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In this episode of the RIA Edge Podcast, Hirtle speaks with David Armstrong, managing director of editorial and content strategies for the Wealth Management Group at Informa, about the opportunity he saw 35 years ago to bring investment management services out of the banks, brokerages and product shops and offer it directly to wealthy families and institutions. This was done for those that aren’t quite wealthy enough to support their own in-house investment teams, and doing so without the conflicts of interest that often come with using traditional financial services
Hirtle speaks about growing the firm to $20 billion in AUM, his team’s approach to the markets, how he builds portfolios and why the need for unconflicted and actively managed portfolios are even more important today than they were when he founded the company.
Specifically, David and Jon discuss:
- How Hirtle, Callaghan & Co, took inspiration from the likes of Yale University’s “endowment model" and the former money manager for the Mellon family, Arthur Miltenberger.
- The market taxonomy his team uses when evaluating all investment opportunities.
- How the investable market is tilting ever more heavily toward private companies.
- How his firm charges clients, and why it’s important: “We may be wrong but we’ll never be conflicted.”
- Why the firm has been adamant about avoiding the red-hot M&A market for RIAs – but plans to aggressively hunt for quality tuck-ins.
Resources:
Connect With David Armstrong:
- WealthManagement.com
- LinkedIn: WealthManagment.com
- LinkedIn: David Armstrong
- Twitter/X: @djamesarmstrong
- LinkedIn: Informa
Connect With John Hirtle:
- LinkedIn: Jon Hirtle
- Company LinkedIn: Hirtle, Callaghan & Co
- Company Website: Hirtle, Callaghan & Co
About Our Guest:
Jon is the Executive Chairman of Hirtle Callaghan. He also chairs the board of directors and serves on the Investment Policy Committee. Prior to founding Hirtle Callaghan in 1988, Jon worked at Goldman Sachs advising family groups and institutions on investment strategy and securities selection. He received his Bachelor of Science and M.B.A. degrees from Penn State. Jon served as an infantry officer in the United States Marine Corps from 1975 to 1982 and is a member of the Governing Council of the Miller Center for Public Affairs at the University of Virginia.
