Erika Smull

Title: Senior Research Analyst
Firm: Breckinridge Capital Advisors
Age: 34

What's the impact of climate change on water supply? How do local governments pay for water infrastructure? How can financing help solve problems of too much water or water scarcity? These questions and others attracted Erika Smull to Breckinridge Capital Advisors as a senior research analyst where she focuses on the intersection of climate risk and public finance related to water and wastewater systems.

Smull had a long-time interest in environmental impact and studied civil engineering as an undergraduate and water resources engineering for her Master of Science degree. Living in Colorado at the time, Smull worked for two boutique consulting firms primarily focused on water infrastructure for public sector entities.

She was interested in the financing aspects of these projects and so she moved to North Carolina to pursue a Ph.D. in environmental policy at Duke University. She found herself studying municipal bonds because they account for a large portion of water infrastructure project financings.

On the advice of a professor who encouraged her to work with a bond or asset management firm for a few months, she cold-called Breckinridge and worked there for a short time before finishing her doctorate.

Breckinridge's focus on climate and sustainability and funding essential water infrastructure was a good fit, and Smull joined the firm full-time. She's worked on projects to better insulate sustainable portfolios from climate risk and customized options for impact-forward investors looking to invest in municipalities more exposed to climate risk.

Smull serves as the municipal expert on a multidisciplinary effort to articulate U.S. national water strategy for the Aspen Institute and routinely speaks to investment, environmental policy and water management audiences.