Industry Updates

Investment manager Litman Gregory sells minority interest to private equity firm

Wednesday, April 03, 2013

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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 Litman Gregory
Since 1987, Litman Gregory Asset Management, LLC has been constructing globally diversified portfolios for clients that include individuals, families, foundations, and endowments. Litman Gregory has three additional businesses that draw on the same underlying investment research: The Litman Gregory Masters Funds (a family of multi-manager equity and alternative strategies mutual funds); Litman Gregory Portfolio Strategies (globally diversified investment portfolios offered to advisors through leading turn-key asset management platforms); and Litman Gregory AdvisorIntelligence (a web-based asset class and manager research service for investment professionals). In total, Litman Gregory manages approximately $8 billion.Litman Gregory

About Rosemont Investment Partners
Rosemont Investment Partners, LLC is a specialist private equity firm focused exclusively on making investments in asset managers. Rosemont was formed in May 2000 to provide capital to fund management buyouts, recapitalizations, and selected start-ups in the asset management industry. In addition to providing capital, the principals of Rosemont assist management in growing their companies by leveraging their decades of experience in advising asset management businesses.

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