PFM Group Announces Expanded Capital Platform, Full Ownership by Managing Directors

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PFM Group’s Managing Directors announced they have unanimously approved a transaction that will result in PFM’s Managing Directors owning all of the firm’s equity.

PFM Group

The investment by all of the partners is a clear affirmation of our firm’s values.

The Managing Directors of the PFM Group (“PFM”) today announced agreement on a new capital structure that will enhance PFM’s revenue growth and expansion of services to clients. The firm’s 85 partners have unanimously approved a transaction that will result in PFM’s Managing Directors owning all of the equity of the PFM Group.

“We are very pleased to be able to continue PFM’s tradition of independence, integrity, and unfailing dedication to our clients,” said PFM Managing Director and CEO John Bonow. “The investment by all of the partners is a clear affirmation of our firm’s values, and our capital structure will enable us to remain intensely focused on adding value for each client, investing in additional industry-leading technology and training, and continuing to attract and retain the most outstanding financial and investment professionals.”

“As the nation’s leading independent municipal and non-profit advisory firm for the past sixteen years according to Thomson Reuters, and a leading investment manager, PFM is known for providing its clients with highly ethical advice free of conflicts. We are extremely proud of our record of success and our outstanding reputation in the industry, and we look forward to continued growth,” he added.

“All of our Managing Directors are actively committed to this plan, which will help us maintain our strong history of client service,” noted Chief Investment Officer and Managing Director Marty Margolis. “Our capital strength will allow us to build on our long-established track record of acting solely on our clients’ behalf. We are excited about maintaining our great tradition of delivering the value-added services to our clients that support their goals and help them manage their financial challenges,” he concluded.

The transaction is expected to close after regulatory approval is obtained, and before June 30, 2014.

The PFM Group of companies provides municipal advisory and investment management services, best practices management and budget consulting, and consulting services to pension funds and similar institutional investors. For almost four decades, Public Financial Management, Inc., a component of the PFM Group, has built a solid presence in the municipal marketplace and has provided independent financial advisory services to local, state, and regional government and non-profit clients throughout the United States in their dealings with the capital markets and in the fields of higher education, public power, transportation, healthcare, general municipal, environmental utilities, and management and budget consulting, among others. Public Financial Management, Inc. is a municipal advisor registered with the Securities and Exchange Commission (“SEC”) and the Municipal Securities Rulemaking Board under the Dodd-Frank Act of 2010.

PFM Asset Management LLC (PFMAM), also part of the PFM Group of companies, is registered with the SEC under the Investment Advisers Act of 1940 and manages money market, fixed income and multi asset class portfolios. It has a strong history of thoughtful innovation coupled with an abiding dedication to protecting client capital. At December 31, 2013, PFM Asset Management LLC had $91.8 billion in total assets, including $50 billion in discretionary assets under management and $41.8 billion in non-discretionary assets under advisement.

The PFM Group currently employs more than 500 professionals serving a broad base of clients from offices located in every region of the country.

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Sandra Sosinski
PFM Group
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