Montague DeRose and Associates

What Montague DeRose and Associates does

Montague DeRose and Associates, LLC is an independent municipal advisory firm founded in 1995 by Douglas Montague, headquartered in Westlake Village, California with a second office in Walnut Creek. The firm is registered with the SEC as an Independent Registered Municipal Advisor (IRMA) and provides financial advisory services exclusively to public sector clients, including state and local governments, federal agencies, investor-owned and public utilities, and water/wastewater agencies. Since inception the firm has advised on the issuance of more than $250 billion of short- and long-term debt across general obligation bonds, revenue bonds, certificates of participation, lease revenue bonds, tax and revenue anticipation notes, and joint powers authority financings.

The firm's service platform is organized around four core sector practices — General Government, Transportation, Energy, and Water/Wastewater — supported by four service modules: Long Term Planning (policy development, capital budgeting, financial modeling, debt capacity analysis, bond rating strategy), Debt Administration, Quantitative Strategy & Implementation, and Special Services. The firm differentiates through custom-built financial spreadsheets and analytical tools designed per engagement rather than reliance on standardized commercial software. Notable engagements include the $11.26 billion 2002 California Department of Water Resources Power Supply Revenue Bonds, all State of California Revenue Anticipation Notes since 2008, approximately $10.4 billion in annual State of California energy procurement financing, and sixteen U.S. Department of Transportation highway and transit projects totaling approximately $7 billion.

The business model is professional services fee-based, with revenue generated through negotiated per-engagement advisory fees on municipal bond issuances and related capital financing transactions. Go-to-market is relationship-driven enterprise field sales targeting public sector issuers; the firm explicitly pursues a "deep coverage, limited client" model. The firm is privately held as a California LLC with no disclosed external investors, parent company, or subsidiaries, and the principal remains the founder. Operating geographies are concentrated in California and the broader Western United States, with select federal-level engagements.

Name

Montague DeRose and Associates

Legal name

Montague DeRose and Associates, L.L.C.

Website

https://montaguederose.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

11–50 employees

Short description

Montague DeRose and Associates is an SEC-registered Independent Registered Municipal Advisor founded in 1995, providing debt issuance and capital financing advisory services exclusively to public sector clients in California and the Western U.S.

Ownership category

akta.pro rank

Headquarters

HQ city

Westlake Village

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. Municipal Advisory Fees: Revenue generated through professional advisory services to public sector clients for debt issuance, financing strategy, and financial consulting. The firm serves as municipal advisor on bond issuances and other capital financing transactions.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Montague DeRose and Associates is an independent municipal advisory firm that delivers financial advisory services to public sector clients across general government, transportation, energy, and water/wastewater sectors. The firm supports state and local governments with debt issuance, capital financing strategy, bond rating advisory, debt capacity analysis, and custom quantitative modeling. The firm has advised on more than $250 billion in short and long-term debt issuances since its founding in 1995.

Product overview

Montague DeRose and Associates is a full-service, independent municipal advisory firm serving the public sector. The firm operates as a unified advisory platform offering four core sector-focused services (General Government, Transportation, Energy, and Water/Wastewater advisory) supported by four service modules (Long Term Planning, Debt Administration, Quantitative Strategy & Implementation, and Special Services). The portfolio is built around providing sophisticated financial and analytical tools to help public sector clients evaluate financing alternatives, access capital markets, and manage debt effectively.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Over $250 billion of short and long-term debt issuance advised
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators3 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• CSG Advisors: Specialized municipal advisory firm focused on large-scale public finance engagements for cities, counties, transit agencies, and special districts; competes for the same high-dollar advisory mandates as Montague DeRose.
• Hilltop Securities: Public finance broker-dealer and advisor with a national municipal advisory practice covering state, local, and transportation issuers; competes for the same large general obligation and revenue bond mandates Montague DeRose serves.
• Acacia Financial Group: Independent municipal advisor (later combined with PFM) that served state and local issuers with debt issuance and post-issuance services; directly comparable practice profile to Montague DeRose's public-sector-only focus.
• Estrada Hinojosa & Company: Independent municipal advisory firm serving state and local government issuers, with particular strength in the Western U.S.; competes on similar general government, water, and transportation mandates.
• PFM (Public Financial Management / U.S. Bancorp Asset Management Public Finance): One of the largest independent municipal advisory firms in the U.S., serving state and local governments with debt issuance, capital planning, and post-issuance services; the most direct head-to-head competitor to Montague DeRose in the public-sector-only advisory space.
• KNN Public Finance (Zions Bancorporation): Independent public finance advisory group under Zions Bancorporation serving municipalities, schools, and special districts with debt issuance and capital planning; directly comparable size and client profile to Montague DeRose.

Emerging players

• Springsted Incorporated: Public-sector financial advisory firm serving cities, counties, school districts, and authorities with debt issuance and capital planning; comparable service mix to Montague DeRose but typically smaller per-engagement scale.
• Prager & Co., LLC: Independent municipal advisor serving public agencies with debt issuance and financial advisory services; smaller-scale but directly overlapping practice areas with Montague DeRose.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Montague DeRose and Associates