Our independence is the backbone of everything we do.
In this annual report, you will read about essential characteristics of our firm, which we believe flow from our choice to be independent.
The principle of independence has special meaning as we celebrate our 25th anniversary as a private and independent firm. At the most fundamental level, our independence—from the pressures of a short-term-focused public market or a profit-focused bank—matters for our clients, as it enables us to make only those decisions that are in their best interest. It would be hard for us to say “we are client first” if we were otherwise situated.
We have the space to listen—seeking those perspectives that will help us make the best decisions. We have the space to be patient—orienting toward the long term to generate an edge in delivering investment performance. We have the space to innovate—embracing humility and the idea that mistakes help us improve. We have the space to determine our own structure of accountability—supported by an informed, driven and thoughtful board of directors.
Our independence matters for our colleagues. Every one of us is an equity owner of the firm. None of us owns more than 5%—an intentional decision so that we can remain private and independent in perpetuity. This ownership structure has helped us attract and retain high-performing professionals who believe that a partnership spirit best supports a culture of challenging one another and holding everyone accountable.
Our independence also matters for our communities. A deep understanding of the responsibility we have to the places and people that surround our firm has been part of our DNA since day one. Rather than being told what and who to support and when, we are able to encourage our offices and colleagues to establish their own community roots and networks, and focus on what they consider to be the most important local needs.
Our mission is to make a material and positive
difference in the lives of our clients.
We are privileged to serve an inspiring group of individuals, families, family offices, nonprofits, charities, institutions and financial intermediaries around the world. For each, we work to deliver first-rate investment performance, thoughtful strategic advice and the highest level of service to help them get to wherever it is they want to go.
For private clients—individuals and families with various types of financial complexity—we assemble a team of portfolio managers, strategic advisors and client service professionals to build relationships around clients’ long-term goals. Everything we do stems from listening closely to the values, aspirations, interests and family circumstances of our clients so that we can best invest and plan for their collective futures.
For family offices, we draw on our experience working with multigenerational families to design creative strategies that can range from a specific area of investment expertise to comprehensive financial oversight. Whether families need help streamlining their financial lives for peace of mind or have a professional family office already in place, we know that a customized approach is the only way to help them reach their goals.
For endowments, foundations, charities and other nonprofits, we provide investment solutions, strategic advice, policy consultation and guidance on mission-aligned investing to help them fulfill their organizational missions. Whether they are seeking a specific investment solution or a fully outsourced chief investment officer (OCIO), our teams partner with organizations’ management and investment committees to execute their investment objectives, navigate their fiduciary challenges and consult with their many stakeholders.
For institutions, consultants, banks, advisors or any group investing for others, we offer a broad range of equity and fixed income investment solutions rooted in our bottom-up, fundamental research process. We manage these concentrated portfolios with a focus on long-term compounding and preservation of capital.
We are pleased to share a few examples, which you can read here, of the clients with whom we work and how, together, we are striving to raise the future.
Data are as of March 31, 2023. "Client assets" include business that is considered won but not yet funded. "10-year client retention" is calculated at year-end as of December 31, 2022.