American diversified financial services firm Spouting Rock Financial Partners has launched an asset management division, known as Spouting Rock Asset Management.
Simultaneously, the company hired Andrew Smith to lead its new asset management unit as CEO.
Spouting Rock Financial Partners president and chairman Blakely Page said: “Over the past several years, we’ve had numerous requests to bring our investment philosophy and active investment management approach to products readily accessible by a retail audience – in essence, a ‘Main Street’ version of what our family office clients have had access to for more than a decade.
“The launch of our asset management group is as much a testament to those requests as it is a logical evolution of the Spouting Rock brand.”
Smith, who has nearly 30 years experience in investment industry, is joining from Aberdeen Asset Management, where he served as Americas co-head and COO.
Smith joined Aberdeen after its acquisition of Murray Johnstone, from where he started his career.
Page added: “Having an executive of Andrew’s significance join our team is a testament to the company and culture we’ve been building for the past 12 years.
“Andrew had a wide range of job offers from which he could choose. He opted to make Spouting Rock his home because he shares our vision for creating an enduring asset management brand that delivers on its promise to investors through active and opportunistic investment management.”
Established in 2006, Spouting Rock Financial Partners provides wealth management services to other family offices and ultra-high-net-worth individuals.
In 2007, it launched Spouting Rock Capital Advisors, a full-service merchant bank.