John Bonow says he drove across the country from his home on Bainbridge Island, Wash., to his new office as head of Public Financial Management Inc. in Philadelphia "in under three days" this month. (Why not fly? "My dog.")
He passed a lot of clients on the way. PFM is the largest of the specialized firms that advise states and towns on public-finance deals, according to Thompson Reuters, raising nearly $40 billion for bridges, schools, and other public projects in more than 750 bond sales last year.
The firm was founded by ex-Philadelphia finance officer (and future Obama aide) G. Edward DeSeve in 1975. He was joined in PFM's early years by, among others, John White (who retired as PFM boss last year), Sam Katz (Republican mayoral candidate-turned-documentary filmmaker), Marty Margolis (ex-aide to Gov. Milton Shapp), Milt Lopus (a well-known Harrisburg dealmaker, now retired), and later John Spagnola (the ex-Philadelphia Eagle). It has gone national (34 offices, nearly 500 employees) by raising private capital and buying regional rivals.