Wed, May 4, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Rosemont Investment Partners buys into Los Angeles based wealth manager Westmount

Monday, July 18, 2011

Robert A. Berliner
Opalesque Industry Update - Rosemont Investment Partners, LLC (Rosemont) has announced that it has made an investment in Westmount Asset Management, LLC (Westmount or the Company). Westmount will remain majority owned by its founders, Robert Berliner and Jim Berliner, and Rosemont, a private equity boutique focused exclusively on making investments in asset management companies, will own a minority stake. Rosemonts investment is being used to assist in an equity recapitalization, and to create opportunities to expand the firms ownership internally. As a result of the recapitalization, two long-term, valued employees of Westmount, Mike Amash and Chris Werner, will become partners.

Westmount was founded in Los Angeles, CA in 1990 by Robert Berliner and Jim Berliner. The firm provides sophisticated, institutional investment management services and related planning advice, delivered in a manner tailored to each clients unique objectives. The Company currently manages approximately $1.4 billion on behalf of high net worth individuals, foundations, endowments and pension plans, and is among the oldest and largest independent investment advisors in Los Angeles.

Westmount has frequently been recognized as one of the 100 leading wealth advisory firms in the United States. Westmount employs an open architecture platform with a well-developed and highly customized asset allocation process that employs best-of-breed outside managers to diversify its clients accounts across various asset classes, including fixed income, equities and alternative assets. The Company employs 20 people, 11 of whom comprise the in-house investment committee that reviews asset allocation and manager selection decisions.

The Westmount team applies nearly 200 years of collective investment experience to its investment decision-making, and is supported by an accomplished staff that provides all the critical non-investment functions that are required to manage a successful investment management firm.

Jim Berliner, Westmounts President and Chief Investment Officer, commented on the transaction: Partnering with Rosemont gives us the opportunity to accomplish a number of important objectives, including providing a path to ownership for other leaders at the firm, and retains our investment and operational autonomy, which is so vital to serving our clients best interests. We are also delighted to have access to the considerable experience of the Rosemont team on the myriad of issues relating to practice management. David Silvera, Managing Director of Rosemont, noted: Westmount has a well- established reputation as a trusted advisor and counsel to its clients. Rosemont is thrilled to have the opportunity to partner with the entire Westmount team as they continue to build on that foundation by serving their clients needs, reinvesting in the people and resources that will allow the business to grow in a thoughtful and client-focused manner.

The transaction is expected to close in August 2011. Terms of the transaction were not disclosed.

(press release)

kb

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Hedge funds see $14.3bn outflows in Q1, CTAs and multi-strategy lead net inflows[more]

    Komfie Manalo, Opalesque Asia: The hedge fund industry saw net outflows of investor capital in the first quarter of the year, totaling $14.3bn, data from Preqin showed. This continues from the $8.9bn overall net outflows that funds recorded in Q4

  2. Third Point calls Q1 "catastrophic" for hedge funds[more]

    Bailey McCann, Opalesque New York: The first quarter of this year was rocky for hedge funds based on aggregate performance from the industry, but now we are beginning to hear what the managers thought of it as quarterly letters make their way to investors. Dan Loeb, CEO of New York-based $17 bill

  3. Asia - Stabilization of China's capital outflows may hinge on Janet Yellen, Fink says China to do well this year as bubble threat postponed, Chinese hedge fund to invest in Indias infrastructure[more]

    Stabilization of China's capital outflows may hinge on Janet Yellen From Bloomberg.com: Whether Chinas recent stabilization of its currency and capital outflows continues -- or downside pressure reignites -- may hinge in large part on Janet Yellen. If the Federal Reserve chair sticks to

  4. And Finally - After all, judges are human too[more]

    From Newsoftheweird.com: In March, one District of Columbia government administrative law judge was charged with misdemeanor assault on another. Judge Sharon Goodie said she wanted to give Judge Joan Davenport some files, but Davenport, in her office, would not answer the door. Goodie said once the

  5. Comment - Unmasking the men behind Zero Hedge, Wall Street's renegade blog[more]

    From Bloomberg.com: Colin Lokey, also known as "Tyler Durden," is breaking the first rule of Fight Club: You do not talk about Fight Club. Hes also breaking the second rule of Fight Club. (See the first rule.) After more than a year writing for the financial website Zero Hedge under the n