$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.