Opalesque Industry Update: Litman Gregory Asset Management announced today that effective April 1, 2013, it has received a minority investment from boutique private equity firm Rosemont Investment Partners, LLC. Rosemont provides strategic capital to asset management businesses. Rosemont’s investment will be used to help effect a broader succession plan that will allow Litman Gregory to remain independent for the long term, and to consolidate ownership of affiliate company Litman Gregory Fund Advisors under Litman Gregory Asset Management. There will be no changes to Litman Gregory’s management team or to its research-driven and client-focused culture, and Rosemont’s investment will be subsequently repurchased by Litman Gregory. “We chose Rosemont after due diligence that included talking to many of their competitors and many of the firms they’ve invested in,” said Steve Savage, Litman Gregory managing partner. “It became clear that they differentiate themselves from other private equity firms by first and foremost seeking to be aligned with our objectives at all times. They bring significant industry expertise and an extensive network that we can draw on, but will be entirely hands-off in terms of how we run our business.” “We are pleased that Litman Gregory’s succession planning objectives afforded us the opportunity to invest in a premier business. They have a great reputation for serving all their clients through high quality, independent research,” said Chas Burkhart, Rosemont’s founder. “We’ve come to know and respect the investment and business acumen of the Litman Gregory team and are looking forward to partnering with them.”
About Rosemont Investment Partners Press Release BM
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Industry Updates
Investment manager Litman Gregory sells minority interest to private equity firm
Wednesday, April 03, 2013
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