffner (Head of Business Development at IMTC).

We were also thrilled that throughout the conference, several panelists mentioned IMTC’s fixed income platform on the main stage as “the future of fixed income.”

1. AI in fixed income: Early days, high curiosity

Artificial intelligence captured the imagination of delegates, particularly for its potential role in identifying trading opportunities and extracting value from vast fixed income datasets. As fixed income markets continue to evolve and become more electronic, the adoption of practical AI use cases is expected to grow. However, many market participants feel it may still be too early to implement AI solutions at scale, citing concerns over the potential cost and complexity of having to unwind and rebuild systems as more advanced capabilities emerge. The consensus is that AI’s integration remains in its infancy, with most firms lacking clear strategies for practical adoption—especially at the portfolio management level. Market participants are taking a cautious approach, balancing optimism with a recognition of the need for more targeted use cases and measurable outcomes.

2. SMA growth: Prioritizing personalization and automation

The separately managed account (SMA) space continues to expand, propelled by investor demand for customization and the ability for firms to lower investment minimums. Although SMA management has traditionally been seen as labor-intensive, new technology is rapidly automating account management processes, making personalization at scale more achievable than ever before. This automation is permitting managers to deliver highly tailored outcomes to clients without the burden of manual workflows, while increasing access to investors at lower account minimums.

See below for more information on IMTC’s workshop on Fixed Income SMAs at FILS.

3. Integrating portfolio management and execution: Working towards seamless workflows

Tighter integration between execution management systems (EMS) and portfolio management systems (PMS) has emerged as a top priority, with the goal of driving greater data connectivity and workflow efficiency. Siloed operations are increasingly seen as unsustainable in today’s fast-paced trading environment, where communication between the front office and the trading desk must be streamlined. Forward-thinking teams are investing in technology that bridges these functional gaps, resulting in faster, more informed decision-making.

4. Portfolio optimization: Going beyond simple allocation tools

Portfolio optimization is evolving beyond the basics of bond allocation, with advanced tools now automating complex tasks such as rebalancing, tax-loss harvesting, guideline management, and risk assessment. Conference delegates recognized that many teams still rely heavily on spreadsheets or simplistic systems, underestimating the benefits of true portfolio optimization—which should handle not only complex investment objectives, but also the simultaneous management of multiple accounts and constraints. As the fixed income industry acknowledges the urgent need for smarter, more proactive tools that drive scalability and competitive advantage, IMTC’s Optimizer stands out by enabling managers to proactively align accounts with strategic targets, manage complexity across portfolios and strategies. Enabling users to move from reactive to truly proactive and opportunistic fixed income management.

5. The continued rise of portfolio trading

Portfolio trading has garnered steady interest as fixed income managers look to capitalize on efficiency and cost savings by trading baskets of bonds simultaneously. While adoption varies across firms, the appetite for developing and refining portfolio trading capabilities remains strong, and technology is accelerating this shift. The challenge now lies in ensuring that portfolio management systems and trading infrastructure can support this workflow seamlessly for broader market participation.

6. Crossover portfolios: Focus on after-tax returns

Crossover strategies, which blend municipal and taxable fixed income accounts, are gaining traction as asset managers prioritize delivering optimal after-tax returns for clients. This approach requires sophisticated technology and workflows that can accurately support both asset types, including the integration of client-specific tax rates and preferences. With many firms viewing crossover accounts as a major strategic initiative, the ability to deliver tailored solutions that maximize after-tax outcomes is quickly becoming a key differentiator in the industry.

7. Resource allocation challenges in multi-asset firms

Fixed income teams are often overlooked in technological upgrades, especially within firms focused on equities or trending areas like alternatives. As a result, they frequently struggle to secure the resources needed for modernization. This is leading to slower adoption and missed opportunities compared to fixed income specialist firms. With asset owners demanding more from their managers, reprioritizing technology investment is becoming a strategic imperative for multi-asset firms.

8. The data aggregation dilemma

Timely and accurate data remains a fundamental challenge, with managers citing frustration over inconsistent and delayed delivery from custodians and third-party aggregators. This data gap can delay critical portfolio management decisions, undermining performance and efficiency. While the timeliness of custodian delivery will still likely remain a challenge, technology platforms that enable real-time system alerts, instant visibility, and seamless updates are increasingly viewed as table stakes for serious market participants.

Workshop spotlight: Buy-side-only insights with SEI’s Sean Simko

A highlight of the Fixed Income Leaders Summit was IMTC’s exclusive buy-side-only workshop, bringing together asset management professionals for a candid discussion on scaling and modernizing fixed income SMAs. The session opened with an industry overview from IMTC’s CEO, Russell Feldman, who shared insights on the explosive growth in SMAs, personalized investing, and why automation and operational efficiency are more important than ever for firms looking to differentiate in today’s competitive landscape.

The workshop then featured Sean Simko, Head of Fixed Income Investment Management at SEI, who offered a firsthand perspective on SEI’s journey to transform their SMA offering. Sean outlined how partnering with IMTC enabled SEI to efficiently scale their business — supporting more accounts, launching a broader suite of strategies (including crossover and state-specific muni portfolios), and achieving the automation needed to reduce account minimums and empower business development. He emphasized the ability to leverage characteristic-based portfolio models, enhance prioritization, and maintain compliance with client-specific guidelines, all underpinned by a modern, streamlined tech stack.

Following Sean’s remarks, Patrick Duffner, IMTC’s Head of Business Development, led an in-depth demonstration of the IMTC platform, showcasing key capabilities such as seamless data aggregation, automated trade workflows, and intelligent portfolio optimization. The demo underscored how IMTC’s technology removes operational friction, increases scalability, and equips asset managers to deliver truly personalized SMA solutions — empowering growth and operational excellence in a market defined by customization and complexity.

At IMTC, we recognize that fixed income managers are navigating an era defined by rapid technological change, evolving client demands, and the need for ever-greater efficiency. Our platform is designed to address the exact challenges highlighted and mentioned at this year’s Fixed Income Leaders Summit — from proactive portfolio optimization and seamless EMS/PMS integration, to scalable SMA management and robust support for crossover strategies. By delivering real-time data connectivity, advanced automation, and the flexibility to personalize accounts at scale, IMTC empowers managers to stay ahead in an increasingly complex and competitive marketplace.

If you’re ready to modernize your fixed income operations and see how these innovations can work for your team, we’d love to start a conversation. Request a demo today!
 

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