In this episode of Rosemont Roundtable, Chris Banholzer joins colleagues Chas Burkhart and Brad Mook to examine the fragile state of long-only, active boutique managers. They explore causes behind widespread AUM declines and firm closures, discuss leadership and ownership challenges, and share insights on building more resilient, sustainable boutiques.

In this episode of Rosemont Roundtable, Chas sits down with Nikki Kraus, CEO of Strategic Investment Group, a leading $31B pure-play OCIO for endowments, foundations, and other institutions. With over three decades of experience advising investment committees, Nikki shares her perspective on the evolution of the OCIO model, the sustaining principles that drive Strategic’s success, the company’s client centricity, its culture and organizational approach, and its ownership architecture. 

In the latest episode of the Rosemont Roundtable: Exploring the Business of Investment Management (formerly known as Global Investment Leaders), Brad Mook sat down with Wes Gallup, managing director and chief operating officer of Cary Street Partners, an independent wealth management firm based in Richmond, Virginia, with more than $8 billion in assets under management.* Their conversation centers around the evolution of Cary Street and offers insights into industry trends, growth strategy and technology's role in modern wealth management firms.

Specifically, Brad and Wes discuss:

• How Cary Street pivoted from a corporate advisory firm to a full-service wealth management firm after an acquisition in 2007.
• The firm's focus on both organic and inorganic growth, including prioritizing acquisitions that enhance capabilities and improve client service over raw scale.
• Managing growth by providing advisor independence while maintaining a cohesive brand.
• The importance of technology adoption for operating efficiencies and staying competitive in the modern wealth management industry.
• The potential for AI and emerging technologies to enhance productivity, even while recognizing the irreplaceable value of human relationships in the advisor-client dynamic.

Overall, the conversation underscores the importance of client-centricity, organic growth and thoughtful implementation of technology to achieve long-term success in the evolving industry landscape.

All episodes of the Rosemont podcast—including Rosemont Roundtable and Global Investment Leaders—are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

*As of March 25, 2024, Cary Street Partners manages approximately $8 billion in assets. 

In this episode of the Global Investment Leaders podcast, Chas Burkhart, CEO of Rosemont, sat down for a conversation with Jan van Eck, CEO of VanEck, a roughly $90 billion* multi-asset firm headquartered in New York. Founded in 1955 by Jan's father, John van Eck, VanEck has gradually diversified, with the ETF business becoming dominant since its inception in 2006. Their conversation covers Jan's leadership evolution, the importance of culture and building strong teams, the strategic focus on the ETF business and the importance of being able to pivot in the rapidly changing financial services space.

Specifically, Chas and Jan discuss:

• The evolution of VanEck over its nearly 70-year history, from a pioneering gold business to a diversified provider of niche investment offerings.
• Jan's role as CEO and the growth of VanEck as a leader in the industry, including the importance of focusing on personal and organizational strengths.
• The culture at VanEck, highlighting the importance of hiring industry experts and the resilience fostered by the tolerance for cyclicality in resource-based businesses, leading to a remarkably low turnover rate.
• VanEck's approach to growing and pivoting the ETF business, including their two phases of product design and the current shift towards a more distribution-oriented industry.
• The role of performance in driving investor sentiment and flows, and how market direction, whether income or equity-oriented, plays a crucial role in decision-making.
• Identifying industry disruptors and VanEck's positioning in the cryptocurrency and blockchain space.
• The broader industry trend of consolidation through mergers and acquisitions, and the benefits of being a private, employee-owned company with a long-term perspective.

Overall, this episode highlights a business-minded leader who understands the importance of firm culture, building a strong team and taking strategic risks.

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

*As of February 7, 2024, VanEck manages approximately $90 billion in assets. 

In this episode of the Global Investment Leaders podcast, Rosemont’s Brad Mook sits down with Todd Briddell, chief executive officer and chief investment officer of CenterSquare Investment Management. CenterSquare is an employee-owned global real estate investment firm founded in 1987, managing over $14 billion in equity capital. The firm operates domestically and globally and offers a range of solutions for institutional investors.

During the conversation, Briddell sheds light on CenterSquare's evolution and how they navigated functional and ownership succession through a sale of the firm, a management buyout and rebranding.

Specifically, Briddell and Mook discuss:

• CenterSquare's commitment to thematic investing, bringing a macro view to the table, and the importance of a client-first mentality to meet client needs effectively.
• CenterSquare's ownership journey, starting as a founder-owned entity, being acquired by BNY Mellon in 2006, and executing a management buyout in 2018.
• Details on the ownership structure post-management buyout, emphasizing inclusivity and the participation of a larger group of individuals.
• CenterSquare's strategic position between large corporate-owned firms and smaller, founder-led entities.
• The significance of cross-fertilization within the organization and how teams are brought together to prevent silos.

Overall, the conversation offers valuable insights into CenterSquare's unique trajectory and broader lessons for small and mid-size firms seeking sustainable growth and strategic positioning in today's evolving landscape.

All Global Investment Leaders podcast episodes are available on Apple Podcasts, Spotify, Google Podcasts and more. Access episodes as soon as they release by subscribing today.

In this special year-end episode of the Global Investment Leaders podcast, Rosemont CEO Chas Burkhart and Rosemont Managing Director Brad Mook sit down to reflect on the industry trends and developments they observed this year. 2023 marks five years with Markel as the firm's permanent capital provider, and Rosemont has evolved from a legacy PE fund structure to a permanent capital approach. Brad and Chas discuss the benefits of long-term sustainability in contrast to the traditional exit-focused models.

Specifically, they discuss:

• The unique relationship they've built with Markel since beginning their relationship five years ago and the importance of alignment and shared values in a partnership.
• The evolving motives and agendas shaping investment decisions, emphasizing the importance of patience and understanding in fostering successful, long-term relationships.
• The industry focus on volume and valuation, and Rosemont's views on measuring success beyond traditional metrics.
• The state of the marketplace, opportunities in wealth management alternatives and the role of smaller players in the industry.
• How Rosemont has continued to refine the characteristics and values that make potential partners a good fit.

Burkhart and Mook also share exciting firm updates, including the addition of new team member Chris Banholzer, as well as a pending investment.

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

In the latest episode of the Global Investment Leaders podcast, Chas Burkhart, CEO of Rosemont, sits down for a conversation with Kane Brenan, CEO of TIFF Investment Management. TIFF offers outsourced CIO (OCIO) and private equity investment solutions primarily to endowments, foundations, and other charitable organizations, and manages or advises on $8 billion in assets*. The conversation between Chas and Kane revolves around TIFF's structure, investment philosophy and the challenges and opportunities in the industry.

Throughout this episode, Kane and Chas discuss:

• Differentiators in the Competitive OCIO Space: The three main differentiators that set TIFF apart in this field
• Leadership Approach: His approach to his role as CEO and how he divides his time between strategy and direction, team development and mentoring, client engagement and investment activities
• Long-Term and Short-Term Strategy: TIFF's evolving short-term and long-term strategies and how they meet the needs of their diverse client base
• Transition to Employee Ownership: TIFF's conversion to an employee-owned public benefit limited liability company, the benefits from the conversion and how it cultivates a more forward-looking company culture to attract talent
• Equity, Active Returns, and Illiquidity: The importance of equity as a cornerstone of portfolios, the value of active returns and the role of illiquidity in investments, particularly in private equity and venture capital markets
• Sales, Marketing and Client Service: The often-overlooked role of sales, marketing, and client-facing positions within the OCIO industry

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

*As of June 30, 2023, TIFF managed approximately $8 billion, including committed capital, on behalf of its members.

In the latest episode of the Global Investment Leaders podcast, Brad Mook, managing director of investments at Rosemont, sits down with Phillip Cook, managing partner and chief investment officer of SouthernSun Asset Management. SouthernSun is an employee-owned boutique equity manager based in Memphis, Tennessee, with just over $1 billion in concentrated U.S. small and mid-cap strategies. The firm was founded in 1989 by Phillip's father, Michael Cook, and has maintained the same philosophy and process since the very beginning.

During the discussion, Phillip openly shares insights and anecdotes from his career at SouthernSun, recalling both the missteps and successes he faced along the way. He also speaks on the decades of strategy and planning that culminated in SouthernSun becoming entirely employee-owned and successfully transitioning leadership of the firm across generations - both notable achievements.

Throughout this episode, Brad and Phillip discuss:

• SouthernSun's unique investment-sourcing approach, which involves hands-on research, site visits and an in-depth understanding of an industry's value chain.
• SouthernSun's ownership history and the thought process behind the firm's decision to buy itself back from AMG in 2020 to become 100% employee-owned. 
• The importance of trust and transparency in building authentic relationships with coworkers, management teams, clients, prospects and industry experts.
• SouthernSun's distinct approach to investing and why it remains focused on U.S. small and SMID-cap strategies.
• The recent management changes at SouthernSun and how the firm navigated the challenges associated with succession planning.

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

In the latest episode of the Global Investment Leaders podcast, Chas Burkhart, CEO of Rosemont, engages in a thought-provoking conversation with Earl “Trip” Samson III, co-managing partner of Landmark Management, LLC, a NYC-based, multi-family office with approximately $5 billion in assets under management. The conversation revolves around Landmark's transition to next-generation leadership and the strategic partnership between Landmark and Rosemont, which was announced in June 2023.

Throughout this episode, Trip and Chas discuss:

• How Landmark has structured its team to address the complex needs of the ultra-high-net-worth families it serves
• How planning early and over a long period of time can lead to greater comfort and optimize outcomes
• How the multi-generational concerns of Landmark's clients have influenced Trip's approach to succession planning and long-term sustainability
• The role Rosemont has played in the broader context of the firm's long-term plan over the past six years and the future of their relationship
• The importance of prioritizing people and philosophical alignment over liquidity and valuation when considering the firm’s long-term continuity 

Overall, this episode provides a glimpse into what a deliberate, thoughtful approach to succession planning looks like, as well as the importance of creating a solid foundation to ensure the best possible outcome for clients. 

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

In a recent podcast by Rosemont Investment Group, the hosts discussed two key topics: succession planning and business sustainability in the investment industry.

The podcast began with the observation that it has been a busy half-year for Rosemont, particularly with the closing of its recent investment in Landmark. As a result, Chas and Brad took a moment to reflect on their progress midway through the year.

One of the prominent themes discussed in the podcast was the growing attention being paid to succession. While succession planning has always been a part of Rosemont's focus, they noted an increase in conversations about this topic over the past year.

During the podcast, Brad and Chas emphasize the following key points:

• The challenges faced by investment businesses in terms of sustainability due to industry evolution and increased competition.
• The complexity of investment decisions for allocators, intermediaries and clients who have numerous options to choose from.
• The growing recognition among managers of the need for sustainability and the consideration of proactive or reactive measures.
• The various risks involved with lack of succession planning, including unforeseen tragedies, incapacitation and chronic underperformance.
• The expected elimination of excess capacity and mediocre performers in the industry within the next 5-10 years.
• The impact of the next generation's lower risk appetite on their willingness to take on equity ownership, considering factors like tax burdens, feasibility, and debt levels.

In conclusion, the hosts expressed their belief that the investment industry will witness a surge in corporate activity and M&A (mergers and acquisitions) as businesses seek to address succession challenges and enhance sustainability in an increasingly competitive landscape.

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, 

Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

In this episode of the Global Investment Leaders podcast, Rosemont CEO Chas Burkhart is joined by Barbara McKenna, president of Longfellow Investment Management in Boston, MA. Longfellow is a $17+ billion firm* primarily focused on short-term and fixed-income strategies, with an equity-oriented approach. McKenna's leadership over the past 18 years has brought significant growth to the firm, expanded its core competencies and offerings, broadened employee ownership - all while maintaining an exceptionally-low client turnover rate. In the episode, McKenna details Longfellow’s investment-centric culture, driven by client success and supported by a broad employee ownership structure.

In terms of the macroeconomic landscape, Longfellow emphasizes bottom-line security selection, considers macro events' influence rather than predicting them and identifies risks associated with them.

“I truly believe that, as an active manager, the greatest success comes when we are a viewed as a partner and a solution provider, and that of course, includes seeking to deliver consistent above average, risk-adjusted, relative or absolute returns, but it really means focusing on listening to the needs of clients, having the ability to customize solutions,” McKenna said.

Specifically, McKenna and Burkhart discuss:

• Longfellow’s focus on short-term and fixed income strategies with an equity owner’s mindset.
• The expansion of Longfellow’s offerings over the years, incorporating core plus strategies and absolute return offerings to meet client needs and capture a broader range of opportunities.
• How the firm prioritizes cultural and philosophical fit when selecting strategies and aims to be a role model for change as a woman-majority-owned firm.
• Key aspects of McKenna’s leadership philosophy, how to attract and retain employees, and the importance of diverse perspectives and collaboration in the workplace.
• How Longfellow maintains its investment-centric culture and emphasizes client success
• Longfellow’s approach to the macroeconomic landscape, including bottom-line security selection and understanding the influence of macro events.

The episode concludes with McKenna’s take on the current economic environment, Fed hikes, rates and market volatility. Overall, the episode offers valuable insights into the factors that have fueled Longfellow's success and its unwavering dedication to serving clients with integrity and expertise.

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

* Approximate AUM of Longfellow Investment Management at the time of recording.

In this episode of How They Did It, a sub series of Rosemont’s Global Investment Leaders podcast, host Brad Mook is joined by Lindsay Chamberlain, Managing Director at Axiom Investors. During their conversation, Chamberlain, who has been a part of Axiom for 10 out of the firm’s 25 years, discusses Axiom's business and investment philosophies, which have enabled the firm to expand its client partnerships and thoughtfully scale its business.

Chamberlain and Mook discuss: 

• How the firm's culture has been key to its success, aligning the interests of its employees with those of its clients.
• Axiom's commitment to collaboration, which has led to innovative ideas and thinking, while its focus on performance has played a significant role in its success.
• How offering a range of investment vehicles has helped attract different client types and build a diverse base of business.
• Axiom's rebranding from Axiom International Investors to Axiom Investors, which reflects the build-out of its strategies which all leverage its core, dynamic growth investment philosophy that is grounded in fact-based evidence.
• The importance of maintaining a strong culture to ensure the firm’s success and stability, and how adapting and responding to changes in the industry is key.

Chamberlain also touches on Axiom's client communication strategy and the importance of maintaining a performance-led culture without compromising on the firm's values. The episode concludes with Chamberlain sharing key lessons learned from her 10-year tenure at Axiom. 

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

In this episode of Rosemont Roundtable, Brad Mook and Chas Burkhart speak with Amanda Tepper and Ravi Venkataraman, leaders of Chestnut Advisory Group and their new market research division, The Chestnut Solutions Institute.

The discussion lifts the hood on the OCIO/investment solutions industry, exploring how the space is defined, competitive challenges and growth opportunities, firm approaches, keys to sustainability, M&A trends, the wealth management segment's growing popularity, and more. All four participants bring long investment experience and varied backgrounds to this insightful conversation, offering valuable perspectives for anyone involved in or following the evolution of investment solutions. 

On the latest episode of the Global Investment Leaders podcast, Chas Burkhart, Rosemont’s CEO, hosts Stefan Strein, Cleveland Clinic’s first chief investment officer, for a conversation about Cleveland Clinic's investment strategy and how it supports the organization's mission of “caring for life, researching for health and educating those who serve.” In his role as chief investment officer, Strein is responsible for the strategic direction and investment management of Cleveland Clinic’s $15 billion in investable financial assets. He also co-chairs Cleveland Clinic’s Retirement Committee, which oversees $11 billion in defined contribution assets invested for the organization’s 70,000 caregivers.

Drawing upon his 30-year investment career, which started in venture investing, Strein shares his insights on: 

• Cleveland Clinic’s move in 2015 to build an investment office internally with an initial focus on creating a foundation built on managing risk and measuring performance 
• The advantages of the Clinic as an investment office and how it leverages software for  data warehouses, visualization tools and artificial intelligence applications used in managing clinical operations around the world to manage the investment portfolios, 
• How healthcare investment portfolios are typically more conservative than the average endowment due to the need for stability and predictability in the industry
• The importance of contributing to the credit rating of a healthcare system, as the health system utilizes long term debt to fund the construction of its destination medical centers
• How the purposeful integration of investment partners and the investment team into the Clinic's mission through behind-the-scenes hospital tours, curated webinars on healthcare topics and connectivity to clinical and research thought leaders highlights the importance of collaboration and shared values in achieving success
•  How Cleveland Clinic aims to be early pioneers in emerging investment strategies and newly launched firms, but not necessarily the first dollar, to mitigate risk 

The podcast concludes by discussing key success metrics for the investment side of Cleveland Clinic. Strein states he measures the success of the investment office by “outperforming benchmarks, being a low-cost solution for an organization that operates in an industry with increasingly tight operating margins, and being the financial backbone of an incredibly innovative and entrepreneurial ecosystem.” By meeting these points, Strein believes it better enables Cleveland Clinic to “have the financial strength and certainty  it needs to be the most innovative and resourceful healthcare system in the world.”

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

In this episode of How They Did It, a subseries of Rosemont’s Global Investment Leaders podcast, host Brad Mook is joined by Scott Priebe, Managing Principal and Portfolio Manager at Geneva Capital Management. Based in Milwaukee, Wisconsin, Geneva is a majority employee-owned investment boutique managing roughly $5 billion in long-only US equity strategies and specializing in small- and mid-cap quality growth.

During their conversation, Priebe shared his unique perspective on investment firm ownership, which has been formed over a series of ownership transitions since Geneva’s founding in 1987. Seeking to grow and diversify the firm’s investment strategies and revenue drivers, in 2014 Priebe and his partners merged with London-based Henderson Group. Yet just two years later, the firm’s new parent organization merged with Denver-based Janus Capital Group, upending Geneva’s strategy for long-term, sustainable growth. It is from this juncture that Priebe shares his insights on why and how he and his partners pursued an MBO and the factors that made it successful, including:

• The catalyst that led Priebe and his partners to seek their independence from their parent organization and return to operating as an independent boutique 
• How Priebe and his partners approached the parent management team, with the goal of creating value for both firms and their clients
• The risks and rewards of betting on themselves, particularly amid the competitive headwinds faced by independent, long-only equity managers
• Navigating valuation, financing and the many logistics that are required when completing an MBO
• How Priebe and his partner structured the ownership of newly independent Geneva, offering employee ownership across functions to capitalize on the team’s entrepreneurial spirit 

To hear another episode about navigating the complexities of an MBO, be sure to listen to Mook’s recent conversation with Todd Vingers, CFA, who serves as president of the recently launched Leeward Investments. All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

In this episode of the Global Investment Leaders podcast, Rosemont CEO Chas Burkhart is joined by Maribeth Rahe, president and chief executive officer of Fort Washington Investment Advisors, Inc. As one of the largest investment advisors in Ohio with approximately $72 billion* in assets under management, the firm provides professional and comprehensive asset management services for institutions, corporations, insurance companies, mutual fund providers, foundations, endowments and high-net-worth individuals. 

During their conversation, Burkhart and Rahe discussed:

• How being a wholly owned subsidiary of Western & Southern Financial Group has benefited Fort Washington and how the background and values of the leadership of Western & Southern have created alignment between the two companies
• Rahe’s approach to inorganic growth and her creative ways of determining if a firm is a cultural fit with the potential for a long-term partnership
• The asset classes where Rahe is seeing increased demand in the short-term
• The trends in the industry that Rahe is watching, including the return to in-person work and its impact on mentorship and leadership development

At the conclusion of their conversation, Rahe provided her insights on the factors that have contributed to Fort Washington’s decades of stable and sustainable growth. “This year will be the 135th anniversary of our parent company Western & Southern Financial. We’ve grown sustainably over those years. We’re long-term investors, we believe in long time horizons, and we believe in career paths for our individuals,” Rahe shared. “We don’t follow the latest fad and we do what we think is right for the business.”

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

*Approximate AUM for Fort Washington Investment Advisors at the time of recording.

As we shared at the end of the year, the Global Investment Leaders podcast is expanding to include a new sub-series called How They Did It, hosted by Rosemont Managing Director Brad Mook. How They Did It will feature bi-monthly interviews with industry leaders about how they solved certain strategic challenges. Our goal is to tap the insights of our network of industry insiders to help others that may be facing similar challenges.

The first episode of the How They Did It sub-series discusses management buyouts, or MBOs, which are rarely successfully executed in the modern investment industry. In this episode, Mook interviews Todd Vingers, CFA, who serves as president of the recently launched Leeward Investments, a Boston-based institutionally-focused long-only equity manager featuring US small-, SMID-, and mid-cap value strategies. In their conversation, Mook asked Vingers about the context, motivation and mechanics behind Leeward’s MBO. While many would like to spin out or buy out their franchise, it is often harder than it looks and there is little in the way of guidance with how to proceed.

To help those who may be considering becoming independent of a parent organization, Vingers shared about his background at his prior firm, LMCG, where he spent 20 years establishing and building the value team. Mook and Vingers also discussed the many factors Vingers and his partners considered when forming Leeward, including:

• What led Vingers and his partners to seek independence, despite having a successful business and significant resources and infrastructure 
• How evolving into a 100% employee-owned entity opened up opportunities that were not available under the previous ownership structure 
• The extended timeline to reach a negotiated transaction with their parent organization and why they did not consider other alternatives
• The key issues coming out of the negotiation, from people to pricing to the structure of the deal
• The critical components of setting up Leeward to be an immediate success, including which functions remained in-house and which were outsourced
• The strategy Vingers and his team used to communicate the transition to clients, which led to 93% revenue retention

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

In this special year-end episode of the Global Investment Leaders podcast, Rosemont CEO Chas Burkhart is joined by Rosemont Managing Director Brad Mook for a conversation about the challenges and opportunities investment management firms are facing in today’s environment. From their unique vantage point of partnering with many firms over multiple market cycles, Burkhart and Mook discuss:

• Deal activity in the industry and how the market dynamics have changed for both wealth management and asset management deal-making
• Challenges management teams of investment businesses face in today’s uncertain, rising-rate environment, including managing expenses, acquiring and retaining talent, and ensuring alignment among team members
• Their advice for those considering starting their own firms from scratch or going independent, and alternate options such as merging with a well-established firm 
• How demand for ESG investments is shifting amid political and regulatory headwinds and the importance of authenticity for mission-driven investors
• A lightning round on the important issues in the industry today, including strategies for uncertain markets, the future of crypto, cybersecurity, and diversity and inclusion in the investment management industry

In addition to the year-end discussion, Burkhart and Mook also shared an exciting update for the Global Investment Leaders podcast in the year ahead: In 2023, Mook will be joining Burkhart as a podcast host, featuring a bi-monthly interview with industry leaders about how they solved common challenges faced by many of their peers. Mook’s How They Did It sub-series of the Global Investment Leaders podcast will feature industry insiders’ perspectives and is set to premiere in January. 

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

On this episode of the Global Investment Leaders podcast, Rosemont CEO Chas Burkhart is joined by Dave Fulton, Chairman and CEO of Clearstead, a Cleveland-based institutional and private client advisory firm that has been constructing globally diversified portfolios for individuals, families, foundations and endowments since 1987. Known for its in-depth investment research and personalized wealth management, the firm advises on approximately $32 billion in assets.*

Throughout their conversation, Fulton, who became Clearstead’s CEO in 2013, discussed the choices Clearstead faced around equity succession as the firm’s founder stepped down and new generations of talent sought to build the future of the firm in a scalable, sustainable way. Seeking an outside partner to provide not only capital but also guidance, Clearstead turned to Rosemont. Recounting the challenges they navigated together, Burkhart and Fulton discussed:

• The transformation from Hartland & Co., an institutional investment consultant, to Clearstead, a full-service wealth and institutional advisory firm
• The growth-supporting enhancements the firm made during the pandemic, from investing in the research and operations teams to developing the firm’s alternatives (private) investment platform to expanding opportunities for employee ownership
• Clearstead’s employee ownership culture and how, after Rosemont’s investment in 2017 followed by an investment by Flexpoint Ford in early 2022, employee ownership continues to be in high demand
• The success of the outsourced chief investment officer (OCIO) service offering of the business and the types of endowments and foundations Clearstead serves
• The key business pillars by which Clearstead operates, and the willingness to invest in people, processes and technologies 

When speaking about the firm’s continued success of its employee ownership culture and its trajectory for the future, Fulton shares, “You have to keep growing, and you have to have a way for people to keep buying in at below-market rates.”

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

*Approximate assets under advisement (AUA) of Clearstead as of 12/31/2021

This podcast should not be considered as an endorsement of Clearstead Advisors or Rosemont or the services that they provide. Neither Clearstead nor Rosemont were paid for the comments in this podcast. Rosemont had a minority equity ownership in Clearstead, which ended prior to this recording.

On this episode of the Global Investment Leaders podcast, Rosemont CEO Chas Burkhart was joined by Chris Mackay, Director of Client Service & Marketing at 1607 Capital Partners, a $4 billion* Richmond-based boutique asset management firm offering equity and fixed income closed-end fund portfolios. With a bottom-up, value-oriented approach, 1607 Capital Partners trades closed-end funds and other discounted assets based on a proprietary system developed and refined over 25+ years. 

Throughout their conversation, Burkhart and Mackay discuss:

• The definition of closed-end funds and how they have been a reliable source of excess returns in portfolios over time
• The genesis of the firm’s investment strategy and the compelling opportunity the firm’s founding partners saw in the closed-end fund niche
• The evolution of 1607’s investment process, which Mackay notes has benefited from meaningful advances while still focusing on the same core strategy
• The client base at 1607—which primarily includes institutional clients such as endowments, foundations and pensions—and the long-term relationships the firm maintains
• The company’s approach to attracting and retaining talent, including the purpose behind the firm’s employee ownership and why it intends to retain its independence to ensure long-term success

When it comes to the firm’s growth strategy, Mackay emphasizes the importance of growing thoughtfully, systematically and slowly to maintain the level of returns and client service for which the firm is known. Mackay explains that while the firm‘s technology has become increasingly sophisticated, the subject matter expertise of its investors is a differentiating factor that helps it take advantage of volatility to build portfolios of closed-end funds trading at discounts to their long-term averages.

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

*Approximate AUM of 1607 Capital Partners at time of recording 

In this episode of the Global Investment Leaders podcast, Rosemont CEO Chas Burkhart is joined by Rick Hough, CEO of Silvercrest Asset Management Group, a leading US wealth management firm with approximately $29 billion in assets under management.* Founded in 2002, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families, institutional investors and endowments. 

Prior to becoming CEO, Hough worked closely with Silvercrest Founder Moffett Cochran to build the business and execute the firm’s strategy, with roles as president and chief operating officer. Cochran’s goal from the beginning was to create a publicly traded company, and Hough has executed that vision capably throughout his tenure.  During their conversation, Hough and Burkhart discuss Silvercrest's evolution and defining characteristics, the benefits and challenges publicly traded investment firms face, and Hough’s thoughts on Silvercrest’s future. 

Listen to learn more about:

• Hough’s unique background in the nonprofit world and what led him to Silvercrest
• Silvercrest’s hybrid architecture and the investment engine driving returns for clients
• How Silvercrest delivers institutional quality investment skills, a conflict-free model and exemplary client service in an increasingly crowded and competitive landscape
• Why Silvercrest became – and remains – one of the few publicly traded wealth management firms
• Hough’s leadership orientation and how he spends his day as CEO at Silvercrest 

When it comes to Silvercrest’s near- and long-term aspirations, Hough balances innovation with remaining focused on protecting the generations of capital with which the firm is entrusted. “Being conservative with capital does not mean you're unable to innovate…and there are a number of ways you can innovate on behalf of clients.” Hough cites technology as an important focus that is improving and deepening client relationships. 

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

*Silvercrest Asset Management Group’s AUM at time of recording 

In this episode of the Global Investment Leaders podcast, Rosemont CEO Chas Burkhart is joined by Kristen Bauer, CEO of Laird Norton Wealth Management, an independent Seattle-based wealth management firm. Founded in 1967 as a single-family office, Laird Norton now manages approximately $15 billion in assets* for nearly 1,500 prominent families, individuals, foundations and endowments.

A CPA with more than 20 years of experience in holistic wealth management, Kristen originally started her career as a trusted advisor and CFO for George Russell and his family. Prior to joining Laird Norton, she went on to become president at Threshold Group, helping transition that single-family office into a multi-client office, developing and leading the national family office practice and ultimately merging the company into Tiedemann Advisors.

During their conversation, Bauer and Burkhart discuss:

• Bauer’s tenure as CEO of Laird Norton, which started just weeks before the Covid-19 pandemic began making headlines, and the workplace changes she has navigated in the years since
• Laird Norton’s unique position as a registered investment advisor and a trust company and how that structure better enables the firm to partner with clients for multiple generations
• How the client experience is the first consideration when it comes to inorganic growth, with employees, clients and the community as key stakeholders in M&A decision making
• Laird Norton’s approach to ESG and impact – both on behalf of the clients they serve and within the four walls of their company 
• The ownership of Laird Norton and the recent introduction of employee equity to ensure the sustainability of the firm for years to come 

Regarding the future of Laird Norton, Bauer tells Burkhart that she is focused on the long-term. “We’re feeling like we are in the J-curve of an investment and we are really thinking about what the next 10 years look like – not what the next year looks like,” Bauer says “When you look at it from that approach, decisions become a little bit easier in the organization.”

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

* Approximate AUM for Laird Norton Wealth Management at time of recording

In this episode of the Global Investment Leaders podcast, Rosemont CEO Chas Burkhart is joined by Warren Stoddart, the President and Chief Executive Officer of Connor, Clark & Lunn Financial Group – one of the largest employee-owned firms in Canada. Warren has held this position for over 20 years, until 2021 as Co-Chief Executive Officer with Michael Freund, with whom he shared overall responsibility for the growth and development of the firm and its ongoing management.

Throughout their conversation, Stoddart and Burkhart discuss:

• How Connor, Clark & Lunn evolved to a $100 billion* global firm with multiple affiliates and a worldwide client base
• The affiliates that comprise Connor, Clark & Lunn, with revenue streams coming from public markets investment products, private markets, high net worth clients and returns on investments the firm makes as principal on its own balance sheet
• How Stoddart views the M&A environment and the firm’s criteria by which they judge potential acquisitions, starting with partnership potential and alignment first, before evaluating product and geography considerations
• The investment strategies Stoddart is closely watching, specifically including active specialty strategies such as international small cap and frontier markets, as investors become disenchanted with large-cap developed market public equities and fixed income
• Connor, Clark & Lunn’s ownership structure and succession planning approach that is built to ensure the success of future firm leadership as the business becomes more complex

According to Stoddart, as the firm grows, its people remain his primary focus – a key concept that has shaped the firm from the beginning. “The decision was made to organize the business around the idea that we would be successful if we got as good as we could at attracting and retaining talented individuals. Since that time, the mission of the business has been to provide for the self-actualization of the people who work within it. And we’re confident that if we do that, we’ll have a successful enterprise.”

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

* Approximate AUM for Connor, Clark & Lunn Financial Group at time of recording 

In this year-end episode of the Rosemont Roundtable podcast, Rosemont leaders Chas Burkhart and Brad Mook tackle a topic essential to the success of all firms in the investment industry ecosystem. With decades of experience, Chas and Brad offer broad-based thinking and practical approaches to managing internal ownership changes while safeguarding a firm's long-term health.

Key points in their discussion:

• Why building adaptable equity programs is essential for preparing future leaders and maintaining organizational stability.
• How firms have adjusted their approaches to ownership over time, balancing employee ownership with external capital opportunities.
• Specific metrics and examples of firms that have successfully transitioned employee ownership over decades.
• Practical methods for aligning leadership, addressing disparate market valuations, and creating equity programs which align with strategy goals. 

Internal equity transition isn’t just about operational logistics—it represents a firm's commitment to continuity, leadership and its culture. This episode shows how firms can handle these transitions to create multi-generational legacy through smart planning and clear direction.

All episodes of the Rosemont Roundtable podcast are available on Apple Podcasts, Spotify and more. Receive the episodes as soon as they premiere by subscribing today.

In this episode of the Global Investment Leaders podcast, Rosemont CEO Chas Burkhart is joined by Wendell Mackey, CFA, who is a founder, co-CEO and CIO at Channing Capital Management, a $4B* institutional asset management firm founded in 2003 and known for its flagship small-cap strategy.

Having long been a capacity-constrained U.S. equities manager, Channing Capital launched Channing Global in 2017 to advance its focus on discovering attractively valued, high-quality companies on a worldwide basis. With over 24 years of investment experience, Mackey attributes Channing’s success in part to “being who we say we are and having the proof to back it up – proof in the numbers, proof in the patterns and characteristics, proof in the messaging – and running the business right.” 

Throughout their conversation, Burkhart and Mackey discuss:

·      Mackey’s background and how he came to found Channing

·      Channing’s unique perspective as a long-tenured and successful minority-owned and led asset management firm

·      The importance of building strong relationships, particularly for the next generation of up-and-coming investment managers

·      The challenges and considerations for emerging investment managers and where to turn for advice on starting, growing and operating a sustainable investment firm 

Thinking about Channing’s future, there are three key components Mackey keeps top of mind: Serving clients well and delivering long-term performance, continually investing in technology and creating a dynamic and successful team. “You don’t ever want to get too comfortable that your strategy is bulletproof,” Mackey cautions. “You want to take an honest look to make sure you are who you say you are or uncover where you need to make some modifications to stay competitive.”

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

In this episode of the Global Investment Leaders podcast, Rosemont CEO Chas Burkhart is joined by Larry Kochard, Chief Investment Officer at Makena Capital Management, a $20 billion* OCIO serving endowments, foundations, family offices and institutions. During their conversation, Kochard discusses his professional background, including roles as CEO and CIO of University of Virginia Investment Management Company, CIO at Georgetown University, and Managing Director of Equity and Hedge Fund Investments for the Virginia Retirement System.  With a PhD in economics, Kochard also taught at the University of Virginia after spending the early part of his career in capital markets at Goldman Sachs and corporate finance at Fannie Mae and DuPont.

Throughout their conversation, Kochard and Burkhart discuss:

• What differentiates Makena from other OCIO firms
• The differences and similarities between leading endowments vs. leading an OCIO
• Kochard’s six core investing principles, from being a true long-term investor, to finding your edge, to knowing “when to get off the bus” and walk away from an investment
• The importance of balanced diversification, the risk of over-diversifying the source of alpha and how Kochard views the role of public and private assets in a portfolio
• The competitive landscape of the OCIO industry and Kochard’s insights on the up-and-coming generation of investment leaders

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

*AUM at time of recording 

Ally McDonald, CEO of Boston Common Asset Management, joined Rosemont CEO Chas Burkhart on the latest edition of the Global Investment Leaders podcast. From her perspective leading the $5 billion* employee-owned, ESG-focused, active global equities manager, McDonald discusses how a commitment to people, purpose and the planet can benefit society and shareholders alike.

With extensive experience in traditional investment settings, McDonald has become an accomplished leader in the ESG investing space. Starting her career in financial services in marketing and sales, McDonald moved into leadership roles, which led to an opportunity to focus on philanthropy and investing. Proving to be a pivotal experience, it was through her leadership role at Fidelity Charitable that McDonald fully embraced her passion for “doing well by doing good” and honed her skills for creating efficiencies and growing businesses with impact.

“I decided that the intersection of investing and social good is where I was going to spend the rest of my career,” McDonald tells Burkhart. “I made a personal commitment to use my skills, experiences and anything I can bring to the table to help deploy more capital toward social good.”

Throughout the conversation, McDonald shares her insights on:

• The growth Boston Common has experienced as interest in ESG has grown, demand for authentic ESG managers has risen, and endowments and foundations have placed increased emphasis on aligning their work with their investments
• How Boston Common weaves ESG factors into its investment process and its company DNA
• Leading the firm as a woman and how having a truly diverse workforce creates a competitive advantage
• How everyone can contribute to increasing female presence in the leadership pipeline in the male-dominated investment industry
• The importance of being authentic in the ESG and impact world as interest increases and green-washing is becoming ever-more prevalent 
• The ownership decision that allowed Boston Common to remain both a majority employee-owned and female-owned firm

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

*AUA at time of episode release

This episode of the Global Investment Leaders podcast features Mike Manning, CFA, CAIA, the managing partner at NEPC, a full-service global investment consulting firm. Manning shares his insights with Rosemont CEO Chas Burkhart on the firm’s evolution since its founding in 1986 and its positioning for the future.

“You do right by the clients, you set up the company in a way that you can be as independent as you can from conflicts of interests, and you think broadly about clients’ investment portfolios. If you do that right, your business will grow,” Manning shares. Manning also discusses the firm’s focus on its people, from attracting and retaining talent to preserving the culture of employee ownership through the sustainable and fluid transfer of equity to the next generation of leaders.

Throughout the conversation, Burkhart and Manning discuss how NEPC runs its business in the same way it advises its clients to operate. This includes being:

• Disciplined about how much the firm will extend itself 
• Diversified across all segments
• Dynamic, being nimble and opportunistic whether it’s adding new talent, services or client segments

One such example of being dynamic was NEPC’s decision to build a team to serve the private wealth market, which was historically underserved by independent, institutionally minded consulting firms. Manning credits NEPC’s ownership structure, without quarterly earnings or outside owners to consider, with the ability to make that investment over many years.

Finally, Manning and Burkhart discuss the current investment landscape and the themes that Manning and his firm are following for their clients. These include:

• The forward-looking returns in the public markets, which are unlikely to be sufficient to help clients meet their objectives
• Opportunities in private markets and illiquid investments, particularly in private debt, due to its attractive risk profile and cash flow
• Investing to compensate for rising inflation

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

In this special edition episode of the Global Investment Leaders podcast, Gávea Investimentos Founder Arminio Fraga brings his unique background in academia, public policy and investment management for a discussion about the global economy and the opportunities and challenges that exist for investors. During the episode, Fraga shares insights from his extensive background before founding Gávea, which includes roles as President of the Central Bank of Brazil, Managing Director of Soros Fund Management and positions with Salomon Brothers and Garantia Investment Bank. Fraga has also taught as an adjunct professor at the School of International Affairs at Columbia University and the Wharton School, among others.

From the perspective of Gávea, a leading independent alternative asset management firm focused on emerging markets, Fraga shares his thoughts on the geopolitical environment challenging investors across the globe. While Fraga jokes that economists are paid to worry, the concerns topping his list include 40 years of low declining interest rates that have risen materially, very high inflation in the US and Europe and massive supply-side problems in Russia, Ukraine and China. Further, Fraga notes that the increasing rise in authoritarian leadership globally underscores the importance of understanding that when investing in emerging markets, the norms and regulations under which we operate in the western world only apply to approximately one-third of the globe.

However, Fraga finds that many reasons remain to be optimistic. For example, in emerging markets like Brazil, in which Gávea specializes, people every day are taking the opportunity to learn, improve and build companies that serve a need, which in turn creates investment opportunities. For Gávea, this means identifying businesses led by outstanding leaders who are looking for support in the areas of strategy, finance, risk, people and value creation. One example is ReGreen, a company that aims to restore 1 million hectares of Atlantic Forest and Amazon rainforest in Brazil, in which Gávea invested. “Our goals are substantial, but I don’t think I’ve ever been as excited about an investment,” Fraga shares, noting the tailwinds of regulation and a world increasingly focused on ESG.

All episodes of the Global Investment Leaders podcast are available on Apple Podcasts, Spotify, Google Podcasts and more. Receive the episodes as soon as they premiere by subscribing today.

Merger and acquisition activity in the investment management industry has sustained a torrid pace over the last few years. Buyers and sellers are ubiquitous, but rationale and “fit” are diverse and far ranging. Bruce Cameron, co-founder of Berkshire Global Advisors – the first independent investment bank specializing in the investment management and securities industries – joined Rosemont CEO Chas Burkhart on the Global Investment Leaders podcast. During this episode, Cameron shares his insights on a wide range of topics on the M&A environment and Berkshire’s evolution and brand.  

During their conversation, Cameron and Burkhart discuss:

· The driving forces behind the M&A euphoria that accelerated during the pandemic and has resulted in a record number of deals, including the inflow of capital, soaring valuations and buyer and seller perspectives

· The particular terms, criteria or structures used by firms that are winning certain transactions and considerations beyond price

· How investing through downturns has curbed the appetite for too much leverage and too robust projections among more experienced investors

· Investment banking compensation and transaction outcomes: a view on what constitutes “success” and how bankers are paid

· The importance of building and maintaining long-term relationships with clients and how Berkshire seeks to evaluate its clients’ needs and advise them long before a transaction is likely to be consummated  

Toward the end of their conversation, which was recorded in December 2021 before geopolitical conflict and record-breaking inflation dominated our headlines, Cameron and Burkhart discuss the precarious environment of the marketplace and how a correction may impact the M&A environment in the months and years ahead.

 
Receive episodes of Global Investment Leaders as soon as they premiere by subscribing today.

For some publicly traded investment firms, tension can exist among stakeholders given the potentially competing interests of shareholders, employees and clients. In the latest episode of the Global Investment Leaders podcast, Diamond Hill CEO Heather Brilliant, CFA, joins Rosemont CEO Chas Burkhart to discuss how her firm seeks to align these interests. According to Brilliant, putting clients’ interests first is the key to Diamond Hill’s long-term success for its shareholders, with its employees investing right alongside clients.

“We do think of ourselves as an aligned boutique, aligned with our clients but also through a set of principles about investing that we believe to be true,” says Brilliant. These principles include actively managed, concentrated portfolios, a long-term perspective, a capacity mindset, and valuation discipline. According to Brilliant, these fundamental principles carry through to everything they do at Diamond Hill, and the firm seeks to ensure every investment team is committed to upholding those principles.

During their conversation, Brilliant and Burkhart also explore how differing perspectives can enhance a team’s effectiveness and culture. Specifically, they discuss:

• Brilliant’s background and her insights on the global investment community following her leadership roles at Australia’s First State Investments and her role as CEO at Morningstar Australasia
• The differences between the investment industry culture in Australia and the U.S., particularly around collaboration and sharing of best practices
• The opportunities and challenges that come with being a female CEO in a traditionally male-dominated industry
• How she believes cognitively diverse teams are better equipped to solve problems and how the industry would benefit from attracting more women and people of color
• How the next generation will continue to define the industry through a lens of purpose

Make sure to leave a review and subscribe to receive the episodes as soon as they premiere. 

Among the large philosophical questions facing our industry, the view of investment management as a business versus the view of investment management as a profession, much like law or medicine, is paramount. This viewpoint determines how strategic decisions are made, from growth and M&A to allocation of capital. And at the core, it determines how firms act as stewards of the capital they manage. 

John Taft, Vice Chairman of Baird, joined Rosemont CEO Chas Burkhart on the newest episode of the Global Investment Leaders podcast to discuss how he views stewardship of capital and some industry trends that have the potential to serve as headwinds or tailwinds to society’s greater good and clients’ benefit.

Chief among these trends is the flurry of M&A activity over the last several years. On one hand, thoughtful acquisitions and inorganic growth have the potential to benefit clients, as is often the case when a team joins a larger organization that has broader access to investments, better systems, or a superior service model. On the other hand, a returns-driven approach to M&A is often the objective, which can result in short-term profitability taking precedence over long-term benefits for clients.

“The primary focus needs to be on what’s best for the client. Every time we’ve gotten away from that and focused on what’s good for management or shareholders, we have strayed from the core principle of stewardship and have gotten ourselves and society in trouble,” says Taft.

Another emerging trend that Taft believes is here to stay is the alignment of values with investment strategies. While Taft cites the lack of standardized measurement as a hurdle, he believes the increasing interest in impact and ESG factors will lead to greater good for both investors and society in general.

Effective leadership development has long been a key to success for wealth management firms. Today, the changing nature of how and where we work has only increased the importance – and complexity – of developing high-performing teams and future leaders. In the latest episode of the Global Investment Leaders podcast, Rosemont CEO Chas Burkhart speaks with Jim Ware, the founder of Focus Consulting Group, which serves as a strategic partner to investment firms in developing company culture and leveraging top talent within organizations.

During their conversation, Burkhart and Ware discuss the common threads of enduring leaders and the tools Ware and his team use to help companies create environments that bring out the best in people. Specifically, they discuss:

• The “Red X” concept, which is Focus Consulting Group’s framework for identifying and dealing with a high-performing investment professional who is out of sync with the culture or core values of a firm
• The “Sludge Factor” concept, which is how Ware and his team describe the behaviors and attitudes within an organization that do not contribute to success, from gossip to ego-driven decision making, and how to use accountability and shared values to solve for it 
• How personality assessments can help teams better understand themselves and each other while also helping leaders ensure the right people are aligned to the right roles
• The foundation for establishing a successful company culture, which includes accountability, clear agreements and feedback
• Navigating the growing expectation of autonomy among professionals while also maintaining leadership development and mentorship for up-and-coming team members 

While there is no formula for the perfect culture and each company looks a little different, the important question to ask is, “Does our company culture allow people to perform at the highest level?” If the answer is yes, then according to Ware’s decades of insight, the firm is on solid footing.

While there are no shortage of providers seeking to sell or advise families on the management of their wealth, far fewer are fiduciaries with a business model built to align the firm’s interest with the clients. “Everyone is our competition, and no one is our competition,” WE Family Offices CEO Mel Lagomasino tells Rosemont CEO Chas Burkhart in this episode of Rosemont’s Global Investment Leaders podcast.

This alignment between the firm and the families it serves is the key to WE Family Offices’ success, Lagomasino explains. “Our success is based on whether we’re helping our families be successful in what they are trying to accomplish. It’s our very singular fiduciary focus.”

Drawing on her impressive career as CEO of JP Morgan Private Bank and CEO of GenSpring Family Offices prior to co-founding WE Family Offices, Lagomasino shares her insights on serving families in a way that puts their interest first, including:

• Lagomasino’s personal connection to helping international families protect and sustain their wealth over generations and how that personal mission contributed to her co-founding WE Family Offices
• What makes WE Family Offices’ business model unique and how the firm’s total alignment with the clients they serve makes them “missionaries not mercenaries” 
• How the firm first helps a family identify their values and then invest in a way that expresses those values, whether the focus be climate, gender, education, or negative screening to avoid fossil fuels, all without compromising returns
• How those who invest through a values-lens are often more engaged with their portfolios 

Amid the wave of M&A activity in the family office industry, WE Family Offices has remained steadfast in its focus on helping multi-generational families sustain their wealth by sustaining its employee ownership structure and ensuring a path for future firm leadership. Part of the future also includes recruiting and retaining a diverse team. As firms try to recruit more female talent, she finds it important for other up-and-coming female leaders to see themselves represented at the firm. “It’s about being your authentic self,” she says.

In the latest episode of the Rosemont Roundtable podcast, we sit down with two special guests for a conversation about a transaction between two Rosemont Investments – Wilbanks Smith and Thomas (WST) and Clearstead – in which WST was acquired by Clearstead and rebranded as Clearstead Advisory Solutions.  Today, Clearstead has $44 billion assets under advisement*, including a significant chunk of assets under management.

Co-Chairman of Clearstead, Carl Tippit, CFA, and Executive Managing Director of Clearstead (formerly of WST) Wayne Wilbanks CFA, explored the intricacies of WST’s acquisition into Clearstead. Host Chas Burkhart, CEO of Rosemont, set the stage by detailing the long-standing relationships and critical strategic decisions that led to WST’s acquisition by Clearstead.

Now, six months post-merger, Wilbanks and Tippit share their personal reflections, recounting the journey from separate entities to a unified, forward-thinking team. The discussion calls attention to the importance of cultural fit, strategic alignment and a shared vision for long-term growth.

Key talking points from the conversation:

• Clearstead's acquisition strategy, particularly their integration of OCIO (Outsourced Chief Investment Officer) services.
• The development of Clearstead's alternatives platform, designed to make efficient investments in private equity, has proven to be a cornerstone of the company's success.
• Wayne highlighted the crucial role of cultural fit in their partnership, emphasizing the need for a partner who would support WST's existing team and nurture the next generation of leaders.
• Their shared long-term vision for continued growth, the need for strategic planning and the importance of maintaining aligned financial partners to ensure long-term success and sustainability.

Tune in now for insights on the power of strategic alignment and business growth. All episodes of the Rosemont Roundtable podcast are available on Apple Podcasts, Spotify and more.

*Approximate AUM of Clearstead at the time of recording.

In this episode of Rosemont’s Global Investment Leaders podcast, Rosemont CEO Chas Burkhart speaks with Okabena Investment Services Chief Investment Officer Dennis Santos about his current investment priorities, his perspective on investment cultures, and the qualitative side of analyzing investment opportunities. Is there a culture of mutual respect? Do the portfolio managers listen to input from their analysts? How do people interact together in an informal setting? These are just a few questions Santos considers when analyzing potential new investments. 

During their discussion, Burkhart and Santos discuss:

• The difference between working for a large global asset manager compared to a boutique multi-family office
• The strategies, managers and products Santos is currently interested in, from life sciences and biotech to event-driven strategies with low correlation to other assets
• The history of Okabena and its origin with the Dayton Hudson Corporation and the Dayton Family, who created the concept of the indoor shopping mall
• The “glue” that binds investment teams, from employee ownership to mutual respect

Increasingly, investors are seeking alignment between their investment portfolios and their personal values. Yet, with the flood of assets into ESG investments, it is now more challenging than ever to decipher between authentic opportunities to do well while doing good and those that are simply greenwashed. In the premiere episode of Rosemont’s Global Investment Leaders podcast, Rosemont CEO Chas Burkhart speaks with Veris Wealth Partners CEO Stephanie Cohn Rupp about the future of ESG and impact investing. 

Drawing on her 20+ years of impact investing experience in the U.S., Europe and frontier markets, Cohn Rupp shares her insights on:

· The evolution of investors’ mindsets from keeping investing and philanthropy separate to now recognizing the interplay of business and social good

· The need for female representation in the wealth management industry and solutions for both individuals and organizations seeking to advance women’s influence 

· Future regulation around reporting of ESG factors and how the U.S. compares to other countries in its standardization of ESG metrics 

· How Veris invests through the four themes of climate solutions and the environment, sustainable and regenerative agriculture, racial and gender equity, and community wealth building 

· The process Veris uses to evaluate an investment through both the financial lens and the impact lens to identify the best opportunities for financial and social gain

Additionally, Cohn Rupp and Burkhart discuss Rosemont’s recent investment in Veris. With succession planning as a pillar of the firm’s success, Veris sought out an investment partner with a long-term, permanent capital approach and industry expertise to help the firm grow and deepen its impact.

This content is provided for educational purposes only, represents only a summary of topics discussed, does not constitute any personalized investment advice or recommendation, and represents only the views and opinions of the speakers which are subject to change without notice. Information is provided as of the date represented herein and is subject to change without notice. The authors do not undertake any responsibility to update the information contained herein in the event that any such change occurs.

Certain descriptions contained herein (including, without limitation, descriptions pertaining to Veris Wealth Partners’ processes, methodologies, strategies, etc.) are provided for illustrative purposes only. Given the variation in services provided and different needs of the firm’s clients and other parties with whom it does business, variations may exist from the descriptions provided in this document which are not described herein. Any specific references to specific recommended investments or managers is provided for illustrative purposes only, and no inferences should be drawn as to the success or performance of such managers or investments.

Past performance is not indicative or a guarantee of future results. Investing involves numerous risks, including the potential loss of all amounts invested.

This document contains certain forward looking statements, opinions, estimates, projections, assessments and other views signaled by words such as “believe,” “anticipate,” “expect,” “project,” and other similar words (collectively “Statements”). These Statements are subject to a number of assumptions, risks and uncertainties which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward looking statements and projections. The firm makes no representations as to the reasonableness of such assumptions or the likelihood that such assumptions will coincide with actual events, and this information should not be relied upon for that purpose. Changes in such assumptions could produce materially different results.

For more information about Rosemont, visit https://rosemontinv.com.

This month on the Rosemont Roundtable podcast (formerly Global Investment Leaders), we are re-releasing an interview with Rosemont CEO Chas Burkhart and Chris Mackay, Managing Director, Client Service & Marketing at 1607 Capital Partners, a $4 billion* Richmond-based boutique asset management firm offering equity and fixed income closed-end fund portfolios.

In October 2022, Chris Mackay joined the podcast to share insights into 1607's investment strategy, the evolution of its process and its approach to client service. Since this episode originally aired, we've seen closed-end fund discounts widen to near-historic levels, presenting an unusual investment opportunity and making this conversation particularly relevant.

Throughout their conversation, Burkhart and Mackay discuss:

• The definition of closed-end funds and how they have been a reliable source of excess returns in portfolios over time
• The genesis of the firm’s investment strategy and the compelling opportunity the firm’s founding partners saw in the closed-end fund niche
• The evolution of 1607’s investment process, which Mackay notes has benefited from meaningful advances while still focusing on the same core strategy
• The client base at 1607—which primarily includes institutional clients such as endowments, foundations and pensions—and the long-term relationships the firm maintains
• The company’s approach to attracting and retaining talent, including the purpose behind the firm’s employee ownership and why it intends to retain its independence to ensure long-term success

Tune in now for insights on closed-end funds and opportunities in the current investment market.

All episodes of the Rosemont Roundtable podcast are available on Apple Podcasts, Spotify and more.

*Approximate AUM of 1607 Capital Partners at time of recording.

In our newest installment of Rosemont Roundtable, Brad Mook sits down with Chris Banholzer, who joined Rosemont six months ago as our director of investments, to discuss his experience and perspectives on the investment and wealth management industries.

Chris comes from a diverse background of work in family offices, investment banking and private equity, adding depth and a fresh viewpoint to Rosemont's intentionally small team. His addition was a carefully considered step to enhance Rosemont's operating capabilities and industry knowledge.

During their conversation, Brad and Chris explore many topics, including:

• The value of boutique firms and Rosemont's niche in the evolving asset and wealth management landscape.
• How Rosemont's permanent capital model and long-term philosophy create alignment with partner firms.
• The benefits of focusing on strengths over market share in investment management.
• Insights on Rosemont's positive partnership with Markel Ventures and its impact on investment strategy.

This conversation offers valuable insights into Rosemont's approach and the current state of the investment management industry. If you want to learn more or have any questions, please don't hesitate to contact us.

All episodes of the Rosemont podcast—including Rosemont Roundtable and Global Investment Leaders—are available on Apple Podcasts, Spotify and more. Subscribe today to receive new episodes as soon as they premiere.

In the latest episode of Rosemont Roundtable, Chas Burkhart sat down with Andrew Crowley, president of Markel Ventures at Markel Group, to discuss both firms' unique commitment to making permanent capital investments in the investment and wealth management industries.

Although it started as an insurance company in 1930, Markel Group has grown to include a broader array of business interests, transforming it into a Fortune 500 company. This growth is anchored in shared values and long-term investment philosophies, which form the bedrock of the partnership.

Chas and Andrew discuss a variety of topics, including:

• Why Rosemont and Markel were drawn to each other, and how each views opportunity in the asset and wealth management space.
• The significance of a true permanent partnership model and how it is optimal for sustained success.
• A brief overview of Rosemont and Markel’s history and their compatible approaches to finding distinctive investment partners.
• Why true permanence is uncommon in the industry and the challenges in determining the markers for success.

Overall, the conversation underscores both firms' foundational commitment to being "built-to-last, not built-to-sell." It's a thought-provoking conversation you won't want to miss.

If you have any questions or want to learn more, please don't hesitate to contact us.

All episodes of the Rosemont podcast—including Rosemont Roundtable and Global Investment Leaders—are available on Apple Podcasts, Spotify, and more. Receive the episodes as soon as they premiere by subscribing today.

In the latest episode of Rosemont Roundtable: Exploring the Business of Investment Management, Brad Mook sat down with Jim DeWolfe, managing member and president of Northside Capital Management, for a compelling conversation on Northside’s unique investment philosophy, its approach to ultra-high-net-worth client management and the strategic partnership with Rosemont.

With Northside's expertise in managing over $5 billion in assets and its commitment to maintaining long-term independence and stability, Jim shares insights on Northside's foundation, its customized investment strategies and how the firm stands out in the wealth management landscape. The episode also looks at Northside’s investing methodology, including the significance of a personalized approach in portfolio management and being opportunistic based on market conditions.

Specifically, Brad and Jim talked about:

• Jim's journey from Morgan Stanley to founding Northside Capital Management in 2005, aiming to bring institutional capital markets experience to ultra-high-net-worth families.
• Northside's philosophy of building customized portfolios tailored to each client's needs, incorporating a mix of third-party managers and individual securities.
• Rosemont's recent minority equity investment in Northside, supporting the firm's long-term independence, stability and succession planning.
• Jim's vision for Northside's continued improvement, supported by Rosemont's strategic guidance.
• Timely opportunities in today’s investment landscape, including specific areas within credit markets, the optimal hunting ground for security selection, and non-consensus positioning within private equity.
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The conversation provides insight into Northside’s differentiated business and the new affiliation with Rosemont. If you have any questions or want to learn more, please don't hesitate to contact us.

All episodes of the Rosemont podcast—including Rosemont Roundtable and Global Investment Leaders—are available on Apple Podcasts, Spotify, and more. Receive the episodes as soon as they premiere by subscribing today.

In the latest episode of the Rosemont Roundtable: Exploring the Business of Investment Management (formerly known as Global Investment Leaders), Chas Burkhart sat down with Barclay Douglas, an investment industry veteran with over 15 years at the helm of Criterium Advisors, a firm offering traditional consulting services, but focused on Outsourced Chief Investment Officer (OCIO) search. 

During their conversation, Barclay shares his wisdom into various aspects of the investment management industry, and specifically his wide-ranging observations on the OCIO space.

Specifically, they discuss:

• Barclay's background and his career trajectory, from his early days as a trainee stockbroker, to investment management marketing and business leadership, to founding Criterium Advisors, which initially focused on total fund management consulting but expanded into traditional institutional consulting and OCIO search services in 2013.
• Perspectives on the growing demand for OCIO services, competitive dynamics, business models, distinguishing characteristics, scale and offerings.
• How Criterium and Rosemont evaluate OCIO businesses and performance and the challenges in comparison, highlighting the need for a more nuanced approach beyond traditional benchmarking.
• The potential future of private equity; the importance of finding an OCIO with an understanding of the space and significant outperformance in U.S. markets.
• The risks associated with finding the right OCIO, including undervaluing the importance of expertise in alternative investments, over-reliance on quantitative metrics, inadequately assessing fee structures and underestimating the dynamic nature of the asset management industry.
• Industry developments and trends that are top of mind and views on current sales and marketing strategies.

Overall, the conversation provides insights into the complexities and dynamics of the OCIO industry, emphasizing the importance of client relationships, investment integrity and sustainable business practices.