Bonds "deserve immediate attention" as a "mild" recession is expected next year, Citi Global Wealth said in a new report.
Some of the largest family offices are major investors in private equity.
Municipal bonds' relative safety and tax-free interest give them an advantage over other fixed-income assets.
The loss of the deal is a blow for the Zurich-based bank's U.S. municipal-bond business.
The Schwab Municipal Bond ETF will be the cheapest in the municipal-bond market.
The bank was rejected after submitting the best bid.
The state comptroller didn't include the bank among the 10 finance firms he deems boycott the oil and gas industry.
A study says the conflict is forcing the state's municipalities to take on extra debt costs.
The bill is one of several in the states addressing politically charged investment strategies.
Muni bonds should outperform Treasurys through the rest of the year, the firm's analysts said.
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