Top municipal advisors in Q1 2025, led by PFM, net 59% of total issuance

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PFM Financial ranked first among the Top 10 municipal advisors in the first quarter of this year.

The top 10 advisors accounted for $59.412 billion of par or 58.9% of the total issuance with municipal advisors.

Top municipal advisors in Q1

Rank Financial advisor Q1 2025 par amount
(USD millions)
Market share Number of issues
1 PFM Financial
Advisors
$22,102.23 21.88% 158
2 Public Resources
Advisory Group
$11,567.74 11.45% 48
3 HilltopSecurities $7,171.68 7.10% 101
4 Frasca $4,985.71 4.94% 12
5 Kaufman Hall $2,581.04 2.56% 12
6 Omnicap Group $2,567.32 2.54% 3
7 Caine Mitter $2,330.16 2.31% 33
8 Municipal Capital
Markets Group
$2,072.24 2.05% 4
9 Piper Sandler $2,019.01 2.00% 35
10 KNN Public Finance $2,014.76 1.99% 14
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KNN Public Finance ranked 17th in Q1 2024.
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Piper Sandler ranked 9th in Q1 2024.
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Municipal Capital Markets Group ranked 5th in Q1 2024.
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Caine Mitter ranked 7th in Q1 2024.
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Omnicap Group ranked 24th in Q1 2024.
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Kaufman Hall ranked 6th in Q1 2024.
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Frasca ranked 8th in Q1 2024.
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HilltopSecurities ranked 3rd in Q1 2024.
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Public Resources Advisory Group ranked 2nd in Q1 2024.
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PFM Financial Advisors ranked 1st in Q1 2024.
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