Top 10 financial advisors see minor shuffling in Q1-Q3

Of the $227.938 billion of par issued, municipal financial advisors saw $227.626 billion of business in 4,134 transactions in Q1-Q3 in 2023. This is down from the $249.137 billion in 4,820 deals over the same time period in 2022, out of a total of $249.168 billion.

RBC Capital Markets and Caine Mitter & Associates moved into the top 10, while CSG Advisors and Kaufman Hall & Associates were bumped to the top 15.

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PFM leads the way

Public Financial Management Financial Advisors claimed the top spot, advising on $42.055 billion with an 18.5% market share, up from $38.162 billion and a 15.3% share of the market in 2022.
Public Resources Advisory Group

PRAG stays in second

Public Resources Advisory Group stayed in second with a par amount of $26.064 billion, or 11.4% share of the market. That compares with its $28.403 billion and an 11.4% market share in 2022.
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Hilltop Securities remains in third

Hilltop Securities accounted for $16.417 billion and a 7.2% market share to be squarely in third place versus $20.071 billion and an 8.1% market share last year.
Estrada Hinojosa

Estrada Hinojosa rises to fourth

Estrada Hinojosa & Co. was in fourth place, totaling $8.139 billion and 3.6% market share, up from $5.812 billion and 2.3% market share over the first nine months in 2022.
Frasca logo

Frasca & Associates falls

Frasca & Associates was fifth, with a par amount of $8.084 billion and 3.6% share of the market, down from $14.527 billion and 5.8% in 2022.

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Rest of the top 10

Acacia Financial Group with $6.468 billion, RBC Capital Markets with $5.422 billion, Piper Sandler & Co. with $5.047 billion, Municipal Capital Markets Group with $5.037 billion and Caine Mitter & Associates with $4.824 billion.
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