BRADENTON, Fla. — The PFM Group has hired a veteran municipal finance professional in Virginia to open the firm’s new office in Richmond.
Kevin Rotty, a managing director at PFM, formerly worked at Morgan Keegan & Co.
The hiring of Rotty and opening of PFM’s second office in the state are strategic efforts to increase integrated client services as well as to expand in Virginia and the region, according to JoAnne Carter, a PFM managing director and leader of the firm’s Virginia practice.
“We have long wanted an office in Richmond,” Carter said. “It’s been a matter of getting exactly the right person. That’s the story here. Kevin is absolutely the right person to anchor our business here in Richmond.”
Rotty most recently worked 11 years as a financial advisor and investment banker at Morgan Keegan, a subsidiary of Regions Financial Corp. Regions announced last week that Morgan Keegan will be sold to Raymond James Financial Inc.
Carter said that Rotty joined PFM on Jan. 3, and noted that his decision to work solely as a financial adviser came before the sale of Morgan Keegan was announced.
Rotty’s “move was more about strategically positioning himself,” she said. “He really believes he will be a lot closer to clients and more involved in decision-making.”
Before joining Morgan Keegan, Rotty worked 12 years at the former First Union Securities investment banking firm, Wheat First Butcher Singer. Both merged with Wachovia.
His work has encompassed a broad variety of municipal transactions, including bond work for many of Virginia’s local governments as well as providing financial advisory services to regional jail authorities in the state, PFM said.
Rotty received a bachelor’s degree in business administration from the University of Richmond, and has lived in the Richmond area for the past 30 years.
“We are extremely pleased to have a financial professional with Kevin’s broad experience join us,” said John Bonow, chief executive officer of the PFM Group. “Expanding the firm’s footprint in the Southeastern U.S. and building on our already robust business in Virginia achieves a key strategic goal for PFM.”
PFM’s clients in the state include the Virginia Port Authority, Arlington, Prince William County, Norfolk and Fairfax County. Gilt-edged Fairfax, the state’s most populous county, competitively sold $217.65 million of general obligation bonds Wednesday to Citi at a true interest cost of 2.43%.
“It was a fabulous result for Fairfax County,” Carter said. “It was the lowest TIC ever in the county’s history on a new-money transaction.”
In 2011, Public Financial Management Inc. remained the top financial advisor in the country by volume, advising on $39.6 billion of bonds in 757 transactions. The firm has consistently ranked as the No. 1 advisor in Virginia and the Southeast for many years.
PFM Asset Management LLC managed more than $4.3 billion in assets for 160 clients in Virginia as of Dec. 31, 2011.
Founded in 1974 as a independent financial advisory firm, the PFM Group of companies employ more than 470 professionals in 34 offices around the country.