Brown Advisory Opens London Office

Last Updated Jun 2010

Baltimore, MD (March 25, 2008) -- Brown Advisory, an independent investment firm specialising in U.S. equities, based in Baltimore, Maryland, USA, today announced the opening of its London office and registration/authorization with the FSA. Heading the office will be Logie Fitzwilliams, a director and investment professional, who will focus on building Brown Advisory’s client base in the U.K. and Europe.

Commenting on the new office, Michael Hankin, CEO of the firm, said, “We are fortunate to have developed relationships with several important London-based financial institutions and foundations in recent years, as they have sought our investment expertise. Opening an office in London and receiving FSA registration is a major step towards building on this growth, and it will enable us to serve these clients more effectively.”

In 2006, Brown Advisory introduced its large-cap, value-oriented portfolio to U.K. clients through a Dublin-based UCITS vehicle. The fund, managed by Richard Bernstein, Brown Advisory’s senior U.S. value equity portfolio manager, mirrors the successful $1.2 billion portfolio offered to U.S. clients. Employing a disciplined, fundamentally-based research process, since its inception the fund has a very strong record against the S&P 500 Index.

Logie Fitzwilliams commented, “Since its formation, Brown Advisory’s UCITS fund has grown substantially, attracting a number of investors who find the investment style and performance appealing. We are excited to be gaining momentum in the U.K. market as investors become comfortable with our team and our collaborative investment process. With a physical presence in the U.K. now, we will be favourably positioned to build on our existing base of business.”

A distinguishing feature of Brown Advisory is its alignment of the interests of its investment professionals with those of its clients. Importantly, its portfolio managers and analysts have significant holdings in the funds they are responsible for managing. Further, nearly every employee has an equity ownership interest in the firm, and the opportunity for meaningful equity ownership is a key factor in attracting and retaining senior investment professionals.

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Specialist US equities manager Brown Advisory has seen its US Equity Value Ucits III vehicle reach $100m in assets under management. Run by Richard Bernstein, the US Equity Value Ucits fund was launched under the group’s Dublin umbrella in February 2006 and mirrors the manager’s existing concentrated long-only strategy, which has $1.1bn of assets. Brown Advisory London office director Logie Fitzwilliams says the strategy has proved attractive in the European market this year. “We reached our three-year track record in February, launched a sterling-hedged share class in October, and have seen impressive inflows, not just from the UK but also from institutions in Scandinavia, Spain and Switzerland,” he says. Iveagh Private Investment House partner and head of portfolio management Chris Wyllie backs Bernstein’s approach and Brown’s strong research platform. “Together, these have delivered an outstanding long-term track record which can be replicated in the future,” Wyllie adds. “It is a good example of what we look for in a fund.” The milestone follows the recent launch to the European market of Brown’s US Equity Growth.