WASHINGTON, May 20, 2016 /PRNewswire/ -- Led by co-founders with extensive experience managing and advising families of significant wealth, Pennington Partners & Co., a private multi-family office, launches to provide advisory services to successful families who have built wealth through privately held businesses and real estate. Specializing in multi-generational wealth management, the firm offers services including family governance, philanthropic consulting, investment management, and comprehensive family office services.
Witnessing first-hand the struggles that wealthy families face with communication and governance when managing wealth, Brian Gaister, CPWA®, CIMA®, formerly of Merrill Lynch and Morgan Stanley, and Rodd Macklin, CFA®, CPA, MBA, who has nearly 20 years of experience as a Chief Financial Officer in the financial services industry, have created a firm to address the conflicts associated with fragmented family offices. Mr. Gaister and Mr. Macklin are joined at the firm by several partners, including: (i) Alex Zlotnikov, CFA®, MBA, Senior Portfolio Manager, who brings over 10 years of experience in portfolio management, research and trading, with significant expertise in fixed income, derivatives, and currencies; (ii) Matthew Bart, CPA, CVA, Tax Partner, who has over 9 years of experience in public accounting specializing in serving the income tax and estate planning needs of wealthy families; and (iii) Megan Bleil, Head of Client Service, who has over 18 years of experience in the financial services industry focused on advising families, project management, and performance reporting.
Mr. Gaister, who most recently co-led a group at Merrill Lynch overseeing $600mm in assets and liabilities, commented on the formation of Pennington Partners & Co., "Over 90% of Forbes' families post 3rd generation have been unable to retain wealth. We believe that there is a significant opportunity to serve highly successful families, including our own, by leveraging industry leading technology, a team of talented and experienced individuals, and a differentiated portfolio management process free of the conflicts that are inherent in a broker dealer model."
Mr. Macklin, who has been a CFO of two private equity firms with aggregate capital commitments in excess of $2bb, added, "There has been a significant proliferation of fragmented family offices in the $25mm-$1bb asset range that have been unable to cost-effectively leverage scale, afford a best-in-class team, co-invest with other successful families, and objectively take advantage of the highest quality idea flow and strategy."
About Pennington Partners & Co.
Pennington Partners & Co. is an SEC-registered private multi-family office that serves the complex and comprehensive financial needs of ultra-high net worth families. Founded in 2016, Pennington Partners & Co. is led by professionals with extensive experience investing and advising families of significant wealth. Pennington Partners & Co. partners with successful families by providing objective advice, strategy, and family office services to generate meaningfully higher efficiency, results, and scale, at a lower cost than running an independent family office.
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SOURCE Pennington Partners & Co.