Today, we're charting the remarkable trajectory of a wealth management powerhouse: Pathstone. Joining us is Matt Fleissig, co-founder and CEO. Pathstone is a great case study for the major trends in wealth management over the last ten years. Pathstone’s DNA was from the well know Harris MyCFO, which was the original dot-com family office formed by the founders of Netscape and WebMD. Pathstone has since grown into a firm managing and advising on a remarkable $162 billion in assets. Matt has been a key architect of this growth story and we'll explore how they navigated the complexities of multiple prominent acquisitions, how they developed their unique business model which has turned services into a revenue generator rather than a cost and their recent notable acquisition of the $45 billion Hall Capital.
Earlier in Matt’s career, he held positions at Harris myCFO Investment Advisory as a principal and at Ayco, A Goldman Sachs Company, as a financial planner. He was a member of Harris Bank’s Outside Advisor Review Committee which directed manager due diligence, search, and selection for the bank’s $60 billion platform and was also a member of Harris Bank’s Investment Management Committee. Matt earned a Bachelor of Arts in Economics from Muhlenberg College in Allentown, PA and an MBA in Finance from Fairleigh Dickinson University in Madison, NJ.
Please enjoy my conversation with Matt Fleissig.
Save the Date - May 15th is the next Circulus Group Family Office Summit in New York.
We are very pleased to have Roger W. Ferguson, Jr., former Vice-Chair of the Federal Reserve in conversation, with Rebecca Patterson, economist and former chief strategist at Bridgewater.
Circulus Group is committed to building the largest family office network globally. We bring together industry leaders, subject matter experts, professionals and family members from the family office world to create an engaging and dynamic event that offers valuable insights, fosters enduring relationships, and inspires attendees.
This will be a full-day event with over 75 single family offices and panels covering the global macro picture, private credit, investing in art, and private equity as well as special keynotes!
If you are part of a single-family office you can apply to attend: https://lnkd.in/e_DN9WG8
Special thanks to our friends at Clifford Chance
Links
Would you leave your children out of your will? Isabel Woodford at the FT looks at the phonemena especially among celebrities who want to leave nothing to their children. My take was this is mostly optics, but I certainly have clients of similar mindset. Jim Grubman had the best take on the trend: “This is just terrible old wine in somewhat new bottling. The assumption is that growing up middle class produces only great, normal, responsible, motivated people. We have much evidence to the contrary. (These are) very biased attitudes about the presumed toxicity of wealth.” Article (paywall)
PIK is back. Many family offices may have some shudders thinking about the abuses of PIK back in the GFC. Victoria Zhuang of 9fin notes they are back. (free registration)
Family office inch into CLO’s. The hunt for double digit yields is (maybe) tempting some families to overlook risk for this asset. Article. (free registration)
Pass through fees. Bit of a bombshell article from Hema Parmar at Bloomberg revealing how much pass through fees eat up investor returns. This has been well know in the family office space for years, and most families steer clear…but those Millennium returns are mighty tempting. Article. (paywall)
One of the top episodes from last year was Casey Whalen of Lazard who stressed the importance of governance in keeping everyone on the same page with investment decisions, which she learned from David Swensen.
Coming up, podcasts with Jason Mudrick of Mudrick Capital and Paul Carbone of Pritzker Private Capital. Thank you and see you next month!
Circulus Group is an educational forum and does not participate in the offer, sale or distribution of any securities nor does it provide any investment, tax, legal or financial advice.
Share this post