Ferry Capital Management LLC

Ferry Capital Management is a small, independent registered investment adviser that provides discretionary and nondiscretionary portfolio management and financial advice primarily to individual clients, high net worth individuals, and trusts. The firm reports managing about $9 million in client assets across a limited number of client relationships and offers two main strategies: a municipal bond-focused strategy and a separate moderate portfolio strategy using mutual funds and ETFs.

The firm’s municipal bond strategy is its primary focus and follows a three-part implementation that allocates roughly one third to a short- to intermediate-term ladder (generally 2–7 year maturities), one third to new-issue or mispriced secondary market municipal bonds (generally 10–30 year maturities), and one third to closed-end municipal funds trading at discounts to NAV; the adviser typically emphasizes investment-grade issues and references the ICE 15-year bond index for performance comparison. Its moderate strategy emphasizes diversified, low-cost funds and monthly rebalancing, and the firm tailors portfolios based on client objectives, risk tolerance, tax considerations, and periodic reviews.

Noteworthy for a firm of this size, the adviser disclosed a regulatory enforcement matter: it was subject to a Temporary Cease and Desist Order in November 2019 and settled with the state regulator via a Final Consent Order in April 2020 that included a $10,000 civil penalty and $50,000 in investigative costs. The firm also operates a proprietary trading account while using institutional custody and execution services through Interactive Brokers, and it maintains different account minimums for its strategies (e.g., a higher minimum for the municipal bond strategy and a lower minimum for the moderate strategy).