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PMA Financial Network Reaches Agreement to Acquire Miles Capital

Naperville, Ill. – January 30, 2020 – PMA, a premier full-service provider of comprehensive financial and investment advisory services to municipalities, school districts, local government pools, and insurance companies announced today that it has reached a definitive agreement to acquire substantially all of the assets of Miles Capital, Inc. (“Miles Capital”) from Chairman and principal owner David Miles and other employee owners and investors.

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 and high net-worth individuals. Miles Capital currently manages investment strategies covering three primary asset classes – fixed income, equity and alternatives.

The parties expect to close the sale in the first quarter of 2020, subject to satisfactory completion of customary closing conditions, including required regulatory approvals and required consents. Terms of the agreement were not otherwise disclosed.

“We are thrilled to welcome Miles Capital into the PMA family,” said James O. Davis, Chief Executive Officer of PMA. “We have known and respected David and the Miles Capital senior leadership for a long time. The firm’s deep experience and strong investment track records will be leveraged within PMA as we look to both accelerate growth and deliver to Miles’ clients an expanded suite of products and services.”

“PMA is a natural fit for Miles,” said David Miles, Chairman of Miles Capital. “My two main goals in seeking the right partner were cultural fit and an expanded menu of investment solutions for our valued clients, some of which we have served for over 30 years. As we began to explore a potential partnership with PMA, we were impressed by both their integrity and their investment expertise. I am confident that they will serve our clients well, and I am pleased to continue my involvement as an advisor to PMA post transaction.”

Courtney Clarke, Director of Miles Capital added, “We are thrilled to bring the experience and resources of PMA to existing and future insurance company and other investment advisory clients, and look forward to working hand-in-hand with John Huber (CIO of PMA) and the entire relationship team in these efforts.”

“PMA represents a great partner for us,” added Amy Mitchell, Managing Director and Head of Government Entities at Miles Capital. “Our teams have worked together for several years and we believe our combined decades of experience delivering outstanding service to municipalities and other institutions is unparalleled.”

PMA is being advised by Kirkland & Ellis LLP. Miles Capital is being advised by Godfrey & Kahn.

PMA Financial Network, LLC, PMA Securities, LLC and Prudent Man Advisors, LLC (“the PMA companies” or “PMA”) are under common ownership. The PMA companies serve over 2,800 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

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