Naperville, Ill. – March 31, 2020
PMA, a premier full-service provider of comprehensive financial and advisory services to municipalities, school districts, other local government entities and insurance companies, announced today that it has acquired substantially all of the assets of Miles Capital, Inc. (“Miles Capital”) from Founder and principal owner David Miles and other employee owners and investors. The transaction was originally announced in January 2020 pending completion of customary closing conditions, including any required regulatory approvals. Terms of the agreement were not disclosed.
Founded in 1982, Miles Capital is an independent, institutional, SEC-registered investment adviser providing institutional quality investment solutions to insurance companies, government entities, not-for-profit organizations, schools and high net-worth individuals. Miles Capital currently manages over $1.5 billion in AUM in investment strategies covering three primary asset classes – fixed income, equity and alternatives.
“We are proud to have closed this transaction within the timeline originally agreed to by all parties, and this is a testament to both the strategic merits of combining these organizations and the dedication to hard work and excellence inherent in the Miles Capital and PMA professionals and culture,” said James O. Davis, Chief Executive Officer of PMA.
In addition to the close, in an effort to bring together all of PMA’s business lines under one unified PMA brand, PMA’s SEC-registered investment adviser, Prudent Man Advisors, LLC, will be doing business as (“d/b/a”) PMA Asset Management, LLC, moving forward. This evolution not only simplifies PMA’s brand following the Miles Capital acquisition, but importantly also reflects PMA’s strong brand recognition as well as a culture of integrity, commitment to clients and performance.
PMA was advised by Kirkland & Ellis LLP. Miles Capital was advised by Godfrey & Kahn.
PMA Financial Network, LLC, PMA Securities, LLC and PMA Asset Management, LLC (“the PMA companies” or “PMA”) are under common ownership. The PMA companies serve over 3,200 municipalities, school districts, local government investment pools, insurance companies and other institutions across 12 states by providing investment, financial management and fund administration services. PMA provides a comprehensive array of discretionary and non-discretionary investment advice to our clients through pooled, separate accounts and self-directed investment solutions, in addition to public finance services.
For more information, go to www.pmanetwork.com.
About Miles Capital
Miles Capital is an independent, institutional, SEC-registered investment adviser. Founded in 1982, our mission has always been to design and deliver investment solutions that help support client success. Our outstanding investment teams manage all three primary asset classes – fixed income, equity, and alternatives – for our clients. This breadth helps us provide guidance and comprehensive solutions to each insurance company, government entity, not-for-profit organization, school, or high net-worth individuals. For nearly four decades, our focus has not wavered. We are driven by our values of integrity, boldness, collaboration, and performance to provide investment solutions and help clients achieve results that matter, visit www.miles-capital.com.
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