NISA

Est. 1994
201-500 employees Financial Services

About NISA

NISA Investment Advisors, LLC (NISA) offers customized investment solutions for tax-exempt and taxable institutional clients. NISA manages $288 billion in fixed income and equity securities and $238 billion in derivative notional value as of December 31, 2023. $19.9 billion in repurchase agreement notional and underlying assets are reported in both physical assets and derivatives notional value under management. We seek bright, motivated individuals who can contribute to our growing team of professionals. Candidates with a high degree of independent thinking skills, strong analytical and quantitative skills, and team playing abilities are encouraged to apply.

NISA manages portfolios for some of the largest institutional investors in the world. Client portfolios include investment-grade fixed income, derivative overlays and index-like equity investments. NISA is 100% employee-owned and is based in St. Louis, Missouri. Members of our experienced senior leadership team provide guidance for the firm through the Management Committee and Investment Committee. We employ over 375 people, over 20% of whom have a participation interest in the firm.

20 Years Post PPA: How Your Pension Has Evolved from a Liability to an Asset
  • 25 Sep 2026

Twenty years after the Pension Protection Act, funded status has recovered and volatility has fallen dramatically.

Construction Activity is Weak Despite Data Centers
  • 22 Sep 2026

In response to a recent post, several readers expressed their surprise that data center construction wasn't creating more jobs.

September FOMC: Stand and Deliver
  • 16 Sep 2026

The FOMC raised their policy rate by 25 bps today, by unanimous vote as we expected. Like Volcker, Greenspan, Bernanke, Yellen and Powell before him, Chairman Warsh’s first policy action is a hike....

Chairman Warsh Has Painted Himself Into a Corner
  • 15 Sep 2026

The Fed appears likely to hike rates at this week’s policy meeting. We think this is a mistake. The proximate catalyst was the August CPI report, which appeared hot on the surface but was distorted...

The Long Right Tail: Asymmetry in Single Stock Collars
  • 11 Sep 2026

As we saw with SpaceX in June, a number of larger IPOs on the horizon could drive single-stock hedging demand from allocators. While there are various ways to hedge, option markets were quick to de...

Strong Payrolls Report Doesn’t Change our Fed Outlook
  • 04 Sep 2026

August was a strong month for job creation. Nonfarm payrolls increased by 162,000 and the prior two months were revised higher by 55,000 total. Local government education payrolls increased by 42,0...

The Elephants in the Curve: Hyperscalers in Pension Discount Curves
  • 24 Aug 2026

The AI infrastructure boom is reshaping a lot of things—equity markets, capital spending, even the power grid. Add one more to the list: the yield curves that corporate pension plans use to discoun...

Bessent Embraces Activist Treasury Issuance
  • 19 Aug 2026

The Treasury Department surprised markets this morning by announcing their intention to at least double the pace of buyback operations in long-end Treasuries, apparently motivated by the steady inc...

The Right Tools for the Job: Managing Pension Risk for Multiemployer Plans
  • 18 Aug 2026

At the end of 2025, multiemployer plans in the aggregate found themselves in a desirable position. According to Milliman’s multiemployer pension funding study for year-end 2025, aggregate funded st...