The status of GTCR-backed Aligned Asset Managers is unclear after the departure of CEO Dave Minella, who the firm hired to build the company.
Minella said he left Aligned in August. He currently leads Minella Capital Management, a private holding company looking to invest in financial services.
Aligned doesn’t appear to have replaced Minella, and the company’s website still lists him as CEO.
GTCR hired Minella in January 2011 to form Aligned Asset Managers and committed to invest $200 million in the platform. LLM Capital Partners was a minority investor. GTCR built the company around Minella, a veteran financial services executive who was previously the CEO of Value Asset Management and Lichtenstein Global Trust.
Stamford, Conn.-based Aligned was tasked to invest in asset management deals. The following August, Aligned acquired The Townsend Group, a specialty real estate advisory and investment firm. A meaningful portion of the $200 million went to fund Aligned’s acquisition of Townsend, press reports said.
Aligned has not done any more deals since the Townsend transaction, and it is not pursuing any deals, a source with knowledge of the company said. Townsend, instead, is functioning as a GTCR portfolio company, the person said. Minella sits on Townsend’s board.
Minella said that high prices in financial services prevented Aligned from doing more transactions. “It’s not the right the time to commit more capital into financial services at these prices,” he said.
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