Company History

Story

Dr. Robert English, a former public funds officer, developed an innovative credit report in the early 1980s to ascertain the health of financial institutions using fundamental analysis and in-depth knowledge of the banking industry. Carefully analyzed according to critically important factors for the public funds officer, such as statute compliance, safety, liquidity and yield, this report became known as the “Prudent Man Analysis”. Today, finance officials continue to utilize Dr. English’s first-of-its-kind and time tested analysis to protect precious public resources.

Responding to the need of public entities to invest their funds more effectively, the Prudent Man Analysis evolved into a full service investment provider—PMA Financial Network, Inc., PMA Securities, Inc. and Prudent Man Advisors, Inc. (the PMA companies). PMA has developed an extensive network of institutional trading partners, which currently includes over 2,400 public entities and over 1,000 banks.

PMA continues to use this fundamental approach to long-term investment success, while applying some of the most innovative technology in the marketplace today. PMA’s record of success stories is built through meeting public entity needs.

Timeline

Click on a date to read more about PMA's milestones.

PMA Today

•  PMA is working in eleven states with over $20 billion in total assets under administration as of December 31, 2016. Total assets under administration include both money market pool assets for which the PMA companies serve as fund administrator/accountant, marketer/distributer, fixed income program provider (brokerage services), and/or investment advisory, or separate institutional accounts.

•  PMA continues to be a leading service provider to eleven Local Government Investment Pools (LGIPs) in nine states

•  The Public Finance Group of PMA Securities, Inc. has been ranked 8th in the nation for “Top Financial Advisors: Small Issues, Full Year 2015,” and 9th in the nation for “Top Financial Advisors: Bank-Qualified Bonds, Full Year 2015,”by The Bond Buyer

2005 – Public Finance

PMA Securities, Inc. entered the public finance marketplace with a team of professionals highly experienced in municipal finance, debt issuance, sales and trading and underwriting.  PMA's Public Finance Team performs a number of services for public entities, ranging from financial analysis and capital planning to facilitating the debt issuance process.  With a strong understanding of local, state and federal statutes and solid quantitative and qualitative models, PMA has earned a reputation in the public sector for providing financial solutions that work.

  • 2016 – Becomes the Top Financial Advisor for Small Issues for the full 2016 year (Top ten)
  • 2016 – Becomes the #2 Financial Advisor to Illinois local issuers during the 12-month period ending June 30, 2016
  • 2016 – Becomes the #1 Financial Advisor for the ninth year in a row for Illinois K-12 School Districts* for the Fiscal Year ending June 30, 2016
  • 2015 – Ranked the #1 Financial Advisor to Illinois local issuers for financings under $200 million during the 12-month period ending June 30, 2015**
  • 2015 – Becomes the #1 Financial Advisor for the eighth year in a row for Illinois K-12 School Districts* for the Fiscal Year ending June 30, 2015
  • 2014 – Becomes the #1 Financial Advisor for the seventh year in a row for Illinois K-12 School Districts* for the Fiscal Year ending June 30, 2014
  • 2013 – Becomes the #1 Financial Advisor for the sixth year in a row for Illinois K-12 School Districts* for the Fiscal Year ending June 30, 2013
  • 2012 – Becomes the #1 Financial Advisor for the fifth year in a row for Illinois K-12 School Districts* for the Fiscal Year ending June 30, 2012
  • 2011 – Becomes the #1 Financial Advisor for Illinois K-12 School Districts* for the Fiscal Year ending June 30, 2011
  • 2011 – Enters the Minnesota market
  • 2010 – Becomes the #1 Financial Advisor for Illinois K-12 School Districts* for the Fiscal Year ending June 30, 2010
  • 2009 – Becomes the #1 Financial Advisor for Illinois K-12 School Districts* for the Fiscal Year ending June 30, 2009
  • 2008 – Becomes the #1 Financial Advisor for Illinois K-12 School Districts* for the Fiscal Year ending June 30, 2008
  • 2008 – Enters the Wisconsin market
  • 2005 – PMA Securities, Inc. advises on its first bond transaction

* Source: Thomson Reuters. Based on the par amount and number of issues advised upon for Illinois K-12 districts during the 12-month period ending June 30, of each respective year. Includes Financial Advisors on negotiated and competitive sales. Please note that past performance does not indicate future results. Does not include Chicago Board of Education.

** Source: Thomson Reuters and emma.msrb.org. Based on the par amount of issues advised upon for Illinois financings under $200 million during the 12-month period ending June 30, 2015. Includes Financial Advisors on negotiated and competitive sales. Please note that past performance does not indicate future results.

2003 – Financial Planning Program

In 2003, PMA developed the PMA Financial Planning Program (PMA FPPTM), a proprietary five-year analysis tool providing financial planning for a public entity in clear and understandable language, tables and graphs.  This service responded to public entities’ need for a long-term financial planning tool that enables a governing board, the administration and community stakeholders to make well-informed data-driven decisions.

2002 – Local Government Investment Pools (LGIPs)

In October 2002, PMA entered the Local Government Investment Pool (LGIP) market, and has since become a leading provider of services to eleven local government investment pools, including: administration (shareholder recordkeeping and fund accounting), marketing and distribution, investment advisory (through Prudent Man Advisors) and fixed rate investment program.

1996 – Prudent Man Advisors, Inc.

Prudent Man Advisors, Inc., an SEC registered investment advisor, provides investment advisory services to Local Government Investment Pools for variable and fixed term money market pools. Credit analysis represents the foundation of the firm’s investment philosophy, and a “bottom-up” method of analysis is used to select potential investments. The firm seeks investments displaying relative value compared to other investments in the same class and relative to other asset classes.

1995 – Bond Proceeds Management Service Program

PMA Securities, Inc. developed its Bond Proceeds Management Program (PMA BPM) to help public entities, as tax exempt debt issuers, to fulfill the long list of Internal Revenue Service (IRS) requirements dictating how and when they can invest and spend down their bond proceeds, with hassle minimized as much as possible.

1994 – Cash Flow and Investment Service Program

PMA developed the Cash Flow Management Program to help public entities intelligently build an investment portfolio that capitalizes on the yield curve benefits of long-term investing.  Through a detailed investigation of a public entity’s historical cash flow, PMA helps create a predictable, defined investment plan.

1992 – PMA Securities, Inc.

As a registered broker-dealer and municipal advisor, PMA Securities, Inc. (member FINRA, SIPC) provides fixed income institutional brokerage and public finance services, money market instruments, and is the Distributor for a number of local governmental investment pools.

1988 – PMA Deposit Funding Program

For more than 30 years, PMA has provided deposit funding solutions to community banks across America. PMA introduced local public entities as the diversified deposit funding source for its community bank partners. PMA seeks to provide public entities with the best product solution at the most efficient price, while maintaining the principals of integrity, commitment and performance.

  • 1988 – First Certificate of Deposit placed
  • 1989 – Began offering its Surety Bond Insurance Wrap product
  • 2008 – Entered the Negotiable (DTC eligible) Certificate of Deposit market
  • 2009 – PMA Funding (a service of PMA Financial Network, Inc. and PMA Securities, Inc.) debuted as the Independent Community Bankers of America Preferred Service Provider for brokered certificates of deposit and public funds deposits.

1984 – Prudent Man Analysis

Dr. Robert English, the company’s founder and a former public funds officer, developed “The Prudent Man Analysis,” an innovative credit report for the public funds investor. The report utilized fundamental credit analysis and focused on the credit quality of financial institutions from a public depositor’s perspective. The report made a determination of whether the institution was worthy of public deposits and provided guidelines for collateralizing deposits.

1984 – PMA Financial Network, Inc.

Since 1984, PMA Financial Network, Inc. (PMA) has offered financial products and services to public entities. PMA’s business has expanded beyond its initial Prudent Man Analysis credit report to meet a broad array of client needs. Today, PMA offers cash management, investment services, LGIP administration and long-term financial planning services to public entities.

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