Disrupting Municipal Bonds

Today we are interviewing Ron Bezoza from Lancaster. Ron Bezoza spent over a decade at Goldman Sachs and Morgan Stanley running some of the largest managed solutions and advisory businesses in the industry. He had the pedigree, the platform, and the distribution. Then he walked away to co-found Lancaster Systematic — an AI-native fixed income firm with no outside funding and a bet that the entire bond market is about to be rebuilt from scratch.In this episode, Ron joins Melvine Manchau to talk about what he saw from inside the wirehouses that others missed, why fixed income — not equities — is where AI-driven alpha is actually being captured right now, and what it takes to compete against firms managing $500B in credit with a startup nobody has heard of yet.They get into the real mechanics: where AI adds edge in fixed income versus where it's just marketing, how execution works in a still-fragmented corporate credit market, and what Ron's pitch looks like to institutional allocators who've been burned by quant promises before.This is a conversation about conviction, timing, and what systematic asset management actually looks like when it's being built by someone who already knows how the old model works — and why it's running out of road.Topics covered:Why 2023 was the right moment to launch a systematic fixed income firmWhere AI genuinely generates alpha in bond markets — and where it doesn'tDistribution strategy: allocators, RIAs, sub-advisory, and model portfoliosThe hardest objection institutional buyers raise, and how that's evolvedWhere traditional active fixed income managers end up in five yearsWhat Lancaster looks like if the bet pays off by 2030