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Municipal advisors

The top financial advisors of 2020

By Robert Slavin
February 1, 2021 3:54 PM
Top municipal financial advisors of 2020

While the top three places for financial advisors didn’t change, below third there were plenty of shifts.

The top 25 financial advisors worked on $271.8 billion of deals in 2020, up 16.3% from the year before. By comparison, the total advised by all firms increased 12.6%.

The PFM Group Logo

PFM’s dominance shrank slightly

Public Financial Management’s dominant share shrank slightly but easily retained its first position within the industry. It advised 18.1% of par in 2020, compared with 19.3% in 2019. It advised $69.7 billion last year, up from $66.1 billion the year before.
Public Resources Advisory Group

PRAG was steady in second place

Public Resources Advisory Group kept well behind PFM but well ahead of the third-placed advisor. PRAG accounted for $43.4 billion and a 11.2% market share in 2020, versus $40.6 billion and a 11.8% market share in 2019.
HilltopSecurities Inc. Logo
TONYVALADEZ.COM

Hilltop Securities stayed in third

Hilltop securities finished in the same spot, with its market share declining to 8% from 8.3%. The firm finished 2020 with $31.1 billion, up from $28.5 billion in 2019.
Acacia_Sign_Photo.jpg

Acacia jumped up a place, but increased business by 80%

Acacia rose to fourth in 2020 from fifth in 2019 by increasing advising 80.6%. It advised $17.3 billion with a 4.5% market share in 2020, up from $9.6 billion with a 2.8% share in 2019.
Estrada Hinojosa

Estrada rose in rankings in 2020

Estrada Hinojosa & Company jumped to fifth in 2020 from 10th in 2019. The amount it advised increased to $11.3 billion or 2.9% in 2020 from $5.7 billion or 1.7% in 2019.
Top municipal financial advisors 2020

There were substantial shifts in places six to 10

The financial advisors numbered six through 10 in 2020 were: Frasca & Associates with $11.2 billion, KNN Public Finance with $10.2 billion, Piper Sandler & Co. with $8.2 billion, Davenport & Company with $6.9 billion, and Montague DeRose & Associates with $6.8 billion. Frasca declined from its fourth place position in 2019. KNN rose to its seventh position in 2020 from its ninth position the year earlier. Davenport went to ninth in 2020 from its 12th position. Finally, Montague somersaulted to 10th place in 2020 from a 24th place showing in 2019.
Robert Slavin
Southeast Reporter, The Bond Buyer
Municipal advisors Rankings Primary bond market
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