Paige Litten

BY SourceMedia | MUNICIPAL | 09/18/24 08:54 AM EDT

Title: Director
Firm: Assured Guaranty (AGO)
Age: 31

Paige Litten, now a director in public finance at Assured Guaranty (AGO), started her banking career as a foreign exchange analyst at Citi. She switched to munis in her second year and hasn't looked back.

"I was interested in the macro side of the market, but also wanted to be in a product that was more credit-specific. That attracted me to munis," she said. "It's a unique area of finance because it's so tangible."

Litten, who majored in mathematical economics at Colgate University, was promoted from analyst to associate in Citi's municipal syndicate in 2017, then to vice president in 2020 and to director in January 2023.

She made the switch from bank to insurer this year, joining Assured Guaranty (AGO) as a director in March, after Citi left the market.

"I love it. I feel like it was good next step for me," Litten said of the move.

"This is a whole different world but within the same industry," she said.

"Paige has a broad range of skills and talents and has proven herself as a leader and high performing professional, and we believe that she will certainly continue to do so," said Chris Chafizadeh, senior managing director at Assured.

At Assured, she said, her goals are the same as they were at Citi. On the syndicate desk she worked with bankers to get new business and execute deals; at Assured she focuses on providing coverage in sectors of public finance that insurers haven't historically been involved in.

"It's about growing the business," she said.

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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