Retired PFM executive F. John White dies at 78

PFM

Under CEO F. John White, PFM became a financial advisory powerhouse in the municipal bond market.  

White died on Friday at his Philadelphia home surrounded by his family at age 78. 

White, who was inducted into The Bond Buyer's inaugural Muni Hall of Fame class in 2022, was one of Philadelphia-based PFM's founders and served as its CEO for over three decades. During his tenure, the firm grew from a single office with five employees to become the top ranking and largest independent municipal advisory firm in the nation with more than 350 employees in 30 offices across the country. 

The firm focused on being an advocate for bond issuers to ensure they receive the best possible price for their debt.

"The idea of an independent financial advisor who wasn't involved in underwriting at all became our mantra," White told The Bond Buyer in 2022. "We talked to people about that. Three quarters of them thought we were crazy and probably a quarter of them said, 'Gee, that sounds like something that's a good idea.' It was really unique in those days."

He led PFM's team that produced a five-year financial plan in 1992 for Philadelphia, which had been placed under state oversight amid a fiscal crisis that led to rating downgrades and market access problems. The city ultimately returned to the bond market after a two-year absence.

White expanded PFM's scope into strategic consulting, asset management, and other services before retiring as CEO at the end of 2011. As chairman emeritus, he said he acted "like an advisor on call" for the firm.

"John believed in the power of government to serve people, and had a clear vision for the role an independent advisor can play in helping our clients achieve their goals — whether it was building a new school or achieving fiscal stability," PFM CEO JoAnne Carter said in a statement. "This view defined PFM's purpose which endures today. As a mentor, partner & friend to many, John was one to generously invest his confidence in your potential, always seeing opportunity for growth."

Daniel Hartman, PFM's immediate past CEO and a current managing director, called White "a rare kind of leader — entrepreneurial and fiercely committed to public service." 

"He helped build not just a firm, but a community," Hartman added. 

In building PFM, White and his partners raised the bar for municipal advisory services, according to Sean W. McCarthy, CEO of BAM Mutual.

"In the process, he created new professional standards that benefitted not only his clients, but everyone in the market," McCarthy said in a statement. "At BAM, he was one of our most active directors, serving on multiple board committees and helping us apply the same issuer-focused and mission-driven approach to building our bond insurance portfolio."

White served on BAM's board of directors from 2017 to 2024.

Before joining PFM, White worked on political campaigns and in local, state, and federal government, including five years handling administrative and legislative matters for then-Pennsylvania Congressman William Green, a member of the U.S. House Ways and Means Committee. 

White is survived by a brother James, three children, and six grandchildren, according to a published obituary. He was preceded in death by wife Beth Ann and former wife Gee Gee.

A memorial friends meeting is scheduled for June 26 at 3 p.m. ET at The William Penn Charter School in Philadelphia, followed by a celebration of his life at the Philadelphia Cricket Club in Chestnut Hill from 5 p.m. to 8 p.m. Burial will be private.

In lieu of flowers, contributions may be made to the Evelyn J. White scholarship fund at The William Penn Charter School. John White established the scholarship program for children of city employees in honor of his mother Evelyn, Philadelphia's first female deputy mayor.