PROVIDENCE, RI – General Treasurer Seth Magaziner today announced the selection of one of the top-ranked financial advisory firms in the nation to serve as the state's financial advisor. Public Resources Advisory Group has been ranked among the top three financial advisors in the nation every year for more than 20 years.
"Rhode Islanders need to trust in the financial management of our state," General Treasurer Seth Magaziner said. "PRAG is one of the nation's leading financial advisors to state governments, with a record of providing market expertise, independent advice and quality service. The Treasurer's Office proactively recruited a national pool of qualified applicants in our search for a trusted financial advisor. Our selection of PRAG ensures Rhode Island will be served by one of the top-ranked financial advisors in the nation."
Headquartered in New York City with offices in California, Pennsylvania and Florida, PRAG is an advisor of the largest state bond issuers – with clients including a majority of New England states as well as California and New York. Since 2005, PRAG has been ranked No. 1 by average dollar amount per issue, and the firm has primarily been the top advisor in the nation for General Obligation long-term municipal financings in most years over the past decade.
"Treasurer Magaziner led a thorough search, and coordinated closely with the Office of Management and Budget," said Governor Gina M. Raimondo. "PRAG has tremendous experience advising states around the country, and I'm confident they will be a strong partner in our efforts to grow the economy and put Rhode Islanders back to work."
Since its founding in 1985 as one of the nation's first independent financial advisory firms, PRAG has advised clients on more than $823 billion of transactions and assisted more than 60 state and state-level authorities and agencies on the issuance of securities. The firm's financing experience includes general obligation bonds, revenue bonds, and transportation financings.
PRAG will enter into a two-year contract with the state, renewable at the state's option. The firm will advise the Rhode Island Treasury, Department of Administration, Office of Management and Budget and work closely with the state's bond counsel, rating agencies, trustees and other professionals involved in the state's financings.