$120 Million RIA firm merges firm with Carnegie Investment Counsel
Cleveland, OH (May 13, 2021) -- We are excited to announce that on Friday, April 30, 2021, Crane Asset Management LLC of Beverly Hills, CA, signed an agreement to merge with Carnegie Investment Counsel. This relationship is the second Los Angeles agreement for Carnegie in the past two years. In 2019, Laurel Grove Capital joined Carnegie, which established an initial presence on the west coast. Crane Asset Management brings more depth to Carnegie through valued client relationships and senior portfolio management talent.
John R. Frye, CFA, and Sharon E. Blunk, the co-partners of Crane Asset Management, share Carnegie's investment philosophy that includes fiduciary responsibility, portfolio customization and long-term outlook on the market. Richard Alt, Principal and Chief Investment Officer at Carnegie, believes Crane Asset Management is a great fit that serves a similar clientele.
Mr. Frye will join Isabel Pedrosa, Portfolio Manager, in the Carnegie office located in Century City, CA. Isabel stepped in as successor to Leora Garner, founder of Laurel Grove Capital, who sadly passed last year.
Mr. Frye, co-founder of Crane Asset Management, oversees all aspects of the investment and portfolio management process for clients. John has 42 years of experience in the investment field. Before co-founding Crane Asset Management, John served as Executive Vice President and Portfolio Manager at Renberg & Associates in Beverly Hills. He began his career with E. F. Hutton & Company in New York and subsequently worked with Alex. Brown & Sons in Baltimore.
"We are excited to welcome John," says Richard Alt. “He brings a level of experience and gravitas to the Carnegie team that will be a benefit to all of us.”
“Our firm is built to embrace the different strengths of advisors. Our advisors provide custom portfolio management centered around what is best for the client. I believe this approach enhances the client experience and keeps our team sharp." says Gary Wagner. "Crane Asset Management has had the same fiduciary approach with their clients at the center."
Carnegie Investment Counsel is an experienced partner firm built to embrace RIA advisors. Carnegie has grown to over $3 Billion AUM (as of 3/31/21) and has successfully combined a number of firms that value the extra effort to provide a personal and custom approach to serving clients.
Carnegie Investment Counsel (“Carnegie”) has been serving investors since 1974, founded by Prescott, Ball & Turben. Carnegie is a federally registered investment adviser under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply a certain level of skill or training. Carnegie’s strategies and the investment risks and advisory fees associated with each strategy can be found within Part 2A of the firm's Form ADV, which is available at https://adviserinfo.sec.gov/.Carnegie is a fee-only Investment Adviser that is independently owned, with no obligations to deliver profits to outside shareholders. As a fiduciary, Carnegie seeks to place the client's best interest first. For more information, call 800.321.2322 or visit www.carnegieinvest.com.
Carnegie Investment Counsel is named to the Financial Times Top 300 Registered Investment Advisors for fifth year in a row plus ranked sixth in size based on assets under management, in Crain’s Cleveland List of Money Managers in the same month.
Cleveland, OH (July 30, 2020) -- For the fifth year in a row, Carnegie Investment Counsel is pleased to announce it has been named to the 2020 edition of the Financial Times 300 Top Registered Investment Advisers (FT 300). Plus, on July 14 of this month, it was also named to Crain’s Cleveland Money Managers List.
The FT 300 list recognizes top independent RIA firms from across the U.S.
This FT 300 list is produced independently by the Financial Times in collaboration with Ignites Research, a subsidiary that provides business intelligence on the asset management industry.
According to the Financial Times 2019 article, Registered Investment Advisors (RIA) firms are defined as, “rather than making money from trades or sales commissions, advisers in the RIA model get paid by charging for advice, which includes managing a portfolio of investments. But the job is more than being a simple investment manager, often calling for the adviser to be more of a risk analyst and even a life coach.”
Carnegie Investment Counsel is also pleased to be listed in the Crain’s Cleveland List of Money Managers in sixth place, which ranks money managers by size based on regulatory assets under management. The money managers were published online in the Jul. 13, 2020 issue.
Applicants to the FT 300 were graded on six broad factors: assets under management (AUM); asset growth, the company’s age, industry certifications of key employees, SEC compliance record and online accessibility. There are no fees or other considerations required of RIAs that apply for the
The 2020 FT 300 Top RIAs hail from 39 states. The FT 300 is one in a series of rankings of top advisers by the Financial Times.
ABOUT CARNEGIE INVESTMENT COUNSEL: Carnegie Investment Counsel is an SEC Registered Investment Adviser (RIA) providing personalized financial guidance to help clients preserve and grow their wealth. As a fiduciary, we are obligated to place our client’s investing success ahead of our returns. We are 100% fee-only, meaning compensation is a percentage of assets managed - an agreement made before starting service. This transparent model is intended to promote trust and helps to remove conflicts of interest.
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The Financial Times 300 Top Registered Investment Advisers is an independent listing produced annually by the Financial Times (July 2020). The FT 300 is based on data gathered from RIA firms, regulatory disclosures, and the FT’s research. The listing reflected each practice’s performance in six primary areas: assets under management, asset growth, compliance record, years in existence, credentials and online accessibility. This award does not evaluate the quality of services provided to clients and is not indicative of the practice’s future performance. Neither the RIA firms nor their employees pay a fee to The Financial Times in exchange for inclusion in the FT 300.
Los Angeles, CA (February 11, 2020) -- We are pleased to announce that Isabel “Bel” Pedrosa has joined our team as Portfolio Manager in our Los Angeles office.
Bel holds a B.S. in Computer Science from the Catholic University of Campinas, Brazil and an MBA from the University of San Francisco. After graduating, she worked for ING and Deutsche Bank on securities research before she became a Portfolio Manager for BBA Capital Asset Management, a joint venture of the Capital Group in Brazil. Bel then served as a Director and Portfolio Manager for BankBoston Asset Management before moving to California. She has managed portfolios for institutional clients and family-office clients through her company Gesar Capital Management. Bel serves a worldwide clientele and communicates proficiently in five languages.
“It is quite rare to find someone who is both technically oriented in the equity markets and can carry on a conversation with literally anyone in the world and we have that combination in Bel” says Richard Alt, Principal and Chief Investment Officer.
Bel has been working closely with Leora Garner, who built the Los Angeles office over the last 25 years and is transitioning her relationships. She is a supportive contributor in the Carnegie Investment Committee and is already meeting with Carnegie clients.
If you wish to schedule a phone call or meeting with her, please contact our office at 310-789-0000 or visit www.carnegieinvest.com.
Ian Matheson, owner of Matheson Financial, will add depth and lead expansion efforts in Southwest Florida for Carnegie.
Fort Myers, FL (August 15, 2019) — Carnegie Investment Counsel is pleased to announce the merger of Matheson Financial and the hiring of Ian Matheson. Ian will be its newest wealth advisor working out of our Fort Myers location. As owner and CEO of Matheson Financial Services in Bonita Springs, Florida for the last 20 years, Ian led the planning process and advised clients on comprehensive tax, estate, wealth transfer and philanthropic considerations and solutions. He began his career in Minneapolis working for Matheson Financial before the founder, his father, Robert Matheson decided to relocate its headquarters to Bonita Springs.
Ian has held several positions volunteering for his church on many of the boards and also as a church elder. He is the founder of the Naples Germanfest which is on its 13th year and has raised over $100,000 for local charities. Ian and wife Laura live in Estero and are very active in their four sons’ sports and activities.
To contact Ian, email email@example.com or call 239-939-3235.
Los Angeles, California (February 22, 2019) — Carnegie Investment Counsel is excited to announce the expansion into California with the merger of Laurel Grove Capital. Founded by Leora Garner in 1995, the entire team from Laurel Grove Capital will be joining Carnegie. According to Garner, “it was important to find a partner firm who shared our fiduciary mindset, values the relationships that we have established with clients, and that provides a planning-based experience. We believe the merger with Carnegie is in the best interests of our clients and the talented and dedicated professionals from Laurel Grove Capital.”
“Our philosophy at Carnegie has always been to minimize the changes felt by clients following a merger” explains Gary Wagner, Principal and Chief Operating Officer at Carnegie Investment Counsel. “The most valuable asset in our business is the relationship with the client. Our goal is to empower advisory teams to spend less time on the mundane administrative tasks of running the business to allow them to focus on helping their clients achieve their desired outcomes.”
To support the transition, Josh Mudse, CFP® will be joining the office in Century City as the Managing Director. “I am excited to join the experienced professionals in Los Angeles. Working closely with Leora to serve clients and engage in deeper planning conversations will not only add value to our existing client relationships, it will be a strong foundation to grow our presence in California.”
For advisors who value a customized approach to serving clients that have yet to create a succession plan for their business, for their clients and their valued employees, Carnegie Investment Counsel is an experienced partner firm, built to embrace the unique ways advisors serve their clients. Carnegie has grown to over $2 Billion AUM and has successfully merged almost a dozen firms that value the extra effort to provide a personal and custom approach to serving clients.
Carnegie Investment Counsel has been serving investors since 1974, founded by Prescott, Ball & Turben. Carnegie is a fee-only SEC Registered Investment Adviser. Independently-owned, with no obligations to deliver profits to outside shareholders. As a fiduciary, Carnegie seeks to place the client’s best interest first. For more information call 800.321.2322 or visit www.carnegieinvest.com.
June 27, 2019 -- Carnegie Investment Counsel is pleased to announce it has been named to the 2019 edition of the Financial Times 300 Top Registered Investment Advisers. The list recognizes top independent RIA firms from across the U.S.
This is the sixth annual FT 300 list, produced independently by the Financial Times in collaboration with Ignites Research, a subsidiary of the FT that provides business intelligence on the asset management industry.
RIA firms applied for consideration, having met a minimum set of criteria. Applicants were then graded on six factors: assets under management (AUM); AUM growth rate; years in existence; advanced industry credentials of the firm’s advisers; online accessibility; and compliance records. There are no fees or other considerations required of RIAs that apply for the FT 300.
The final FT 300 represents an impressive cohort of elite RIA firms, as the “average” practice in this year’s list has been in existence for over 22 years and manages $4.6 billion in assets. The FT 300 Top RIAs hail from 37 states. The FT 300 is one in series of rankings of top advisers by the Financial Times, including the FT 401 (DC retirement plan advisers) and the FT 400 (broker-dealer advisers).