December 19, 2024
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.
September 26, 2024
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.
August 29, 2024
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
May 29, 2024
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.
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.
May 2, 2024
Conshohocken, PA, May 2, 2024 – Rosemont, a private investor in employee-owned asset and wealth management firms, today announced a minority investment in Northside Capital Management, LLC, an outsourced investment manager for ultra-high net worth families. Headquartered in Hood River, Oregon, Northside had in excess of $5.2 billion in assets under management and advisement at the end of 2023.
Rosemont’s investment in Northside is a recapitalization intended to support the company’s stability and commitment to independence. As a minority investor, Rosemont will provide guidance on all aspects of the business, as well as enhanced governance.
“We carefully considered our choice of partner before selecting Rosemont,” said Jim DeWolfe, Managing Member and President of Northside. “In the end, we valued Rosemont’s industry expertise, its experience collaborating with firms like ours, and its permanent capital and minority orientation. Having Rosemont’s support ensures that our clients will continue to receive the same quality of advice and level of service indefinitely into the future.”
“Northside provides a distinctive offering to its client families,” said Brad Mook, Managing Director at Rosemont. “We appreciate Northside’s institutional-caliber investment and portfolio management capabilities along with the customization and tailored services their clients receive. We see increasing demand for these types of services from independent, conflict-free firms, and we are pleased to partner with Jim and his colleagues to sustain and enhance their efforts.”
This is the fourth permanent capital investment by Rosemont, which made twenty-six similar investments through private equity funds before converting to permanent capital investing six years ago.
Cozen O’Connor served as legal representative to Rosemont and Winston & Strawn served as legal representative to Northside. Terms of the transaction were not disclosed.
About Rosemont
Rosemont is a specialist investor exclusively focused on a select number of partnerships with high-quality, employee-owned asset and wealth management companies. Rosemont acquires permanent minority equity positions in support of management buyouts, recapitalizations, ownership transitions, and selected start-ups. In addition to its experience providing capital and employee-driven ownership solutions, Rosemont leverages its deep network and knowledge of the investment management industry developed through more than 35 years of advising and investing in asset and wealth management businesses. For more information visit www.rosemontinv.com.
About Northside Capital Management
Northside Capital Management, LLC serves as an outsourced investment manager for family offices, high-net-worth individuals, endowments, foundations, and tax-exempt entities. Founded in 1996, Northside is headquartered in Hood River, Oregon, and has offices in Ketchum, Idaho, and San Mateo, California. For more information visit www.northsidecap.com.
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