The managing directors of PFM Group Inc. closed on a capital transaction in which they own all the equity of Philadelphia consulting firm as of June 30.
They agreed unanimously on the transaction in April.
"Finalizing this enhanced capital structure enables us to remain intensely focused on adding value for each client, investing in additional industry-leading technologies and training resources, and continuing to attract and retain the most outstanding financial and investment professionals," chief executive and managing director John Bonow said in a July 1 statement.
Privately held PFM provides municipal advisory and investment management services, best-practices management and budget consulting, and consulting services to pension funds and similar institutional investors.
PFM Group, which employs 500 people, includes municipal advisory firm Public Financial Management Inc. and PFM Asset Management LLC, which as of March 31 had $49.9 billion in assets under management for state and local governments and non-profit institutions and provided non-discretionary advice for an additional $40.7 billion.
