Top municipal advisors in Q1 2025, led by PFM, net 59% of total issuance
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PFM Financial ranked first among the Top 10 municipal advisors in the first quarter of this year.
The top 10 advisors accounted for $59.412 billion of par or 58.9% of the total issuance with municipal advisors.
Top municipal advisors in Q1
| Rank |
Financial advisor |
Q1 2025 par amount
(USD millions) |
Market share |
Number of issues |
| 1 |
PFM Financial
Advisors |
$22,102.23 |
21.88% |
158 |
| 2 |
Public Resources
Advisory Group |
$11,567.74 |
11.45% |
48 |
| 3 |
HilltopSecurities |
$7,171.68 |
7.10% |
101 |
| 4 |
Frasca |
$4,985.71 |
4.94% |
12 |
| 5 |
Kaufman Hall |
$2,581.04 |
2.56% |
12 |
| 6 |
Omnicap Group |
$2,567.32 |
2.54% |
3 |
| 7 |
Caine Mitter |
$2,330.16 |
2.31% |
33 |
| 8 |
Municipal Capital
Markets Group |
$2,072.24 |
2.05% |
4 |
| 9 |
Piper Sandler |
$2,019.01 |
2.00% |
35 |
| 10 |
KNN Public Finance |
$2,014.76 |
1.99% |
14 |
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