Finance firm opens Providence office, eying work on pensionsApril 30th, 2012 at 3:33 pm by Ted Nesi under Nesi's Notes
That’s probably a stretch. But it appears the statewide debate over public-sector retirement benefits did play a role in convincing municipal-finance consultancy PFM Group to open an office in Providence.
“I’ve noticed, particularly in Rhode Island, a bigger recognition of the severity of the problem,” Vijay Kapoor, a senior managing consultant at the Philadelphia-based firm, told Bond Buyer. “The emphasis has gone from ‘How big is the problem?’ to ‘What do we do about it?’ ”
The Weybosset Street office opened last year with senior managing consultants William Fazioli, a former city manager in East Providence, which is now under state finance oversight; Stephen Maceroni, who has worked on bond deals in the state; and Peter Scoliard, who transferred from PFM’s Boston office.
Among other services, PFM offers guidance for distressed cities and assistance with pension and other post-employment benefit (OPEB) benefits through its PFM Asset Management LLC subsidiary.
“We needed more resources to really meet the requirements of this market during these challenging times,” June Matte, PFM’s managing director, said last fall. “PFM has served clients in Rhode Island since the early 1990s, but this addition of senior consultants based in Providence will allow us to serve a broader base of Rhode Island clients.”