Municipal California Fixed Income

Management

James Welch
Portfolio Manager

James Welch

Portfolio Manager

James joined Principal Global Fixed Income in 2014. He brings over twenty years of fixed income experience to Principal Global Fixed Income, with knowledge across a spectrum of municipal strategies. During his career, he had particular emphasis on lower investment grade and high yield municipals and has been recognized by Lipper Analytical for best in class municipal bond fund performance, including high yield tax exempts. James most recently served as a senior portfolio manager specializing in tax sensitive fixed income at Castleton Partners, an independently owned fixed income advisory firm. James’ responsibilities included the management of all investment strategies and portfolio design. James was a senior portfolio manager at Standish Mellon Asset Management, a wholly owned subsidiary of the Bank of New York Mellon Corporation, where he managed over $10 billion in tax exempt and taxable portfolios for high net worth individuals, mutual funds, and insurance companies. Prior to Standish, James was a senior portfolio manager for The Dreyfus Corporation, where he was a member of the municipal bond team directly overseeing $3 billion of tax exempt mandates that covered the entire credit and maturity spectrum of the municipal bond market. Prior to Dreyfus Corporation, James was a senior vice president, portfolio manager at Back Bay Advisors, L.P. where he managed over $525 million in taxable and tax exempt mutual fund portfolios. James received a BA in economics.

James Noble
Portfolio Manager

James Noble

Portfolio Manager

James Noble played a vital role in establishing Principal’s Tax Sensitive Strategies in 2010. His performance has been widely recognized by Morningstar and various periodicals since inheriting (Principal Tax Exempt/Principal California) and creating (Principal Municipal Opportunistic) mutual funds. Previously, James had additional portfolio management/fundamental analysis duties at Dreyfus Tax Exempt and Dreyfus Taxable Fixed Income Departments (wholly owned subsidiaries of the Bank of New York Mellon Corporation). During his career, he has focused on speculative credits/derivatives capitalizing on market dislocations for various clients (mutual funds, high net worth, retail SMA, and institutional. Past investment endeavors include managing the options desk at Dreyfus Investment Services. James received a MBA and bachelor’s degree from Hofstra University and is a level III candidate in the CFA Program. He is a member of the Municipal Analyst Group of New York and New York Society of Security Analysts.