Enjoy complimentary access to top ideas and insights — selected by our editors.
Want unlimited access to top ideas and insights?
Subscribe Now 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 |