ARLINGTON, Va., Jan. 18, 2012 (GLOBE NEWSWIRE) -- The PFM Group, the nation's leading provider of independent financial and investment advisory services to state and local governments and non-profit institutions, announced today that Kevin Rotty, a well-respected Virginia municipal finance professional with 23 years of experience, has joined PFM as a Managing Director. Mr. Rotty will open The PFM Group's new Richmond, Virginia office, enhancing the firm's efforts to serve clients throughout Virginia and the Southeast region. PFM provides financial advisory and portfolio management services nationwide for government and not-for-profit organizations, corporations, pension and endowment funds and other institutions.
Kevin Rotty spent the past eleven years as a financial advisor and investment banker with Morgan Keegan, a subsidiary of Regions Financial Corporation. He previously spent twelve years with First Union Securities/Wheat First Butcher Singer. 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 a majority of Virginia's regional jail authorities. Over the course of his career, he has assisted over 75 Virginia entities on financing programs totaling over $5 billion.
"We are extremely pleased to have a financial professional with Kevin's broad experience join us," commented John Bonow, CEO of The PFM Group. "Expanding the firm's footprint in the Southeastern US and building on our already robust business in Virginia achieves a key strategic goal for PFM, and we believe Kevin will make a major contribution to that effort," he added.
JoAnne Carter, PFM Managing Director and leader of the firm's Virginia practice, noted the importance of opening the Richmond office. "This helps PFM provide even better service to our Virginia state-level clients," she observed, "and enhances our ability to bring all of PFM's resources to bear in this region. It truly demonstrates PFM's commitment to this market, and our ability to grow here."
PFM has ranked number one in the Southeast region for the past ten years. It is also the leading advisor in Virginia, advising on transactions with a par value of more than $5.6 billion over the period 2006 to 2010, more than any other financial advisor in the state. Recently, PFM was awarded a renewal of its contract with Fairfax County, Virginia's most populous county and one of the country's premier issuers.
Another member of the PFM Group of companies, PFM Asset Management LLC, also enjoys a leadership position in the Virginia market. PFMAM provided asset management services for over $4.3 billion in assets under management at December 31, 2011 for more than 160 clients, including operating funds, endowments, reserve funds, and other institutional clients.
Kevin Rotty is enthusiastic about the growth opportunities for PFM in Virginia. "I am delighted to become a part of the PFM team," he said. "The firm's reputation as a highly ethical, reliable, and creative financial advisor in the world of public finance is impeccable," Mr. Rotty added. "Seeing their outstanding growth over the past several years, I am eager to make my own contribution to PFM, and this is an ideal opportunity for me to contribute my knowledge of local governments in the area to expand PFM's services throughout Virginia," he concluded. The new PFM Managing Director received his bachelor's degree in business administration from the University of Richmond. He has lived in the Richmond area for the past 30 years.
The PFM Group currently employs more than 470 professionals serving a broad base of clients from 33 offices located in every region of the country. The opening of the Richmond office brings the total to 34. The firm is well-known for providing clients with independent advisory services free of conflicts in their dealings with the capital markets. Public Financial Management, Inc., part of the PFM Group of companies, was the top-ranked independent financial advisory firm in the nation in almost every major category for 2011, according to Thomson-Reuters, advising on $39.6 billion of total debt in 757 separate transactions during the year.
Since its founding in 1974, PFM 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. PFM Asset Management LLC (PFMAM), also part of the PFM Group of companies, is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. PFMAM had $39.8 billion in assets under management and provided investment consulting services for an additional $24.0 billion as of September 30, 2011. PFM's clients are state and local governments, non-profit corporations, pension funds, and similar institutional investors. The PFM Group of companies also provides best practices strategic consulting and pension advisory consulting services.