PMA Financial Network

What PMA Financial Network does

PMA Financial Network, LLC is part of PTMA Financial Solutions, an integrated financial services firm formed in March 2025 through the combination of PMA Companies (founded 1984) and Public Trust Advisors, LLC (founded 2011). The firm provides investment advisory, fund administration, public finance, securities brokerage, and stable deposit funding solutions, primarily to U.S. public-sector entities — including over 12,000 local governments, school districts, municipalities, counties, park districts, and library districts across 26 states — as well as insurance companies, nonprofits, and over 1,000 financial institution partners. PMA Asset Management, LLC manages over $121.94 billion in assets as of December 31, 2024, and PMA Financial Network administers 13 Local Government Investment Pools (LGIPs). The broker-dealer and municipal advisory arm operates as PMA Securities, LLC (SEC/MSRB registered, FINRA/SIPC member, licensed in 19 states).

The core platform is built around four operating entities under common ownership: PMA Asset Management (SEC-registered investment adviser), PMA Securities (broker-dealer and municipal advisor), PMA Financial Network (fund administration and product distribution), and Public Trust Advisors (SEC-registered investment adviser). Proprietary technology includes the registered Objectives Based Asset Allocation (OBAA)® methodology — a goals-driven allocation framework — and the PMA GPS Portal, an interactive client reporting tool providing access to underlying investment and accounting data. Supporting infrastructure includes SSL-encrypted e-commerce platforms, firewall protection, and multi-factor authentication. The firm's credit risk management function performs quarterly ratio/fundamental analysis across all investments and continuous monitoring of regional and national economic conditions.

The revenue model spans five streams: subscription/recurring investment advisory fees on $121.94B AUM, managed-services fees for LGIP administration and term/bond-proceeds management, transaction fees from institutional brokerage and municipal securities through PMA Securities, professional-services fees for municipal advisory engagements, and managed-services revenue from stable deposit funding solutions channeled through 1,000+ financial institution partners. Pricing is not publicly disclosed; services are tailored to institutional clients with customized solutions. Distribution is sales-led via direct institutional relationship management and a registered broker-dealer channel; the firm supplements this with educational workshops (Library/Park/School Tax Levy Workshops), industry conference exhibits (ABA, ICBA LIVE), and content-driven marketing (monthly market updates, semi-annual outlooks, Credit Quarterly newsletter). The firm is privately held, with investment partners retaining majority ownership post-merger and employees holding a substantial minority stake; leadership is CEO Todd Alton (formerly Public Trust) with Executive Chairman Jim Davis (formerly PMA).

Name

PMA Financial Network

Legal name

PMA Financial Network, LLC

Website

https://pmanetwork.com

Company type

Private

Founded year

1984

Operating status

Operating

Headcount range

51–100 employees

Short description

PMA Financial Network, part of PTMA Financial Solutions, provides investment advisory, LGIP administration, public finance, and brokerage services to over 12,000 U.S. public-sector entities and 1,000+ financial institutions across 26 states, managing more than $121.94 billion in assets.

Ownership category

akta.pro rank

Product category

Public Sector Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Money Market Funds (FSAAAEAC)

akta.pro secondary industry

Prime Brokerage (FSAEACAD)

Keywords

• Public sector investment advisory
• Local government investment pools
• Municipal advisory services
• Fixed income asset management
• Public finance advisory

Headquarters

HQ city

Naperville

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Advisory Services: SEC registered investment advisory services primarily to local government investment pools (LGIPs) and separate accounts, with over $121.94 billion in assets under management as of December 31, 2024
2. Local Government Investment Pool Administration: Fund administration services including transfer agency and fund accounting for LGIPs
3. Public Finance Services: Municipal advisory services for public entities including debt issuance and capital markets expertise
4. Securities and Brokerage Services: Marketing, securities, institutional brokerage services and municipal advisory offered through PMA Securities, LLC (broker-dealer registered with SEC and MSRB, member of FINRA and SIPC)
5. Term Investments and Bond Proceeds Management: Investment products including term investments and bond proceeds management for public entities
6. Stable Deposit Funding Solutions: Deposit funding solutions for financial institutions, partnering with over 1,000 financial institutions to offer competitive deposit rates to public entities

Go-to-market motion2 records

Distribution channels3 records

Marketing channels10 records

Core offering

PMA Financial Network provides investment advisory, fund administration, public finance, and securities services to public sector entities through its affiliated SEC-registered entities. Its core offerings include Local Government Investment Pool administration (13 LGIPs), investment advisory services via PMA Asset Management (over $121.94 billion AUM), municipal advisory services through PMA Securities, and stable deposit funding solutions to financial institutions.

Product overview

PMA Financial Network is part of PTMA Financial Solutions, an integrated financial services firm offering a comprehensive platform of treasury, cash, and liquidity management solutions for public entities and financial institutions. The core offerings include Local Government Investment Pools (LGIPs) administration through Fund Administration services, Investment Advisory Services via PMA Asset Management (with $121.94 billion AUM as of December 2024), and Public Finance Services for municipal bond issuance. The platform is enhanced by proprietary methodologies including Objectives Based Asset Allocation (OBAA)®, Credit Risk Management services, and online client portals like PMA GPS. Additional services include Term Investments, Bond Proceeds Management, Cashflow Analysis, and stable deposit funding solutions for financial institutions. The March 2025 merger with Public Trust Advisors expanded the combined firm to serve over 12,000 local governments and public entities across 26 states.

Differentiator

Problem solved

Functional benefit

Brands

• PTMA Financial Solutions: The combined brand name after PMA Companies and Public Trust Advisors merged in March 2025.

Products and services

• Local Government Investment Pools (LGIPs) Pooled investment vehicles providing local governments with a secure, liquid option for investing public funds, managed by PMA fund administrators and investment advisors.
• Investment Advisory Services (PMA Asset Management) SEC registered investment advisory services providing customized portfolio solutions for public entities, insurance companies, and institutional investors, with over $121.94 billion in assets under management as of December 31, 2024.
• Public Finance Services (Municipal Advisory) Municipal advisory services for debt issuance and capital markets, providing assistance to public entities throughout the bonding process, offered through PMA Securities, LLC.
• Fund Administration Transfer agency and fund accounting services for LGIPs, with PMA Financial Network providing administrative services for 13 LGIPs as of December 31, 2019.
• Objectives Based Asset Allocation (OBAA) A proprietary, registered allocation approach specifically designed to position portfolios to help achieve client business goals through goals-driven, customized, dynamic, and transparent asset allocation.
• Credit Risk Management Team utilizing ratio and fundamental analysis for all investments on a quarterly basis, continuously monitoring regional and national economic environments, analyzing creditworthiness of client investments, and surveilling collateral positions.
• Funding Solutions for Financial Institutions Diversified stable funding solutions for financial institutions with deposits from local government investment pools and public entities, including short- or long-term, collateralized or non-collateralized options.
• PMA GPS Portal Online client portal providing clients with full access and integration to their underlying investment and accounting data, including interactive portfolio reporting tools.
• Term Investments Investment products offered through the combined PTMA platform serving local government investment needs.
• Bond Proceeds Management Management of bond proceeds for public entities following bond issuance, ensuring compliant and optimized investment of proceeds.
• Cashflow Analysis Analysis services to help clients manage cash flow timing and investment strategies across operating, reserve, and bond proceeds funds.
• Stable Deposit Funding Solutions Deposit funding solutions for financial institutions, partnering with over 1,000 banks and credit unions to offer competitive deposit rates to public entities.
• Securities and Brokerage Services Marketing, securities, institutional brokerage services and municipal advisory offered through PMA Securities, LLC, an SEC and MSRB registered broker-dealer and member of FINRA and SIPC.

Quantifiable outcome

• Over $121.94 billion in assets under management as of December 31, 2024
• +3 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature5 records

Partnerships

Two partnerships are on record, tiered core and major.

• Public Trust Advisors, LLCcoreStrategic or Co-development Partner · 1 March 2025The PMA Companies and Public Trust Advisors, LLC combined to create PTMA Financial Solutions, an integrated financial services firm. Public Trust, founded in 2011 to manage investment needs of local governments, merged with PMA (founded 1984) to provide comprehensive treasury, cash, and liquidity management solutions plus municipal advisory and other financial products to public entities and financial institutions.
• Over 1,000 Financial InstitutionsmajorGTM or Marketing PartnerThe combined firm partners with over 1,000 financial institutions (banks and credit unions) to offer competitive deposit rates to public entities and help banks expand their local footprints with sources of stable deposits.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• PFM Asset Management: Direct peer providing investment advisory, asset management, and public finance services to state and local government clients. PFM operates one of the largest US public-sector advisory platforms, competing head-to-head with PTMA on LGIP, separate account, and municipal advisory mandates.
• Meeder Investment Management: Direct peer managing Local Government Investment Pools (LGIPs) and providing public entity investment advisory and fund administration services. Meeder is one of the most direct competitors to PMA's LGIP administration and public-sector investment management business.
• Hilltop Securities: Direct peer offering public finance, municipal advisory, institutional brokerage, and investment services to state and local government clients. Overlaps directly with PMA Securities' broker-dealer and municipal advisory offerings for public entities.
• Piper Sandler Public Finance: Direct peer with a significant public finance division providing municipal advisory, bond underwriting, and institutional brokerage to government clients. Competes with PMA Securities for municipal advisory mandates and broker-dealer services to public entities.
• Stifel Public Finance: Direct peer providing public finance, municipal advisory, and institutional brokerage services to state and local government issuers. Competes with PMA Securities on bond issuance mandates and public finance engagements.
• FHN Financial: Direct peer providing public finance, institutional fixed-income brokerage, and municipal securities services. Overlaps with PMA Securities' institutional brokerage and public finance service offerings for government and institutional clients.
• KeyBanc Capital Markets (Public Finance): Direct peer operating a public finance group that provides municipal advisory, bond underwriting, and capital markets services to government clients. Competes with PMA Securities for municipal advisory mandates and underwriting engagements.
• Payden & Rygel: Direct peer providing fixed-income and short-duration investment management to institutional and government clients. Competes with PMA Asset Management for public entity separate account mandates, particularly in cash equivalents and short-duration fixed income.

Broad incumbents

• Nuveen (TIAA): Broad incumbent asset manager with a significant public-sector fixed-income and municipal investment management business. While Nuveen offers a much broader product set than PTMA, it competes for the same large public entity treasury mandates and is one of the most credible large-scale competitors for institutional LGIP and separate account mandates.
• Western Asset Management: Broad incumbent fixed-income manager owned by Franklin Templeton that serves institutional clients including public entities and insurance companies. Competes with PMA Asset Management for public entity and institutional fixed-income mandates, though at much larger scale and broader scope.

Market position

Weaknesses5 records

Competitive moat6 records

Key risks1 record

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PMA Financial Network