Outsourced CIO provider and investment adviser Brown Advisory announced Friday that the firm has entered talks to acquire London-based investment manager Marylebone Partners LLP. With the acquisition, Brown Advisory intends to build an endowment style offering for global clients.
Marylebone Partners primarily works with endowments, trusts, charities, family offices and other private investors. According to the announcement, Marylebone will continue to manage the portfolios of its clients, while benefiting from the resources of Brown Advisory.
“Our clients’ portfolios will continue to be managed by the team they know, with our capabilities enhanced by greater investment resources, research and expertise,” said Dan Higgins, co-founder, CIO and partner at Marylebone Partners, in a statement. “Brown Advisory’s partnership model, client-first culture and commitment to the highest level of service, align with Marylebone Partners’ values.”
Brown Advisory advises on $166 billion in client assets, which includes the firm’s endowment and foundation business that manages $17.5 billion in assets.
The firm, in May, announced that it would expand to Abu Dhabi in order to service its clients in the region. Brown Advisory named Jack Weatherby as the firm’s head of the Middle East. In November, the firm had named Sargent McGowan as CIO for endowments and foundations.
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Tags: Brown Advisory, Endowments, Foundations, Marylebone Partners, OCIO, Outsourced CIO