Carl Marks & Co. has acquired a minority ownership interest in Capital Counsel LLC, a New York-based investment advisory that manages more than $1 billion in concentrated portfolios for individuals, families, foundations and endowments. No financial terms were disclosed.
Carl Marks & Co. LP, a family-owned investment firm focusing on corporate revitalization, investment banking and principal investing, has purchased a minority interest in Capital Counsel LLC, a registered investment advisory firm, based in
Founded in 1999, Capital Counsel manages concentrated portfolios for individuals, families, foundations and endowments. The firm has prospered by building long-term relationships with its clients which span several generations. Assets under management exceed $1 billion.
F Randall Smith, president and co-founder of Capital Counsel, said, “We believe having Carl Marks as an owner in the firm ensures that Capital Counsel can maintain its independence and continue to grow by always placing our clients' interests first and foremost. Carl Marks knows the investment business and has proven its acumen by prospering since its inception three generations ago. It's a long-term investor and has profited mightily by taking positions in businesses it understands.”
Although Carl Marks is a passive investor, two of its top officers — Mark Claster, president of Carl Marks & Co. and partner of Carl Marks Advisory Group, and Andy Boas, principal of Carl Marks Management Company — will join Capital Counsel's Investment Committee, which oversees the firm. The active members of Capital Counsel retain control of the committee. “Mark and Andy's investment knowledge comes from a different range of experience than ours and is additive,” Smith commented.
“We knew immediately we wanted to forge a relationship with Capital Counsel. Our experience, skills and interests come from different perspectives, yet they also are so well aligned,” said Claster. “Our collective business goals and strategies are the perfect complement. We look forward to growing in this new alliance.”
About Carl Marks &
Founded in 1925, Carl Marks began as a dealer of foreign securities in the
About Capital Counsel LLC
Formed in 1999, New York-based registered investment adviser Capital Counsel LLC was founded on the belief that fundamental valuation-based analysis can produce consistently good long-term investment returns. For more information, visit www.capcounsel.com .