October 7, 2021
CONSHOHOCKEN, Pa.–(BUSINESS WIRE)–Rosemont, a private investor in employee-owned asset and wealth management firms, announces it has entered a definitive agreement, subject to regulatory approval, to sell Rosemont Partners III, LP’s minority equity interest in Clearstead to Flexpoint Ford.
Rosemont’s 2017 investment in Clearstead was instrumental in accelerating an equity succession plan, rebranding, and profitable growth. During the four-year investment, Clearstead realized more than $10B in AUA growth, broadened employee ownership, executed three acquisitions, and consummated multiple key hires. Clearstead also steadily expanded and upgraded its service offering, investment capabilities, and operating infrastructure.
“Our relationship with Rosemont was much more than a financial agreement,” said Dave Fulton, CEO of Clearstead. “Their partnership, industry relationships, networks and decades of industry experience have been invaluable to us. With their support and guidance, our firm is now positioned for the next decade of growth and success.”
Clearstead is an institutional and private client advisory firm with approximately $29.2 billion in assets under management and advisory as of June 30, 2021. It has been constructing globally diversified portfolios for individuals, families, foundations, and endowments since 1987, and has built a first-class reputation for comprehensive wealth management for its clients.
“Clearstead has developed into one of the premier investment advisory and wealth management firms in the country,” said Brad Mook, Managing Director at Rosemont. “It is well-structured and positioned to continue to grow and serve its clients at a very high level, and we are proud to have helped as its strategic partner over the past four years. We would have happily continued as Clearstead’s partner indefinitely if not for our legacy PE fund structure.”
While Rosemont has transitioned into a permanent capital investment structure, the transaction represents the third realization for Rosemont Partners III, LP in 2021. It is subject to regulatory approval and is expected to close in the fourth quarter of 2021.
Colchester Partners LLC, an investment banking and M&A advisory firm focused on the investment management industry, served as financial advisor to Clearstead Advisors.
About Rosemont
Rosemont is a specialist minority equity investor exclusively focused on a select number of partnerships with high-quality, employee-owned asset and wealth management companies. Rosemont acquires 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 30 years of advising and investing in asset and wealth management businesses. For more information visit www.rosemontinv.com.
About Clearstead
Clearstead Advisors, LLC is a private client and institutional financial advisory firm located in Cleveland, Ohio. The firm advises over $29 billion for endowments and foundations, retirement funds, healthcare organizations and individuals, families, and related entities. Clearstead employs over 100 professionals, of whom 37 are shareholders in the firm.
March 9, 2021
CONSHOHOCKEN, PA, March 9, 2021 – Rosemont, a private investor in employee-owned asset and wealth management firms, announces it has entered a definitive agreement to sell Rosemont Partners III, LP’s minority equity interest in Litman Gregory to iM Global Partner.
Litman Gregory is a nationally recognized asset and wealth management boutique with $6.2 billion in assets under management and advisory*. It has been constructing globally diversified portfolios for individuals, families, foundations, and endowments since 1987, and has built a reputation for in-depth investment research and personalized wealth management.
“Litman Gregory was one of our first investments in Fund III, and we have enjoyed a productive relationship since 2013,” said Brad Mook, Managing Director at Rosemont. “Known for its highly regarded investment research and client solutions, Litman Gregory is positioned well to continue building on its legacy. We congratulate the firm on its success to date and wish it well in the years ahead.”
“Rosemont has been helpful on a range of issues over the past eight years,” said Steve Savage, CEO of Litman Gregory. “We’ve benefited from their industry knowledge on strategic topics such as new business initiatives and M&A as well as operational areas such as personnel and compensation. They’ve made numerous introductions to potential employees, clients and acquisitions and we appreciate their efforts on our behalf.”
The transaction represents the second realization for Rosemont Partners III, LP in 2021, continuing Rosemont’s shift to a permanent capital investment structure. It is subject to SEC approval and is expected to close in the second quarter of 2021.
About Litman Gregory
Founded in 1987, Litman Gregory is a nationally recognized boutique wealth management firm based in the San Francisco Bay Area. Litman Gregory Asset Management provides high-touch wealth and asset management services to individuals, multigenerational families, and nonprofits. Litman Gregory advises the PartnerSelect Funds, provides investment strategy implementation to third-party platforms through Litman Gregory Portfolio Strategies, and offers portfolio guidance and investment research to professional investment advisors through Litman Gregory AdvisorIntelligence. The firm oversees $6.2* billion in investment assets. For more information see www.litmangregory.com.
*The Litman Gregory companies that manage assets include Litman Gregory Asset Management, LLC and Litman Gregory Fund Advisors, LLC. Data are as at end December 2020.
February 1, 2021
CONSHOHOCKEN, PA, February 1, 2021 – Rosemont, a private investor in employee-owned asset and wealth management firms, announces the sale of Rosemont Partners III, LP’s minority equity interest in Boston Common Asset Management, LLC. Rosemont’s interest was acquired by Affiliated Managers Group, Inc. (NYSE: AMG) and employees of Boston Common.
Boston Common, a majority women-owned and employee-owned firm dedicated to sustainable and impact investing, was founded in 2003 by ESG pioneer Geeta Aiyer. Rosemont partnered with Boston Common in 2016, acquiring a minority stake through its third and final private equity fund. During its collaboration with Rosemont, Boston Common achieved several notable milestones, including nearly doubling its assets under management, expanding its global client base and hiring Allyson McDonald as its Chief Executive Officer.
“We have tremendous respect for the team at Boston Common and have greatly enjoyed our working relationship,” said Brad Mook, Managing Director at Rosemont. “Boston Common’s reputation and tenure as authentic ESG investors, along with its solid investment track record, position it well to continue its growth. While we would have liked to remain partners indefinitely, our legacy fund structure requires an eventual exit and is a key reason we have since transitioned our investment model to permanent capital. We wish Boston Common and AMG well in their new partnership.”
Ally McDonald, CEO at Boston Common, said, “Rosemont has been an invaluable partner to our firm since its investment in 2016. Rosemont’s industry knowledge, robust network and sounding board approach have been consistently helpful in many areas of our business, and we appreciate its support over the past several years.”
Terms of the transaction were not disclosed.
About Boston Common
Boston Common is a boutique global equity investment firm and a leader in global impact initiatives dedicated to the pursuit of financial return and social change. Boston Common was founded in 2003 and is majority women-owned and employee-owned. The company manages active, long-only ESG strategies in U.S., non-U.S. and global equities and had $3.9 billion in assets under management as of December 31, 2020. For more information visit www.bostoncommonasset.com.
September 19, 2019
CONSHOHOCKEN, PA, September 19, 2019 – Rosemont Investment Group, LLC, a permanent capital investor in asset and wealth management firms, is pleased to announce the signing of a definitive agreement to acquire a minority equity interest in 1607 Capital Partners, LLC. Based in Richmond, Virginia, 1607 is a boutique investment management firm, specializing in closed-end funds, with approximately $3.7 billion under management. Rosemont’s investment in 1607 will support the long-term transition of equity within the firm, while providing a valuable permanent and strategic partner. There will be no changes to the management of the firm in the near term as a result of the transaction.
“1607 is a premier investor in closed-end funds and an extremely high-quality firm,” said Brad Mook, Managing Director at Rosemont. “We have known the founding principals for a long time and are impressed with the level of talent throughout the firm. We are excited to help broaden the ownership base, while allowing 1607 to remain majority employee-owned indefinitely.”
Kirk Tattersall, Founding Partner at 1607, said, “As we searched for the ideal partner to assist us in the pursuit of our strategic goals, Rosemont became the obvious best choice. The team at Rosemont understood what makes 1607 unique, and demonstrated a commitment to our core principles and objectives in structuring a deal that met all of our needs. As we expand ownership to additional members of the team and build on our past success, Rosemont’s unparalleled industry knowledge and network will prove invaluable in our quest for continued excellence at all levels of the firm.”
Cozen O’Connor served as legal representative to Rosemont Investment Group, LLC and Goodwin Procter LLP served as legal representative to 1607 Capital Partners, LLC.
About Rosemont Investment Group, LLC
Rosemont Investment Group is a specialist investor focused exclusively on making investments in asset and wealth management companies, specifically minority 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 brings to its partners a deep network and understanding of the investment management industry through more than 30 years of advising and investing in asset and wealth management businesses. Rosemont is backed by capital partner Markel Corporation, a holding company for insurance, reinsurance, and investment operations around the world.
About 1607 Capital Partners, LLC
1607 Capital Partners is a registered investment advisor specializing in closed-end fund investments. Based in Richmond, Virginia, the firm was formed in 2007 but has roots in closed-end fund investing dating back to the late 1970s. 1607 offers a variety of investment strategies including global, non-US and US equity as well as taxable and non-taxable fixed income strategies. For more information visit www.1607capital.com.
March 4, 2019
CONSHOHOCKEN, PA, March 4, 2019 – Rosemont Investment Group, LLC is pleased to announce that Brad Mook has joined Rosemont as Managing Director, and head of due diligence, financial modeling, and research. His responsibilities will include sourcing, evaluating, and overseeing portfolio investments alongside CEO Chas Burkhart.
Brad comes to Rosemont from SEI where he served as Director of Manager Research. His experience conducting and overseeing manager selection and due diligence across multiple asset classes provides a solid foundation on which to build and support Rosemont’s portfolio.
“I have known and respected Brad for years. He will be a very valuable addition to the team immediately and for years to come,” said Chas Burkhart.
Before arriving at SEI in 2009, Brad spent 15 years as a sell-side analyst and director of research at various firms, performing industry, business, financial, and valuation analysis on a wide range of investment opportunities. He is a CFA charterholder and holds a BA in Political Economy from Williams College.
“Rosemont is well-known in the investment industry as a high-quality, value-adding equity partner. I look forward to joining Chas and the team and enhancing Rosemont’s efforts,” said Brad Mook.
About Rosemont Investment Group, LLC
Rosemont is a specialist investor focused exclusively on making investments in asset and wealth management companies. Rosemont seeks minority positions in support of management buyouts, recapitalizations, ownership transitions, and selected start-ups. In addition to its experience providing capital, the Rosemont team will bring to its partners a deep understanding of the investment management industry through more than 30 years of advising and investing in asset and wealth management businesses.
June 4, 2018
RICHMOND, VA, June 4, 2018 — Markel Corporation (“Markel”) (NYSE: MKL) and Chas Burkhart announced today the formation of Rosemont Investment Group, LLC, (“Rosemont”), a company established to provide permanent capital solutions to asset and wealth management firms.
The newly formed Rosemont will build on the history of Rosemont Investment Partners, LLC, a private equity fund manager founded and operated by Chas Burkhart. Over the past 18 years, Rosemont Investment Partners, LLC, has made 30 investments across all facets of the investment management industry. Going forward, all fund activities and assets of Rosemont Investment Partners, LLC, will remain under their current structure. Additional terms were not disclosed.
Headquartered in Conshohocken, Pennsylvania, Rosemont will specialize in providing capital to high quality asset and wealth management businesses considering internal recapitalizations, generational transfers, management buy-outs, spinouts, selected new company formations, and other unique transactions. Additionally, Rosemont will provide significant value-add to its partners, as appropriate, through its sounding board approach and expertise on key aspects of the investment management business including competition, marketing and distribution, valuation, compensation architecture, and other critical business issues.
Chas Burkhart, Rosemont’s founder and CEO, said, “I am thrilled to be in business with Markel. They bring a superb reputation, substantial capital, and a very similar culture and investment orientation. I’ve been working on the best way to establish a permanent capital business for some time, and the partnership with Markel brings everything we need and value.”
Markel, through its subsidiary Markel Ventures makes long term investments in high quality companies. “When first introduced to Chas and his team, we were immediately impressed by their depth of knowledge and reputation within the investment management industry”, said Tom Gayner, Co-CEO, Markel Corporation. “Markel has been in and around asset and wealth management firms for a long time, and we’ve seen firsthand the challenges faced by the entrepreneurs that built them. With Rosemont, we now have the ability to create the enduring solutions needed by those organizations to allow them to serve their clients for generations to come.”
About Rosemont Investment Group, LLC
Rosemont is a specialist investor focusing exclusively on making investments in asset and wealth management companies. Rosemont seeks minority positions in support of management buyouts, recapitalizations, ownership transitions, and selected start-ups. In addition to its experience providing capital, the Rosemont team will bring to its partners a deep understanding of the investment management industry through nearly 30 years of advising and investing in asset and wealth management businesses.
About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company’s principal business markets and underwrites specialty insurance products. In each of the Company’s businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value.
Through its subsidiary Markel Ventures, Markel makes investments in businesses that operate outside of the insurance marketplace. The Markel Ventures businesses operate with a high degree of autonomy and have the shared goal of positively contributing to the long-term financial performance of Markel Corporation.
Visit Markel Corporation on the web at markelcorp.com.
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