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.
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.
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.
CONSHOHOCKEN, PA, December 28, 2017 – Rosemont Investment Partners, LLC, a specialist private investor in the asset and wealth management communities, is pleased to announce that it has made a 20% equity investment in Martingale Asset Management, L.P. as a Limited Partner. Martingale is a Boston-based equity investment management firm with approximately $8 billion under management. For 30 years, Martingale has served institutional clients with a broad array of investment strategies.
Said Chas Burkhart, Rosemont’s founder: “We have admired Martingale for years, and are excited to have the opportunity to invest in their business. They are a very well run firm, and their investment capabilities are well suited to meet the needs of sophisticated institutional investors.”
Said Alan Strassman, Martingale’s Chairman: “Rosemont is an ideal partner to assist us in the transition to a second generation of owner-managers. As our founding partners reach retirement age, we are pleased that Martingale will continue to be an independent investment firm able to maintain its long tradition of deep employee ownership.”
Morgan, Lewis & Bockius LLP represented Rosemont in connection with the investment, and Martingale was advised by a team from Choate, Hall & Stewart LLP.
About Martingale Asset Management, L.P.
Martingale Asset Management, L.P., founded in 1987, is an independent equity manager distinguished by thought leadership and innovation to serve sophisticated institutional investors. Martingale’s expertise has included active completeness funds, long/short and equity market neutral portfolios, market extension (130/30) equity portfolios, and low volatility equity strategies.
CLEVELAND, OH, March 31, 2017 – Hartland & Co., LLC (“Hartland”), a Cleveland-based institutional and wealth advisory firm, is pleased to announce that Rosemont Investment Partners, LLC (“Rosemont”) will assume a minority stake as part of a management-led recapitalization. The transaction helps fulfill Hartland’s long-term strategy of transferring ownership from founding to employee owners. Twenty-eight current and new Hartland employee shareholders will invest with Rosemont, increasing employee ownership to a significant majority of the firm.
Rosemont is a boutique investment firm that specializes in taking minority stakes in asset and wealth management firms in collaboration with management. The Rosemont transaction helps Hartland ensure continuity for its clients and employees by keeping the firm majority employee-owned. No material changes are expected as the firm continues its record of profitable growth.
“Rosemont is a strong and unique partner; they will help us broaden employee ownership and we will benefit in multiple ways from their industry expertise and network,” according to Dave Fulton, Chairman and CEO of Hartland.
“Hartland is a superior comprehensive wealth management and institutional advisor. The quality and depth of their personnel is impressive. We have watched with interest as they have built their institutional and private wealth businesses and look forward to helping support their mission,” said Chas Burkhart, founder of the Pennsylvania-based specialist private equity firm.
Silver Lane Advisors LLC, a New York-based investment banking firm, advised Hartland in this transaction.
About Hartland & Co., LLC
Hartland was founded in 1989 and today advises almost $18 billion for over 150 institutions and 500 families and individuals. The firm has 72 employees and headquarters in Cleveland, Ohio, with offices in Portland, Maine, and New York, New York.
About Rosemont Investment Partners, LLC
Rosemont is a specialist private equity firm focused exclusively on making investments in asset and wealth managers. Rosemont typically takes minority positions in support of management buyouts, recapitalizations, ownership transitions, and selected start-ups. In addition to providing capital, Rosemont leverages 30 years of advising and investing in asset management businesses.
BOSTON, MA, October 31, 2016 – Boston Common Asset Management, LLC (“Boston Common”), a pioneer in global sustainable investing, is pleased to announce that Rosemont Investment Partners, LLC (“Rosemont”) will assume a minority stake in the firm alongside employees to facilitate broader and deeper employee ownership over the long term. With notable positive support from clients and consultants, Boston Common continues on a path to building a durable, independent company that is best-positioned to serve its clients and its mission through Environmental, Social, and Governance (ESG) investing.
Rosemont is a boutique investment firm that specializes in taking long-term, minority stakes in investment firms, alongside senior management. With this transaction, Boston Common will also put in place a structure to ensure continuity and leave its people and processes unchanged, as the company sets a course for the long term.
“Rosemont is well-qualified to help us broaden equity across our team, and we will benefit greatly from their industry expertise,” said Geeta Aiyer, President and Founder of Boston Common. As the largest single equity owner, she will continue to be Chief Strategist and President—at the center of Boston Common.
“We believe that ESG investing will increasingly drive long-term shareholder value,” said Chas Burkhart, Founder of Rosemont. “Boston Common is a leader in ESG, and we are looking forward to partnering with them for years to come.” Both Boston Common and Rosemont see growing interest in ESG investing across institutional, ultra-high net worth, and retail channels.
About Boston Common Asset Management, LLC
Boston Common Asset Management is a women-led, sustainable investment manager dedicated to the pursuit of financial return and social change. Boston Common analyzes investment risks and opportunities from a broader perspective, because the firm believes understanding ESG factors is fundamental to valuing a company. Through active, engaged ownership, Boston Common seeks to improve companies’ practices and to advance the global dialogue toward a sustainable economy. Since its inception in 2003, Boston Common has built a strong investment record and has meaningfully improved corporate practices here and abroad.
About Rosemont Investment Partners, LLC
Rosemont Investment Partners, LLC is a specialist private equity firm focused exclusively on making investments in asset and wealth managers. Rosemont typically takes minority positions in support of management buyouts, recapitalizations, ownership transitions, and selected NewCos. In addition to providing capital, Rosemont leverages 30 years of advising and investing in asset management businesses.