PFM Asset Management Chosen as Investment Manager for Citizens Insurance

ORLANDO, Fla., Jan. 31, 2011 /PRNewswire/ -- PFM Asset Management LLC (PFMAM) has been formally retained as an investment manager by Citizens Property Insurance of Florida, one of the nation's largest state-sponsored property and casualty insurers, it was announced today. The contract was obtained via Requests for Proposals in the spring, and the accounts initially total over $600 million in assets with the likelihood that the amount invested is to increase. This new assignment and additional accounts that PFMAM gained earlier in 2010 place PFMAM among the largest managers of domestic institutional tax-exempt assets in the country, according to data compiled by Pensions & Investments magazine.

(Logo: http://photos.prnewswire.com/prnh/20091028/PH00754LOGO-b )

"This is a special milestone for our firm," noted PFMAM Chief Investment Officer Marty Margolis. "The competition for this account was fierce, and we at PFM are extremely gratified that a major client with a sizable investment like Citizens chose to place their non-pooled assets under our management. We now join a select group of investment management firms who have reached this level, and are delighted that an organization at the level of Citizens has demonstrated their confidence in PFM."

PFM Managing Director Steven Alexander, who is responsible for the firm's Southern U.S. practice and the Citizens' account, agreed. "We believe the PFMAM track record speaks for itself, and that when well-known self-insurers like Citizens choose us against stiff competition from other national firms, it is an indication that they recognize PFM's experience in successfully managing sizeable investments like these on behalf of our clients."

The PFM Group of Companies currently employs more than 430 individuals serving a broad base of clients from 34 offices located in every region of the country. Public Financial Management, Inc. is well respected for providing clients with independent advisory services free of conflicts in their dealings with the capital markets. For 2010, PFM was the top ranked independent financial advisory firm nationwide, advising clients on $57.5 billion of total debt issuances in 988 separate transactions. In addition, at December 31, 2010, PFM Asset Management LLC, part of the PFM Group, had $40.4 billion in assets under management for state and local governments and non-profit institutions, and provided non-discretionary advice for an additional $2.3 billion in fixed income securities.

SOURCE The PFM Group