A former managing director at Wilmington Belief who oversaw $11 billion in property has joined Calamos Wealth Administration, a subsidiary of Calamos Investments, the Naperville, Illinois cash supervisor.
Frazer Rice, an legal professional who spent greater than 15 years at Wilmington Belief advising roughly 70 households, will likely be a senior wealth strategist at Calamos Wealth Administration, which manages $1.6 billion and caters to high-net-worth purchasers and professional athletes.
In his new function on the Calamos workplace in New York, Rice will work instantly with purchasers and establishments and be a useful resource for advisors within the agency's different workplaces, he instructed WealthManagement.com. The agency additionally has an outpost in Miami.
Rice stated the experience of Calamos Investments coupled with a comparatively small wealth supervisor, a minimum of when it comes to workers, attracted him to the agency. It has solely 32 workers and 13 advisors.
However he was additionally in search of a possibility to be extra outspoken concerning the trade and entrepreneurial, one thing that is more durable to perform at bigger companies, he stated. After leaving Wilmington Belief final fall, Rice authored “Wealth, Really: Clever Choice-Making for the 1%,” a ebook derived from trade anecdotes to assist rich readers navigate widespread points. He additionally produced a weblog and podcast earlier than he determined to affix Calamos in February.
"A part of what I assumed was necessary is that there's a lot of individuality and persona that's going to be going into wealth administration and that's the method ahead," Rice stated. "I took a really non-traditional transition method. I guess on myself and I've received very sturdy opinions on a whole lot of various things. However Calamos, to me, was an surroundings the place I may deliver my opinions and my experience and they'd be supported and challenged, however in a way would enable me to do my factor."
His expertise in property planing and "maverick" angle—a trait the agency says it appears for in new workers—had been among the many causes Geoffrey Sargent, an buddy who left Neuberger Berman to affix Calamos in December, inspired Rice to affix the rising agency.
Calamos solely not too long ago began increasing its New York workplace, the place there at the moment are 4 advisors, together with Rice, partly to maintain the consumer to advisor ratio low.
"It has been some evolution within the final 10 years," stated Stephen Perl, the Calamos advisor who opened the New York-based workplace. "The consumer base, actually across the Northeast, has exploded and the complexity of the providing has completed the identical."
The corporate that grew to become Calamos Investments was based in 1977 but it surely had no wealth administration presence in New York till a decade in the past, when the agency bought a hedge fund and inherited a Rockefeller Middle workplace with a non-public roof backyard. Amongst all three workplaces, the agency manages greater than $20 billion.
Post a Comment