Monday, 31 August 2015
Last updated 2 days ago
Jan 7 2013 | 9:56am ET
Telemus Capital Partners has spun off two hedge funds—and its CEO.
The Southfield, Mich.-based firm has transferred the hedge funds to Robinson Capital Management, a new firm headed by its now-former CEO, Jim Robinson. Robinson Capital will share office space with Telemus, and Robinson himself will remain Telemus' chief investment officer on an outsourced basis, Crain's Detroit Business reports.
Robinson said the restructuring was designed to allow him to focus entirely on money management and to make the funds, launched three years ago, available to institutional investors and Telemus' wealth-management competitors. He said he hoped to roughly double the Telemus Income & Principal Preservation and Telemus Growth & Income funds to about $100 million each within 18 months.
"The guys at Wells Fargo, for example, aren't going to use a fund owned by competitors," Robinson told Crain's. "They might under the new arrangement."
That arrangement includes no stake in Robinson Capital for Telemus. The new firm began operating last week and has five employees. Telemus clients will get a management-fee discount if they invest with the new firm.
Prior to joining Telemus five years ago to run its Beacon Investment Co. acquisition, Robinson was CEO of Munder Capital Management.
May 27 2015 | 2:15pm ET
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