PFM was the top financial advisor in the first quarter of 2026, advising just over $25 billion in par, more than the second- through fourth-highest ranked financial advisors combined.
RBC Capital Markets, Montague DeRose and Acacia Financial Group were new entrants into the top 10, bumping KNN Public Finance, Omnicap Group and Municipal Capital Markets Group.
PFM advised the most deals in the first quarter — 222.
Hilltop Securities, which ranked third in Q1 by par, was second with 97 deals, followed by Baker Tilly, which ranked 12th by par, with 59 deals.
PFM ranks as the top financial advisor, followed by PRAG in second and HilltopSecurities in third.
PFM has advised on nearly $200 billion in par since Q1 2024, nearly $80 million more than the cumulative par from the second-highest-ranking financial advisor, PRAG, over the same period.
Quinn Aitchison contributed to this article.
