Seven senior managing consultants were promoted to managing directors this week at PFM Group, the Philadelphia-based financial and investment firm.

"This is a distinguished group of individuals who have proven their value to the firm by their outstanding contributions to our clients' success and to PFM's growth and development," said chief executive F. John White.

The promotions include Los Angeles-based Mike Berwanger, who joined PFM's public power financial advisory practice in 2007 and now serves as the group's business leader on the West Coast. He is also its national expert on renewable energy.

Berwanger is charged with expanding the western power business to the Pacific Northwest and Colorado and developing the renewable energy businesses of wind power and solar development.

In San Francisco is Peter Shellenberger, who joined PFM 10 years ago in Arlington, Va., before moving out west to advance the firm's West Coast transportation practice.

Shellenberger has managed more than $8 billion in financings, the firm said, including for transportation authorities in California, Nevada, and New Mexico.

Bethany Pugh leads PFM's Ohio practice from Cleveland, working with the financial advisory and strategic consulting sectors.

In her 13 years with the firm, she has built up a diverse practice to serve as a lead adviser for the state and key entities including the Ohio Public Facilities Commission, Cincinnati, Toledo Public Schools, and Kent State University.

Pugh was an executive board member for Women in Public Finance from 2003 to 2005 and is now involved in the newly established Ohio chapter.

Bob Cheddar, a senior portfolio manager in the Harrisburg, Pa., office, joined PFM six years ago. He manages more than $6 billion in client assets, according to the firm, including operating funds, capital reserves, bond proceeds and other post-employment benefit obligation funds.

Cheddar is also the firm's chief credit officer and chairman of the credit committee. He is responsible for managing separate portfolios for cities, counties, insurance organizations and public finance authorities in 16 states.

Also in Harrisburg, 20-year veteran John Molloy joined PFM eight years ago. He is now a lead professional on the Pennsylvania Local Government Investment Trust and the MassDevelopment STAR Fund investment pool.

Molloy is also involved with the firm's pension advisory business. His new role includes managing PFM's new Pennsylvania OPEB trust program.

In Charlotte, N.C., Todd Fraizer leads PFM's pricing group to provide pricing resources and negotiation support for clients nationwide.

His role is to assure that issuer clients receive the best service from underwriting desks when they sell bonds.

Frazier has participated in the pricing of more than $100 billion of municipal bonds for clients. He joined the firm in 2005, initially serving in Memphis.

Dennis Waley helps lead efforts to expand in the Southwest from Austin, where he was formerly city treasurer. He serves clients throughout the region and manages the firm's relationship with the Texas capital and Oklahoma City.

Waley is also the former president of the Government Treasurers of Texas and chairman of their legislative committee.

The PFM group of companies includes PFM Asset Management LLC, which offers advice and portfolio management for governmental and nonprofit organizations, corporations, pension funds, and other institutions; and Public Financial Management, which engages in capital planning, revenue forecasting, revenue evaluation, resource allocation, structuring, documentation and execution.

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