February 24, 2022
Citywire recently spoke with Rosemont to discuss its purchase of a minority stake in Veris Wealth Partners, a San Francisco-based impact investing-focused RIA with about $2 billion in client assets under management.
“The RIA works with ultra-wealthy families and family foundations with assets between $25 million – $100 million looking to make socially conscious investments,” the publication reports. Rosemont currently backs three asset managers and one other RIA. Veris is Rosemont’s second permanent investment.
“This is perfect for the new strategy of the permanent investments,” Rosemont managing director Brad Mook said of Veris. “They wanted to take on a partner that they knew would be with them well into the future so they don’t have to think about a future transaction. It allows them to know that they’re going to remain independent and employee-owned and focused on their mission and not have any competing agendas that could potentially dilute or interfere with their mission.”
Click here to read the entire article.
February 3, 2022
Rosemont Investment Group has been featured in Pensions & Investments Q4 2021 money manager M&A activity report for the sale of its minority stake in Clearstead Advisors. According to the publication, this sale was one of thirty-two deals taking place in our industry throughout the quarter in total.
“Clearstead has developed into one of the premier investment advisory and wealth management firms in the country,” Rosemont Managing Director Brad Mook said regarding the sale in a previous press release. “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.”
Click here to read the entire Pensions & Investments report.
December 13, 2021
Pensions & Investments recently reported on Rosemont’s sale of its minority stake in Foundry Partners to the institutional asset management boutique’s employees.
Rosemont provided Foundry with equity capital and was the firm’s sole minority shareholder at the time of Foundry’s founding in 2013. Rosemont’s stake at the time of sale was 23% and helped Foundry achieve its goal of becoming 100% employee-owned with $3.1 billion in assets under management as of September 30, 2021.
“Rosemont got us started,” says Foundry Partners President and CEO Timothy P. Ford. “Their knowledge and support helped us navigate the exit from Fifth Third Asset Management and land on our feet, and we’ve since proven our ability to successfully manage the business and serve our clients. Rosemont has also provided valuable advice through the years, helping us with acquisitions, product strategy, and a number of other topics.”
Click here to read the entire Pensions & Investments article.
December 13, 2021
Following an announcement from Rosemont, the Sovereign Wealth Fund Institute, commonly referred to as SWFI, reported that Rosemont Partners III, LP has sold its 23% stake in Foundry Partners. Rosemont sold its equity stake back to Foundry’s employees, helping them achieve their long-term goal of becoming 100% employee owned.
Rosemont provided Foundry with equity capital in 2013 to execute a spinout from its parent firm, Fifth Third Asset Management, and became the sole minority shareholder. As the first investment by Rosemont Partners III, Foundry Partners grew to $3.1 billion in assets under management as of September 30, 2021.
“We have enjoyed a long and productive relationship with Foundry over the past eight years,” says Rosemont Managing Director Brad Mook. “It is gratifying to see the company reach this milestone and it is a testament to Foundry’s entrepreneurialism and the strength of its client relationships. As specialized partners to successful employee-owned investment firms like Foundry, we support the company’s desire to be 100% employee-owned and wish it well in the future.”
Click here to read the entire SWFI article.
November 30, 2021
We are pleased to announce that Rosemont Investment Group Managing Director Brad Mook recently shared his wealth management mergers and acquisitions expertise at CFA Society Philadelphia’s 2021 Private Wealth Management Conference.
This annual conference focused on private wealth and high net worth investors and features a series of panel discussions. During these discussions, industry thought leaders, including Mook, addressed pressing issues currently facing wealthy investors, investment advisors and practice leaders. Sessions offered insight on marketing trends, RIA mergers and sales, portfolio construction techniques, technology and changing business models, and trust and estate planning.
Mook’s specific panel was titled, “Wealth Management M&A: Where We Are and Where We’re Going.” During this panel, Mook and his fellow panelists offered insight on the record levels of mergers and acquisition deal activities and valuations in the wealth management industry by analyzing the industry dynamic that brought us to this point and what the future may hold.
This event took place on Thursday, December 2 from 8:30 a.m. to 5 p.m. EST at the Convene CityView in Philadelphia, Pennsylvania. To watch a replay the 2021 Private Wealth Management Conference, click here.
November 2, 2021
Crain’s Cleveland Business recently covered the news that Rosemont Investment Partners is selling its minority stake in Clearstead Advisors, a Cleveland-based registered investment advisor with approximately $30 billion in assets under advisement and 110 employees.
Clearstead was originally founded in 1989 under the name Hartland & Co. In 2017, the firm recapitalized and accepted a minority investment of 32% from Rosemont. During its time with Rosemont, the firm rebranded itself as Clearstead as part of a company refresh and grew by $10 billion in total assets under management and advisement through a combination of organic growth and acquisitions.
Subscribers to Crain’s Cleveland Business can read the entire article here.
Recent Comments