Public Financial Management Inc. signaled continued growth in the municipal market by naming five new managing directors last week. The new partners, promoted in-house, work in different offices and perform a wide variety of tasks in line with the firm’s expectation of a robust market this year.
Last year PFM maintained its position as the country’s largest financial adviser in the public finance industry. The firm pulled off a record year as its 32 offices worked on 829 deals valued at $51.5 billion, giving it a 16.4% market share according to Thomson Reuters.
“We’re really optimistic about the future,” said John White, PFM’s chief executive officer. “We think the markets are going to be strong going forward in the three businesses that we’re in — asset management, financial advisory, and strategic consulting.”
Among the new managing directors is Nelson Bush, who has been with the firm for 16 years. Bush works in the Arlington, Va., office for the state non-arbitrage program, a bond proceeds initiative sponsored by the Virginia Treasury.
Scott Shearer joined PFM 12 years ago in the Harrisburg, Pa., office. He is now managing director in the Pennsylvania local government practice, where he serves numerous public agencies. In addition, Shearer has expertise in distressed swaps, troubled variable-rate transactions, and bond pool projects.
Daniel Kozloff joined the Philadelphia office in 1999. Initially he worked as a financial consultant but five years ago he joined the quantitative strategies group. As managing director his responsibilities involve business plan support, training programs, and technical infrastructure development and support.
Maria Altomare joined PFM in St. Louis four years ago after a two-decade banking career. She had previously served as vice president in the government banking division at U.S. Bank NA., head of corporate cash markets at AIB Capital Markets, and as a director of business solutions at CIBC World Markets Inc.
At PFM, Altomare is relationship manager for the Missouri securities investment program. She also manages investment programs in Nebraska and Wyoming. The firm said total assets under management in those states have grown from $1.4 billion to $2.5 billion during her tenure.
John Cape was budget director for New York before he joined PFM in Albany in 2007. He now co-leads state government services in the strategic consulting practice with the aim of using technology to control costs in human services and in medical assistance delivery programs.
“We are extremely pleased to welcome these outstanding individuals as partners in our business as we build for the future,” White said in a press release. “Each of them has made major contributions to PFM’s growth and development during their years with the firm, and richly deserves this special distinction.”
The firm’s staff is composed of 430 employees, including 60 managing directors. PFM’s dominance has continued into this year. From Jan. 1 to Feb. 3 it advised on 71 issues worth $4.1 billion, according to Thomson Reuters.
Peralta Garcia Solutions LLC, a minority- and women-owned firm based in Illinois, is currently ranked second thanks its involvement in an Illinois general obligation issuance of taxable bonds worth nearly $3.5 billion. The deal came to market in early January to cover state pension costs.
Forecasting the year ahead, White said the market will remain robust as many infrastructure projects are entering the second and third phases of development. He also said there’s a healthy marriage between supply and demand in the tax-exempt market, while the advent of Build America Bonds has helped the taxable market reach a new base of foreign investors and pension funds.
Last year PFM advised on 102 BAB deals worth $10.4 billion, garnering 14.5% of the market.