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PFM Accelerates DC Marketplace Growth With Acquisition

    

PHILADELPHIA, PA, November 1, 2017 -- PFM has announced an agreement to acquire the assets of Fiduciary Capital Management (FCM) that will allow PFM's asset management business to expand its services to include "stable value" investments to qualified retirement plans such as a 401k and 457 plans. The agreement will bring FCM's expertise and approximately $2.5 billion in managed assets to PFM's asset management business.

"The FCM team provides a great complement to our current array of asset management services," said PFM CEO John Bonow. "This planned acquisition adds a unique asset class to our very substantial fixed income business and gives us the opportunity to manage assets in the defined contribution market. PFM and FCM share a conservative, income-oriented investment philosophy that strives for principal preservation."

David Starr, a PFM Managing Director and head of PFM's stable value group will oversee the expanded operation that includes six new employees from FCM. Starr has more than 35 years of financial industry experience, including 25 years in stable value.

"By bringing in a team with an accomplished track record and strong skill set in stable value we'll be able to broaden our offerings to our current client base as well as future clients," Starr said. "The defined contribution market has become more and more important in the investment business, given the scope and growth of the asset base there. In order to best serve our clients, we felt it was essential to expand our capability in that category."

FCM, which is currently owned by Ohio National Financial Services, Inc., provides institutional clients with low-risk, high-performing stable value investment management services. It also offers a spectrum of related services including insurance company credit evaluation, annuity purchases and advisory services incorporating stable value.

FCM's clients include public, corporate and Taft-Hartley retirement plans. The company's President and Chief Investment Officer, Wayne Gates, said he looks forward to joining his new team.

"The chance to join PFM and work with David Starr presents a tremendous opportunity to launch stable value in a meaningful way. PFM is respected for its integrity and performance in serving the same type of clients that we do. Together, we will be a highly trusted asset manager," said Gates, who has more than 37 years of diversified pension and investment experience.

Starr noted that the asset acquisition will mark another step in PFM's ongoing growth.

"Stable value lines up very well with the PFM asset management team's core competencies and skills of being a high quality, conservative, investment grade fixed income manager."

About PFM

At PFM, over 600 employees - asset managers, financial advisors and consultants - partner with clients in every region of the country to transform their world. We combine superior financial advice, disciplined management and ingenuity to build, power, move and educate. PFM is the marketing name for a group of affiliated companies providing a range of services. All services are provided through separate agreements with each company. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation.

For more information regarding PFM's services or entities, please visit www.pfm.com.

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