When Baird was founded in 1919, we primarily dealt in fixed income securities. We've maintained our commitment to fixed income over the past 100 years as many of our competitors have redefined or downsized their offerings. Today, we're proud to deliver premier research, sales and trading capabilities for a full range of fixed income securities.
Our team includes more than 145 institutional sales, trading and analytical professionals working in 28 offices across the U.S. They provide deep product expertise and differentiated execution to our clients, working with them through market cycles and over many years to build deep relationships and deliver a comprehensive range of products. We enhanced our platform in 2019 by welcoming 11 talented professionals, who bring additional specialized product and trading expertise to our team. We also established municipal underwriting desks in Chicago and Naples. These additions complement our existing platform and will further enhance the value we provide to our clients.
Our continued focus on strategically building out our platform drove strong results in 2019. The low interest rate environment drove our municipal business, which grew revenues by 67% compared to 2018. Over the last three years, our team has traded an average of $19.86 billion per month.
Baird Public Finance works with clients in the public, private and nonprofit sectors. We offer a full suite of underwriting, advisory, consultant and placement agent services to help our clients pursue and achieve their long-term financing goals. In 2019, Baird ranked as the No. 1 leading municipal underwriter in the U.S. based on the number of issues for the 11th consecutive year. We also ranked No. 2 for issues of $100 million or less by par value and, for the first time in firm history, ranked among the top five municipal advisors in the country, also based on number of issues.1
We deepened our public finance capabilities in 2019 by adding senior bankers in Indiana, Kentucky, Minnesota, Missouri, New Jersey, Pennsylvania and Wisconsin. Our team now includes 31 bankers, 36 analysts and 10 professionals who serve clients from 21 offices in 13 states. This national presence enables us to bring relevant perspective and experience to local- and state-level financings. Baird has served issuers in all 50 states and Washington, D.C. since 20091. We are committed to continuing to grow our presence and deepen our capabilities nationally in the years ahead.
1 Ipreo MuniAnalytics as of December 31, 2019. Does not include private placements or notes.