For the 11th year in a row, David Ader was voted the top U.S. rates strategist in an Institutional Investor poll. His longtime colleague, Ian Lyngen, again joined him atop the list.

For the first time, though, the duo won the distinction while unemployed.

The top-ranked strategists in the $13.4 trillion Treasuries market left CRT Capital Group last month, after the company said it was “reviewing strategic alternatives.” The broker-dealer led by former Lehman Brothers Holdings Inc. executive Theodore Janulis closed its New York office last month. 

Ader, 58, and Lyngen, 39, who joined CRT in 2009 and were based in Stamford, Connecticut, also placed first in technical analysis, according to Institutional Investor’s 2016 All-America Fixed-Income Research Team rankings released Tuesday.

“Yes, CRT failed, but we did not fail, and this award confirms for us that our work, at least, is still popular,” Ader said in a phone interview.

Ader and Lyngen said they’re looking to stay in the business, while acknowledging that the Treasury market has changed in a way that reduces the need for research and strategy. Neither have signed on to anything yet -- nor have they committed to remaining together as a team.

They’re searching for new posts as some securities firms have reduced traditional bond dealing because of post-crisis regulations, while the growth of electronic trading has squeezed the market’s middlemen, whose commissions have helped support research.

“We’re trying to figure out what the best next platform would be to continue to provide good market research -- in an environment where that offering is rewarded less and less,” Lyngen said.

They remain active in the market, distributing morning outlooks. Ader sent an e-mail days after leaving CRT to say that the U.K. vote to leave the European Union meant the Federal Reserve wouldn’t be raising interest rates soon.

He also boasted of catching a large brown trout the previous day.  

“The next run is probably going to be the great final achievement,” he said. “I want to be very careful and motivated as opposed to jump at the first opportunity that might be put before me.”