Rosemont Roundtable: Exploring the Business of Investment Management

In this episode of Rosemont Roundtable, Chas Burkhart sits down with Tiburon Strategic Advisors founder Chip Roame to discuss the surge in RIA M&A activity, private equity’s growing influence, AI and technology disruption, alternatives investing, organic growth challenges, and the evolving ownership models defining the industry’s future.

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 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. 

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 Rosemont Roundtable, Brad Mook engages with Austin Shapard, President & CEO of Fiduciary Trust, the Boston-based wealth management firm overseeing $29 billion in client assets. Their conversation examines the evolving landscape of wealth management through both strategic and human lenses.

Drawing from his experience leading financial institutions, Austin shares insights on building enduring client relationships and steering a legacy firm through changing times.

Key themes include:

• The Art of Leadership: How Austin's educational and early professional experiences influence his approach to guiding Fiduciary Trust's strategic direction.
• Industry Consolidation: A nuanced look at wealth management M&A—beyond the headlines to the practical challenges of preserving culture and client trust through transitions.
• Talent and Culture: Fiduciary Trust's methodology for identifying professionals who combine technical expertise with emotional intelligence and client empathy.
• Strategic Focus: The principles behind Fiduciary Trust's decisions on which capabilities to develop internally versus source from specialists.

The discussion reveals how successful wealth management transcends portfolio construction to encompass the fuller scope of clients' financial lives. Austin articulates why, in an age of automation, the essence of the business remains deeply human—built on understanding, trust, and sustained dialogue. His perspective suggests that firms will thrive not only by chasing scale, but also by excelling at these enduring client service principles.

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 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.

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.