NEW YORK, Feb. 4, 2013 /PRNewswire/ -- Fortigent, LLC, a highly respected research firm and provider of high-net-worth solutions and consulting services, and Central Park Group, LLC, an independent investment advisory firm that delivers private client and smaller institutional investors access to institutional hedge fund, private equity, real estate and fund-of-funds talent, today announced the formation of a new strategic partnership. This new partnership provides investment advisors and financial institutions served by Fortigent with significantly expanded access to an industry leading platform of institutional hedge funds, private equity, real estate and funds of funds enhanced with research, due diligence and asset allocation guidance. Fortigent is a wholly-owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), the parent company of LPL Financial LLC, the nation's largest independent broker-dealer*, a leading RIA custodian and institutional service provider.
Additionally, as part of this strategic partnership and following an extensive review process, Fortigent selected Central Park Group as Adviser and Manager of its access funds. The former Fortigent funds are now part of the Central Park Group platform, reinforcing Fortigent's commitment to a fully open architecture approach with respect to asset manager selection for its customers.
Central Park Group has established a platform of offerings, supported by research, due diligence and client service, that provides financial advisors and private clients with alternative investment strategies. Fortigent will supplement the platform with manager suggestions, independent research, due diligence, monitoring and asset allocation guidance designed to serve the unique needs of advisors and institutions in the high net worth marketplace.
"We conducted a lengthy search to find an Adviser/Manager for our access funds," said David Littleton, Senior Managing Director at Fortigent. "After careful consideration of several candidates, we concluded that Central Park Group has the experience, expertise and integrity to manage the funds with the skill and care that advisors and end clients have come to expect from Fortigent. We believe this was an excellent time to transition management and advisory oversight of these funds to Central Park Group, consistent with our continued emphasis on an open architecture approach with no proprietary investment vehicles for the customers we serve."
"Central Park Group's commitment to alternative investment education, paired with their highly selective platform of timely and opportunistic investment offerings made the Firm a natural choice," said Andrew Putterman, CEO of Fortigent. "Our advisors will benefit from Central Park Group's expertise and access to its broad platform of alternative investments."
"As high net worth investor demand for institutional quality alternative investments increases, so does the need for independent research, due diligence and portfolio allocation guidance," said Greg Brousseau, Co-CEO, Co-CIO, Central Park Group, LLC. "In our over 20 years of making high quality alternative investments available to high net worth investors, we have been committed to delivering access to innovative and opportunistic strategies with a focus on education. Fortigent resources will supplement Central Park Group research and allow us to provide investors and their financial advisors unparalleled information and investment guidance."
"We are pleased to partner with Fortigent," said Mitchell Tanzman, Co-CEO, Co-CIO, Central Park Group, LLC. "The relationship enhances the Central Park Group platform both in terms of the breadth of funds we offer and the depth of information and diligence available to clients."
About Fortigent, LLC
Fortigent, LLC delivers a fully integrated and customizable business-to-business outsourced wealth management solution to banks, trust companies, MFOs, and independent advisory firms. Services include a broad and open investment platform with particular expertise in alternative investments, a flexible unified managed account program, and consolidated wealth reporting. Fortigent's web-based portal interface allows access to proposal and rebalancing tools, client portfolio reporting and accounting, as well as industry articles, research papers, and other practice management and business development resources.
Fortigent was purchased in 2012 by LPL Financial Holdings Inc. (NASDAQ: LPLA), the ultimate parent company of LPL Financial LLC, the nation's largest independent broker dealer (*based on total revenues, Financial Planning magazine, June 1996-2012), a leading RIA custodian and institutional service provider. For more information about Fortigent, please visit www.fortigent.com. For more information about LPL Financial, please visit www.lpl.com.
About Central Park Group, LLC
Central Park Group, LLC, was founded by Greg Brousseau and Mitchell Tanzman, former co-heads of the UBS and Oppenheimer alternative investment businesses, to serve the growing demand for alternative investments among high net worth and smaller institutional investors. The Firm sources institutional hedge fund, private equity, real estate and fund-of-funds managers and has developed a platform of offerings that are appropriate for a broad range of qualified investors. The Firm distributes offerings through U.S. brokerage firms, private banks, registered investment advisors, financial planning firms and family offices.
Central Park Group's founders have led the industry in innovative fund structures tailored to meet the specific needs of small institutions and qualified private client investors. Previous offerings include "first-ever" funds, such as registered hedge funds-of-funds, registered single manager hedge funds, a private equity feeder fund with co-investment rights and a healthcare public/private "crossover" fund. For over 20 years, they have invested more than $12 billion in over 150 funds, including managing $2 billion in funds-of-funds and more than $2.5 billion in private equity. Central Park Group's lead investors include its Founding Partners and JPMorgan. For additional information, please visit www.centralparkgroup.com
Alternative investments may not be suitable for all investors and involve special risks such as leveraging the investment, potential adverse market forces, regulatory changes and, potentially, illiquidity. The strategies employed in the management of alternative investments may accelerate the velocity of potential losses.
SOURCE Central Park Group, LLC; Fortigent, LLC