Investment Letters
Brown Advisory Expands in the Washington Area
Jun 2010
Baltimore, MD (July 2, 2007)-- Brown Advisory announced today that Beaty Haynes & Associates, Inc. will combine its investment advisory practice with that of Brown Advisory, making the combined firm one of the largest independent advisory firms in the Washington, D.C. area in terms of client assets. Beaty Haynes, based in Bethesda, Maryland, serves high net worth individuals and families and has approximately $1.1 billion under management. The firm is privately owned by John T. “Terry” Beaty., Walter Haynes, Ray McClure and Connie Brown. Brown Advisory is an independent, Baltimore-based investment firm with over $12 billion of client assets, including nearly $1 billion in the Washington metropolitan market.
The combination is expected to provide important synergies in terms of both market presence and the array of available investment offerings. Together, the firms will oversee approximately $2 billion in client assets in the Washington metropolitan region. This increased asset base will add scale to their combined operations, permitting greater efficiency and increased service levels. Enhancing services to clients was the most important consideration in the decision to merge their operations.
From an investment perspective, the combination will be additive to both firms. Terry Beaty is known among his clients as an original and creative investment thinker, and he will bring added depth and perspective to Brown Advisory’s existing large-cap portfolio management team, which itself has compiled an excellent long-term record. In addition, his relationships in the direct real estate and private equity investment arenas will enhance Brown Advisory’s capabilities in alternative assets. In a similar vein, Brown Advisory’s range of investment disciplines will add to the options available to Beaty Haynes’ clients. Brown Advisory’s dedicated research and portfolio management teams include large-cap growth, large-cap value, small-cap growth, fixed income, and real estate investment trusts. The firm also has developed a series of strategic partnerships with various sub-advisors in order to offer its clients investment opportunities in international equities, small-cap value, hedge funds, and private equity.
The two firms share a clear commitment to remaining independent in ownership as well as thought and perspective. They believe that independence is an important attribute in an era in which many firms face potential conflicts in serving as principals versus their clients or representing clients whose interests are opposed. Beaty Haynes was founded in 1990 and Brown Advisory in 1993. Each has been operated as a closely-held firm dedicated to placing their clients’ interests above all else, and they will remain private after they are combined. Approximately 90% of Brown Advisory’s employees have an equity interest in the firm--an unusually broad-based ownership structure which the firm’s management believes ensures teamwork, continuity of service, and the alignment of its interests with those of its clients. Terry Beaty and his team will become shareholders of Brown Advisory and remain fully involved in serving their client base going forward.
Brown Advisory’s Washington effort will be guided by Terry Beaty and John “Buck” Chapoton. Chapoton joined Brown Advisory in 2001 to open and head the firm’s Washington office. He was previously the managing partner of Vinson & Elkins’ Washington office, specializing in tax, and served as Assistant Treasury Secretary under former President Ronald Reagan. Vinson & Elkins is a leading, Houston-based law firm.
“Our decision to join forces with Brown Advisory has been made only after a great deal of thought and reflection,” said Terry Beaty. “Paramount among the issues we’ve considered is our ability to preserve the same close working relationship we’ve had with our clients while enhancing the services we are able to offer. As our business has expanded, we’ve begun to feel the need to draw on the deeper resources that a somewhat larger firm like Brown Advisory offers, so the timing of our consolidation is appropriate.”
Mike Hankin, CEO of Brown Advisory, said, “Over the fourteen years since Brown Advisory’s founding, the firm has built a full array of investment and advisory services to serve high net worth and institutional clients alike. In just the last five years, for example, we have added specialists in the real estate securities markets, recruited several experienced equity research analysts and strategic advisors, brought together a new small-cap growth portfolio management team, and assembled a highly professional securities group. Nevertheless, we are always mindful of the need to continue adding to our intellectual capital, and Terry Beaty and his team will do exactly that. Our decision to join forces with Beaty Haynes has thus been made in the context of enhancing the services we bring to bear in working with clients.”
Brown Advisory was founded in 1993 as an affiliate of Alex. Brown & Sons. Based in Baltimore, Alex. Brown was one of the oldest and most respected names in American finance and became a major investment banking firm specializing in the research and financing of growth companies. After Alex. Brown was acquired by Bankers Trust in late 1997, Brown Advisory was taken private by its management, directors and a few client families. July 1 marked its ninth anniversary as an independent firm. The premise for Brown Advisory’s formation was that individuals and families of significant wealth require sophisticated investment and strategic advice that is specifically tailored to their unique situation. As a result, from the very beginning, Brown Advisory emphasized customized portfolio management and strategic advisory services, delivered by senior, highly experienced executives.
Brown Advisory’s presence in the D.C. market in effect dates back several decades, as Alex. Brown & Sons maintained a Washington office for most of the last century to serve high net worth clients in the area. Another link with Alex. Brown’s legacy is provided by Benjamin H. Griswold, IV, who today serves as partner and Chairman of the Boards of the two principal operating businesses of Brown Advisory, Brown Investment Advisory & Trust Company and Brown Advisory Securities. Griswold is a direct descendant of Alexander Brown, who founded Alex. Brown & Sons in 1800.
Brown Advisory’s record of consistent growth suggests that the firm is serving its clients well. During the past nine years as an independent firm, client assets have quadrupled to over $12 billion, and the firm has grown its team to more than 150 people with substantial experience and professional accomplishment.
Integration of the two firms will begin when their merger closes in early August. The business of the combined firm will be conducted under the Brown Advisory name, and it will have two locations in the Washington area—one in Bethesda, Maryland (where Beaty Haynes has been located since 2000), and a second at 1737 H Street NW, where Brown Advisory has maintained its office since 2001.
Brown Advisory Briefings
Brown Advisory Expands in the Washington Area
Jun 2010
Baltimore, MD (July 2, 2007)-- Brown Advisory announced today that Beaty Haynes & Associates, Inc. will combine its investment advisory practice with that of Brown Advisory, making the combined firm one of the largest independent advisory firms in the Washington, D.C. area in terms of client assets. Beaty Haynes, based in Bethesda, Maryland, serves high net worth individuals and families and has approximately $1.1 billion under management. The firm is privately owned by John T. “Terry” Beaty., Walter Haynes, Ray McClure and Connie Brown. Brown Advisory is an independent, Baltimore-based investment firm with over $12 billion of client assets, including nearly $1 billion in the Washington metropolitan market.
The combination is expected to provide important synergies in terms of both market presence and the array of available investment offerings. Together, the firms will oversee approximately $2 billion in client assets in the Washington metropolitan region. This increased asset base will add scale to their combined operations, permitting greater efficiency and increased service levels. Enhancing services to clients was the most important consideration in the decision to merge their operations.
From an investment perspective, the combination will be additive to both firms. Terry Beaty is known among his clients as an original and creative investment thinker, and he will bring added depth and perspective to Brown Advisory’s existing large-cap portfolio management team, which itself has compiled an excellent long-term record. In addition, his relationships in the direct real estate and private equity investment arenas will enhance Brown Advisory’s capabilities in alternative assets. In a similar vein, Brown Advisory’s range of investment disciplines will add to the options available to Beaty Haynes’ clients. Brown Advisory’s dedicated research and portfolio management teams include large-cap growth, large-cap value, small-cap growth, fixed income, and real estate investment trusts. The firm also has developed a series of strategic partnerships with various sub-advisors in order to offer its clients investment opportunities in international equities, small-cap value, hedge funds, and private equity.
The two firms share a clear commitment to remaining independent in ownership as well as thought and perspective. They believe that independence is an important attribute in an era in which many firms face potential conflicts in serving as principals versus their clients or representing clients whose interests are opposed. Beaty Haynes was founded in 1990 and Brown Advisory in 1993. Each has been operated as a closely-held firm dedicated to placing their clients’ interests above all else, and they will remain private after they are combined. Approximately 90% of Brown Advisory’s employees have an equity interest in the firm--an unusually broad-based ownership structure which the firm’s management believes ensures teamwork, continuity of service, and the alignment of its interests with those of its clients. Terry Beaty and his team will become shareholders of Brown Advisory and remain fully involved in serving their client base going forward.
Brown Advisory’s Washington effort will be guided by Terry Beaty and John “Buck” Chapoton. Chapoton joined Brown Advisory in 2001 to open and head the firm’s Washington office. He was previously the managing partner of Vinson & Elkins’ Washington office, specializing in tax, and served as Assistant Treasury Secretary under former President Ronald Reagan. Vinson & Elkins is a leading, Houston-based law firm.
“Our decision to join forces with Brown Advisory has been made only after a great deal of thought and reflection,” said Terry Beaty. “Paramount among the issues we’ve considered is our ability to preserve the same close working relationship we’ve had with our clients while enhancing the services we are able to offer. As our business has expanded, we’ve begun to feel the need to draw on the deeper resources that a somewhat larger firm like Brown Advisory offers, so the timing of our consolidation is appropriate.”
Mike Hankin, CEO of Brown Advisory, said, “Over the fourteen years since Brown Advisory’s founding, the firm has built a full array of investment and advisory services to serve high net worth and institutional clients alike. In just the last five years, for example, we have added specialists in the real estate securities markets, recruited several experienced equity research analysts and strategic advisors, brought together a new small-cap growth portfolio management team, and assembled a highly professional securities group. Nevertheless, we are always mindful of the need to continue adding to our intellectual capital, and Terry Beaty and his team will do exactly that. Our decision to join forces with Beaty Haynes has thus been made in the context of enhancing the services we bring to bear in working with clients.”
Brown Advisory was founded in 1993 as an affiliate of Alex. Brown & Sons. Based in Baltimore, Alex. Brown was one of the oldest and most respected names in American finance and became a major investment banking firm specializing in the research and financing of growth companies. After Alex. Brown was acquired by Bankers Trust in late 1997, Brown Advisory was taken private by its management, directors and a few client families. July 1 marked its ninth anniversary as an independent firm. The premise for Brown Advisory’s formation was that individuals and families of significant wealth require sophisticated investment and strategic advice that is specifically tailored to their unique situation. As a result, from the very beginning, Brown Advisory emphasized customized portfolio management and strategic advisory services, delivered by senior, highly experienced executives.
Brown Advisory’s presence in the D.C. market in effect dates back several decades, as Alex. Brown & Sons maintained a Washington office for most of the last century to serve high net worth clients in the area. Another link with Alex. Brown’s legacy is provided by Benjamin H. Griswold, IV, who today serves as partner and Chairman of the Boards of the two principal operating businesses of Brown Advisory, Brown Investment Advisory & Trust Company and Brown Advisory Securities. Griswold is a direct descendant of Alexander Brown, who founded Alex. Brown & Sons in 1800.
Brown Advisory’s record of consistent growth suggests that the firm is serving its clients well. During the past nine years as an independent firm, client assets have quadrupled to over $12 billion, and the firm has grown its team to more than 150 people with substantial experience and professional accomplishment.
Integration of the two firms will begin when their merger closes in early August. The business of the combined firm will be conducted under the Brown Advisory name, and it will have two locations in the Washington area—one in Bethesda, Maryland (where Beaty Haynes has been located since 2000), and a second at 1737 H Street NW, where Brown Advisory has maintained its office since 2001.
Brown Advisory in the News
Brown Advisory Expands in the Washington Area
Jun 2010
Baltimore, MD (July 2, 2007)-- Brown Advisory announced today that Beaty Haynes & Associates, Inc. will combine its investment advisory practice with that of Brown Advisory, making the combined firm one of the largest independent advisory firms in the Washington, D.C. area in terms of client assets. Beaty Haynes, based in Bethesda, Maryland, serves high net worth individuals and families and has approximately $1.1 billion under management. The firm is privately owned by John T. “Terry” Beaty., Walter Haynes, Ray McClure and Connie Brown. Brown Advisory is an independent, Baltimore-based investment firm with over $12 billion of client assets, including nearly $1 billion in the Washington metropolitan market.
The combination is expected to provide important synergies in terms of both market presence and the array of available investment offerings. Together, the firms will oversee approximately $2 billion in client assets in the Washington metropolitan region. This increased asset base will add scale to their combined operations, permitting greater efficiency and increased service levels. Enhancing services to clients was the most important consideration in the decision to merge their operations.
From an investment perspective, the combination will be additive to both firms. Terry Beaty is known among his clients as an original and creative investment thinker, and he will bring added depth and perspective to Brown Advisory’s existing large-cap portfolio management team, which itself has compiled an excellent long-term record. In addition, his relationships in the direct real estate and private equity investment arenas will enhance Brown Advisory’s capabilities in alternative assets. In a similar vein, Brown Advisory’s range of investment disciplines will add to the options available to Beaty Haynes’ clients. Brown Advisory’s dedicated research and portfolio management teams include large-cap growth, large-cap value, small-cap growth, fixed income, and real estate investment trusts. The firm also has developed a series of strategic partnerships with various sub-advisors in order to offer its clients investment opportunities in international equities, small-cap value, hedge funds, and private equity.
The two firms share a clear commitment to remaining independent in ownership as well as thought and perspective. They believe that independence is an important attribute in an era in which many firms face potential conflicts in serving as principals versus their clients or representing clients whose interests are opposed. Beaty Haynes was founded in 1990 and Brown Advisory in 1993. Each has been operated as a closely-held firm dedicated to placing their clients’ interests above all else, and they will remain private after they are combined. Approximately 90% of Brown Advisory’s employees have an equity interest in the firm--an unusually broad-based ownership structure which the firm’s management believes ensures teamwork, continuity of service, and the alignment of its interests with those of its clients. Terry Beaty and his team will become shareholders of Brown Advisory and remain fully involved in serving their client base going forward.
Brown Advisory’s Washington effort will be guided by Terry Beaty and John “Buck” Chapoton. Chapoton joined Brown Advisory in 2001 to open and head the firm’s Washington office. He was previously the managing partner of Vinson & Elkins’ Washington office, specializing in tax, and served as Assistant Treasury Secretary under former President Ronald Reagan. Vinson & Elkins is a leading, Houston-based law firm.
“Our decision to join forces with Brown Advisory has been made only after a great deal of thought and reflection,” said Terry Beaty. “Paramount among the issues we’ve considered is our ability to preserve the same close working relationship we’ve had with our clients while enhancing the services we are able to offer. As our business has expanded, we’ve begun to feel the need to draw on the deeper resources that a somewhat larger firm like Brown Advisory offers, so the timing of our consolidation is appropriate.”
Mike Hankin, CEO of Brown Advisory, said, “Over the fourteen years since Brown Advisory’s founding, the firm has built a full array of investment and advisory services to serve high net worth and institutional clients alike. In just the last five years, for example, we have added specialists in the real estate securities markets, recruited several experienced equity research analysts and strategic advisors, brought together a new small-cap growth portfolio management team, and assembled a highly professional securities group. Nevertheless, we are always mindful of the need to continue adding to our intellectual capital, and Terry Beaty and his team will do exactly that. Our decision to join forces with Beaty Haynes has thus been made in the context of enhancing the services we bring to bear in working with clients.”
Brown Advisory was founded in 1993 as an affiliate of Alex. Brown & Sons. Based in Baltimore, Alex. Brown was one of the oldest and most respected names in American finance and became a major investment banking firm specializing in the research and financing of growth companies. After Alex. Brown was acquired by Bankers Trust in late 1997, Brown Advisory was taken private by its management, directors and a few client families. July 1 marked its ninth anniversary as an independent firm. The premise for Brown Advisory’s formation was that individuals and families of significant wealth require sophisticated investment and strategic advice that is specifically tailored to their unique situation. As a result, from the very beginning, Brown Advisory emphasized customized portfolio management and strategic advisory services, delivered by senior, highly experienced executives.
Brown Advisory’s presence in the D.C. market in effect dates back several decades, as Alex. Brown & Sons maintained a Washington office for most of the last century to serve high net worth clients in the area. Another link with Alex. Brown’s legacy is provided by Benjamin H. Griswold, IV, who today serves as partner and Chairman of the Boards of the two principal operating businesses of Brown Advisory, Brown Investment Advisory & Trust Company and Brown Advisory Securities. Griswold is a direct descendant of Alexander Brown, who founded Alex. Brown & Sons in 1800.
Brown Advisory’s record of consistent growth suggests that the firm is serving its clients well. During the past nine years as an independent firm, client assets have quadrupled to over $12 billion, and the firm has grown its team to more than 150 people with substantial experience and professional accomplishment.
Integration of the two firms will begin when their merger closes in early August. The business of the combined firm will be conducted under the Brown Advisory name, and it will have two locations in the Washington area—one in Bethesda, Maryland (where Beaty Haynes has been located since 2000), and a second at 1737 H Street NW, where Brown Advisory has maintained its office since 2001.
Winslow Reports
Brown Advisory Expands in the Washington Area
Jun 2010
Baltimore, MD (July 2, 2007)-- Brown Advisory announced today that Beaty Haynes & Associates, Inc. will combine its investment advisory practice with that of Brown Advisory, making the combined firm one of the largest independent advisory firms in the Washington, D.C. area in terms of client assets. Beaty Haynes, based in Bethesda, Maryland, serves high net worth individuals and families and has approximately $1.1 billion under management. The firm is privately owned by John T. “Terry” Beaty., Walter Haynes, Ray McClure and Connie Brown. Brown Advisory is an independent, Baltimore-based investment firm with over $12 billion of client assets, including nearly $1 billion in the Washington metropolitan market.
The combination is expected to provide important synergies in terms of both market presence and the array of available investment offerings. Together, the firms will oversee approximately $2 billion in client assets in the Washington metropolitan region. This increased asset base will add scale to their combined operations, permitting greater efficiency and increased service levels. Enhancing services to clients was the most important consideration in the decision to merge their operations.
From an investment perspective, the combination will be additive to both firms. Terry Beaty is known among his clients as an original and creative investment thinker, and he will bring added depth and perspective to Brown Advisory’s existing large-cap portfolio management team, which itself has compiled an excellent long-term record. In addition, his relationships in the direct real estate and private equity investment arenas will enhance Brown Advisory’s capabilities in alternative assets. In a similar vein, Brown Advisory’s range of investment disciplines will add to the options available to Beaty Haynes’ clients. Brown Advisory’s dedicated research and portfolio management teams include large-cap growth, large-cap value, small-cap growth, fixed income, and real estate investment trusts. The firm also has developed a series of strategic partnerships with various sub-advisors in order to offer its clients investment opportunities in international equities, small-cap value, hedge funds, and private equity.
The two firms share a clear commitment to remaining independent in ownership as well as thought and perspective. They believe that independence is an important attribute in an era in which many firms face potential conflicts in serving as principals versus their clients or representing clients whose interests are opposed. Beaty Haynes was founded in 1990 and Brown Advisory in 1993. Each has been operated as a closely-held firm dedicated to placing their clients’ interests above all else, and they will remain private after they are combined. Approximately 90% of Brown Advisory’s employees have an equity interest in the firm--an unusually broad-based ownership structure which the firm’s management believes ensures teamwork, continuity of service, and the alignment of its interests with those of its clients. Terry Beaty and his team will become shareholders of Brown Advisory and remain fully involved in serving their client base going forward.
Brown Advisory’s Washington effort will be guided by Terry Beaty and John “Buck” Chapoton. Chapoton joined Brown Advisory in 2001 to open and head the firm’s Washington office. He was previously the managing partner of Vinson & Elkins’ Washington office, specializing in tax, and served as Assistant Treasury Secretary under former President Ronald Reagan. Vinson & Elkins is a leading, Houston-based law firm.
“Our decision to join forces with Brown Advisory has been made only after a great deal of thought and reflection,” said Terry Beaty. “Paramount among the issues we’ve considered is our ability to preserve the same close working relationship we’ve had with our clients while enhancing the services we are able to offer. As our business has expanded, we’ve begun to feel the need to draw on the deeper resources that a somewhat larger firm like Brown Advisory offers, so the timing of our consolidation is appropriate.”
Mike Hankin, CEO of Brown Advisory, said, “Over the fourteen years since Brown Advisory’s founding, the firm has built a full array of investment and advisory services to serve high net worth and institutional clients alike. In just the last five years, for example, we have added specialists in the real estate securities markets, recruited several experienced equity research analysts and strategic advisors, brought together a new small-cap growth portfolio management team, and assembled a highly professional securities group. Nevertheless, we are always mindful of the need to continue adding to our intellectual capital, and Terry Beaty and his team will do exactly that. Our decision to join forces with Beaty Haynes has thus been made in the context of enhancing the services we bring to bear in working with clients.”
Brown Advisory was founded in 1993 as an affiliate of Alex. Brown & Sons. Based in Baltimore, Alex. Brown was one of the oldest and most respected names in American finance and became a major investment banking firm specializing in the research and financing of growth companies. After Alex. Brown was acquired by Bankers Trust in late 1997, Brown Advisory was taken private by its management, directors and a few client families. July 1 marked its ninth anniversary as an independent firm. The premise for Brown Advisory’s formation was that individuals and families of significant wealth require sophisticated investment and strategic advice that is specifically tailored to their unique situation. As a result, from the very beginning, Brown Advisory emphasized customized portfolio management and strategic advisory services, delivered by senior, highly experienced executives.
Brown Advisory’s presence in the D.C. market in effect dates back several decades, as Alex. Brown & Sons maintained a Washington office for most of the last century to serve high net worth clients in the area. Another link with Alex. Brown’s legacy is provided by Benjamin H. Griswold, IV, who today serves as partner and Chairman of the Boards of the two principal operating businesses of Brown Advisory, Brown Investment Advisory & Trust Company and Brown Advisory Securities. Griswold is a direct descendant of Alexander Brown, who founded Alex. Brown & Sons in 1800.
Brown Advisory’s record of consistent growth suggests that the firm is serving its clients well. During the past nine years as an independent firm, client assets have quadrupled to over $12 billion, and the firm has grown its team to more than 150 people with substantial experience and professional accomplishment.
Integration of the two firms will begin when their merger closes in early August. The business of the combined firm will be conducted under the Brown Advisory name, and it will have two locations in the Washington area—one in Bethesda, Maryland (where Beaty Haynes has been located since 2000), and a second at 1737 H Street NW, where Brown Advisory has maintained its office since 2001.
Press Releases
Brown Advisory Expands in the Washington Area
Jun 2010
Baltimore, MD (July 2, 2007)-- Brown Advisory announced today that Beaty Haynes & Associates, Inc. will combine its investment advisory practice with that of Brown Advisory, making the combined firm one of the largest independent advisory firms in the Washington, D.C. area in terms of client assets. Beaty Haynes, based in Bethesda, Maryland, serves high net worth individuals and families and has approximately $1.1 billion under management. The firm is privately owned by John T. “Terry” Beaty., Walter Haynes, Ray McClure and Connie Brown. Brown Advisory is an independent, Baltimore-based investment firm with over $12 billion of client assets, including nearly $1 billion in the Washington metropolitan market.
The combination is expected to provide important synergies in terms of both market presence and the array of available investment offerings. Together, the firms will oversee approximately $2 billion in client assets in the Washington metropolitan region. This increased asset base will add scale to their combined operations, permitting greater efficiency and increased service levels. Enhancing services to clients was the most important consideration in the decision to merge their operations.
From an investment perspective, the combination will be additive to both firms. Terry Beaty is known among his clients as an original and creative investment thinker, and he will bring added depth and perspective to Brown Advisory’s existing large-cap portfolio management team, which itself has compiled an excellent long-term record. In addition, his relationships in the direct real estate and private equity investment arenas will enhance Brown Advisory’s capabilities in alternative assets. In a similar vein, Brown Advisory’s range of investment disciplines will add to the options available to Beaty Haynes’ clients. Brown Advisory’s dedicated research and portfolio management teams include large-cap growth, large-cap value, small-cap growth, fixed income, and real estate investment trusts. The firm also has developed a series of strategic partnerships with various sub-advisors in order to offer its clients investment opportunities in international equities, small-cap value, hedge funds, and private equity.
The two firms share a clear commitment to remaining independent in ownership as well as thought and perspective. They believe that independence is an important attribute in an era in which many firms face potential conflicts in serving as principals versus their clients or representing clients whose interests are opposed. Beaty Haynes was founded in 1990 and Brown Advisory in 1993. Each has been operated as a closely-held firm dedicated to placing their clients’ interests above all else, and they will remain private after they are combined. Approximately 90% of Brown Advisory’s employees have an equity interest in the firm--an unusually broad-based ownership structure which the firm’s management believes ensures teamwork, continuity of service, and the alignment of its interests with those of its clients. Terry Beaty and his team will become shareholders of Brown Advisory and remain fully involved in serving their client base going forward.
Brown Advisory’s Washington effort will be guided by Terry Beaty and John “Buck” Chapoton. Chapoton joined Brown Advisory in 2001 to open and head the firm’s Washington office. He was previously the managing partner of Vinson & Elkins’ Washington office, specializing in tax, and served as Assistant Treasury Secretary under former President Ronald Reagan. Vinson & Elkins is a leading, Houston-based law firm.
“Our decision to join forces with Brown Advisory has been made only after a great deal of thought and reflection,” said Terry Beaty. “Paramount among the issues we’ve considered is our ability to preserve the same close working relationship we’ve had with our clients while enhancing the services we are able to offer. As our business has expanded, we’ve begun to feel the need to draw on the deeper resources that a somewhat larger firm like Brown Advisory offers, so the timing of our consolidation is appropriate.”
Mike Hankin, CEO of Brown Advisory, said, “Over the fourteen years since Brown Advisory’s founding, the firm has built a full array of investment and advisory services to serve high net worth and institutional clients alike. In just the last five years, for example, we have added specialists in the real estate securities markets, recruited several experienced equity research analysts and strategic advisors, brought together a new small-cap growth portfolio management team, and assembled a highly professional securities group. Nevertheless, we are always mindful of the need to continue adding to our intellectual capital, and Terry Beaty and his team will do exactly that. Our decision to join forces with Beaty Haynes has thus been made in the context of enhancing the services we bring to bear in working with clients.”
Brown Advisory was founded in 1993 as an affiliate of Alex. Brown & Sons. Based in Baltimore, Alex. Brown was one of the oldest and most respected names in American finance and became a major investment banking firm specializing in the research and financing of growth companies. After Alex. Brown was acquired by Bankers Trust in late 1997, Brown Advisory was taken private by its management, directors and a few client families. July 1 marked its ninth anniversary as an independent firm. The premise for Brown Advisory’s formation was that individuals and families of significant wealth require sophisticated investment and strategic advice that is specifically tailored to their unique situation. As a result, from the very beginning, Brown Advisory emphasized customized portfolio management and strategic advisory services, delivered by senior, highly experienced executives.
Brown Advisory’s presence in the D.C. market in effect dates back several decades, as Alex. Brown & Sons maintained a Washington office for most of the last century to serve high net worth clients in the area. Another link with Alex. Brown’s legacy is provided by Benjamin H. Griswold, IV, who today serves as partner and Chairman of the Boards of the two principal operating businesses of Brown Advisory, Brown Investment Advisory & Trust Company and Brown Advisory Securities. Griswold is a direct descendant of Alexander Brown, who founded Alex. Brown & Sons in 1800.
Brown Advisory’s record of consistent growth suggests that the firm is serving its clients well. During the past nine years as an independent firm, client assets have quadrupled to over $12 billion, and the firm has grown its team to more than 150 people with substantial experience and professional accomplishment.
Integration of the two firms will begin when their merger closes in early August. The business of the combined firm will be conducted under the Brown Advisory name, and it will have two locations in the Washington area—one in Bethesda, Maryland (where Beaty Haynes has been located since 2000), and a second at 1737 H Street NW, where Brown Advisory has maintained its office since 2001.
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