Tom Kozlik

Tom Kozlik is Head of Public Policy and Municipal Strategy at Hilltop Securities, where he works across the firm’s business lines and with clients at the intersection of financial markets, public finance, and government decision-making. He publishes regular market and policy commentary and is a frequent voice across social and traditional media, helping investors, issuers, and public officials make sense of policy-driven risk and structural change.

Kozlik has more than two decades of experience in the municipal bond market. Before joining Hilltop, he was a managing director and municipal strategist at PNC Capital Markets. Earlier in his career, he served as managing director and municipal credit analyst at Janney Montgomery Scott and held public finance banking roles at Bear Stearns and UBS. Across these roles, his work has focused on credit structure, capital formation, and the political and regulatory forces that shape public-sector finance.

He has been deeply involved in the municipal analytical and analyst community. Kozlik was a founding officer and former president of the Philadelphia Area Municipal Analyst Society and is a member of the Society of Municipal Analysts. He is also a member of the National Federation of Municipal Analysts. He currently serves as SIFMA’s representative to the Governmental Accounting Standards Advisory Council and previously advised the Government Finance Officers Association’s committee on government debt management.

Kozlik has also taught graduate-level public finance courses at the University of Pennsylvania’s Fels Institute of Government, where he earned a Master of Government Administration. He holds a bachelor’s degree in political science with honors from the Pennsylvania State University Scholars Program.

From 2012 through 2025, Smith’s Research and Gradings named Kozlik to its Municipal All-Star Team, including first-team recognition in the Generalist category, and cited him in the Sell-side Director of Research, Municipal Strategist, and Housing categories. He has also been named to Institutional Investor’s All-America Fixed Income Research Team, and Greenwich Associates recognized him as one of the Most Helpful Analysts in Municipal Bonds.