PFM Group Adds First Independent Outside Director

PHILADELPHIA, Nov. 29, 2010 /PRNewswire/ -- PFM Group, a leading provider of independent financial and investment advisory services to state and local governments all over the country and a top-performing manager of money market mutual funds for institutions, announced today that Robert W. Crispin, former Chairman and Chief Executive Officer of ING Investment Management Americas, has joined PFM's Board of Directors. Crispin is the first independent outside director to serve on the privately-held firm's board.

"We are extremely pleased to welcome such an outstanding individual to our Board as PFM continues to build for the future," said F. John White, CEO and Managing Director of PFM Group. "We believe Bob's experience and wisdom will be of great value as we chart PFM's continued growth and profitability going forward."

Bob Crispin spent seven years directing ING's North American investment activities and ING's Latin American insurance business prior to his retirement in 2007. Before that, he held the position of Executive Vice President with Massachusetts Mutual Life Insurance and also with UnumProvident Corporation. He has held senior management positions directing investment and insurance activities for Travelers Insurance Group, Lincoln National Corporation, Capital Holding Corp., and Phoenix Mutual Life.

"Bob Crispin is a well-recognized professional who helped build world-class asset management firms at the leading edge of both performance and customer service," noted Marty Margolis, Chief Investment Officer of PFM Asset Management and a Managing Director of PFM Group. "Having the counsel of someone like Bob, with his breadth of experience and strategic point of view, will be extremely helpful to PFM as we take our already-successful investment management business to the next level," he added.

Bob is equally enthusiastic about joining forces with PFM. "This is a firm that has developed into a financial advisory powerhouse and a leader in investment management over the past 35 years," he said. "I am looking forward to providing input on PFM's long-term strategy and goals, and to contributing to their further expansion," he concluded.

Mr. Crispin serves as a director on several other boards, including Intact Financial Corporation, the largest property/casualty firm in Canada; SulAmerica SA, the second largest insurance company in Brazil; Oliver Wyman Financial Services Advisory Board; and the ING Funds' Unified Board.

Lloyd Metz, Managing Director of ICV Partners, which acquired a majority interest in PFM Group in May 2009, also praised Crispin's joining the Board. "PFM and its top-flight management team have done an outstanding job in fast-moving and challenging environments to build a market-leading municipal finance and investment advisory business in the U.S.," he said. "Attracting a director of Bob's stature is a testament to the firm's strength and its reputation for integrity," he concluded.

PFM currently employs more than 430 individuals serving a broad base of clients from 34 offices located in every region of the country. The firm is well respected for providing clients with independent advisory services free of conflicts in their dealings with the capital markets. At the end of the third quarter of 2010, Public Financial Management retained its position as the top ranked financial advisor in the nation in overall new issues.  For the first nine months of 2010, PFM was the top ranked independent financial advisory firm nationwide, advising clients on $38.9 billion of total debt issuances in 705 separate transactions. In addition, at September 30, 2010, PFM Asset Management LLC, also part of the PFM Group, had $36.5 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.

FOR LOCAL USE: Mr. Crispin lives in Scarborough, Maine. He received his B.A. from Wesleyan University and his M.B.A. from the University of Connecticut.

SOURCE PFM Group