PFM Group recently announced it has hired public employee retirement systems expert Girard Miller as a senior strategist as part of its continued effort to grow its pension and other post-employment benefit services.
Miller said he will resign from his current post as one of the six part-time members of the Governmental Accounting Standards Board July 31 to avoid the appearance of a conflict of interest.
"We're pretty excited about it, and we think Girard's pretty excited about it," said Marty Margolis, managing director of PFM Asset Management. "Girard is somebody I've known for a long time and has a wonderful resume ... a resume that really is consistent with all the things we've been trying to do at PFM with the debt side and the strategic side and the asset management side."
Miller has extensive experience in both the public and private sectors. He began his career with local governments in Michigan and New Jersey before working for the Government Finance Officers Association. He has also headed the public sector division of Fidelity Investments and served as president and chief executive of ICMA Retirement Corp.
Most recently he served as chief operating officer of Janus Capital Group Inc. He has also served as an adviser to the White House and U.S. Treasury Department.
Margolis said Miller's experience will provide a boost as PFM expands its offerings of pensions and OPEB services to clients. PFM first entered the pension business in 2003 when it acquired Spagnola Cossack, a consulting firm. PFM began planning its other post-employment benefit services at the beginning of last year, in response to GASB's Standards 43 and 45, which required increased disclosure by governments of these other liabilities.
"These liabilities are estimated to be in excess of a $1 trillion," Margolis said. "It's a huge market, and it's brand new."
Said Miller in a statement: "For me, it's like joining the U.S. Olympic team just in time for Beijing."