Fred Prager is a Senior Managing Director in Public Finance at Hilltop Securities, Inc., where he focuses on serving higher education and not-for-profit organizations. He brings over 40 years of experience in municipal investment banking.

Before joining Hilltop Securities in 2023, Mr. Prager was the founding partner of Prager & Co., LLC, established in 1987. Prior to that, he was a Partner at L.F. Rothschild & Co., managing the firm’s West Coast public finance operations. Earlier in his career, he held positions at Smith Barney, Harris Upham & Co., Bank of America, and Moody’s Investors Service.

A recognized voice in higher education finance, Mr. Prager has co-authored numerous publications, including seven editions of Strategic Financial Analysis for Higher Education, developed with KPMG. These widely used guides have become foundational tools in the field of credit analysis for colleges and universities.

Mr. Prager is the founder and past President of the San Francisco Municipal Forum. He currently serves on the Board of Trustees of Claremont McKenna College, chairs the Finance and Audit Committee of the Association of Independent California Colleges and Universities, and sits on the Board of the Russell/Engleman Rheumatology Research Center at UCSF.

He holds a bachelor’s degree in political science from Stanford University and completed graduate studies in economics at the University of London. Mr. Prager is a FINRA Registered Securities and Municipal Principal and a Registered Municipal Advisor.