LOS ANGELES — Financial advisory firm Fieldman, Rolapp & Associates has named a new chief executive officer who plans to guide the firm's expansion beyond California into other Western states.
Adam Bauer, 40, who became a partner in 2008, was promoted to CEO to complete a succession plan.
Predecessor Tom DeMars will remain with the firm to advise on strategic initiatives and work with existing clients.
Bauer said he plans to diversify service offerings to municipalities throughout the West and expand its geographical footprint with new office locations.
The 21-member firm currently has two offices: its headquarters in Irvine and a Northern California office in Walnut Creek.
Bauer didn't have any out-of-state offices to announce, but the firm has handled financings in Hawaii and is cultivating clients in Oregon and Arizona.
The changing regulatory environment for municipal advisors has resulted in consolidation and mergers among municipal advisor firms and Bauer said he thinks that will continue.
Fieldman Rolapp has built up its balance sheet with the aim of acquiring firms that match its corporate culture, he said.
"We want to be lined up, so that when smaller firms with the right ethical make-up are ready to join a larger firm, we are ready for that," he said.
FRA ranked No. 3 among California municipal advisors for 2015 as of Dec. 18, credited with advising on $4.3 billion of bond sales in 112 issues, according to Thomson Reuters data.
The municipal advisory firm founded by Bill Fieldman in 1966 celebrates its 50th anniversary this year.
It works with all levels of government and non-profits on financing and investment activities.
The firm has advised on land-based deals and worked with utilities, schools, water agencies, cities and counties. It is also a founding member of the National Association of Municipal Advisors and is a registered municipal advisor with the Securities and Exchange Commission and the Municipal Securities Rulemaking Board.
Bauer was named president two years ago and will continue in that role in addition to that of chief executive.
The promotion is the culmination of a four-year succession plan during which Bauer and DeMars managed the firm as a team as Bauer took on greater responsibilities.
Bauer was hired in 2004 to build the firm's California public school district practice. Since then, he said, it has grown to one of the most well known in the sector.
Bauer specializes in California K-12 school districts and community colleges, but he has also assisted with debt transactions and policy development for a variety of public agencies in California.
Bauer said his interest in the municipal bond industry grew from exposure to his parents' careers.
His stepfather, Paul McDonnell, was a former underwriter, a former Riverside County treasurer-tax collector, and is the current chief financial officer of Riverside County. His mother, Robin Zimpfer-McDonnell, retired as Riverside County's assistant county executive officer for economic development in 2009.
Bauer is a member of California School Boards Association, California Association of School Business Officials and Committee on Assessments Special Taxes and other Financing Facilities. He was co-chair of the fiscal management strand of the planning committee for the Coalition for Adequate School Housing.