The firm started out in 2006 as a family office and investment consulting group.
Spouting Rock Financial Partners, the financial services firm based out of Bryn Mawr, PA, has launched an asset management arm, and hired the former Americas co-head of Aberdeen Asset Management to run it.
The new organization is called Spouting Rock Asset Management. The firm appointed Andrew Smith as the entity’s chief executive. Smith, a 30-year investment industry veteran, joined Aberdeen following its acquisition of Murray Johnstone, where he began his career.
Spouting Rock Financial Partners was launched in 2006 as a family office and investment consulting firm catering for high net worth clients. In 2007, Spouting Rock Capital Advisors, a full-service merchant bank, was created.
“Over the past several years, we’ve had numerous requests to bring our investment philosophy and active investment management approach to products readily accessible by a retail audience – in essence, a ‘Main Street’ version of what our family office clients have had access to for more than a decade,” Blakely Page, Spouting Rock Financial Partners’ president and chairman, said.
Smith explained how the asset management operation will work. “In launching the asset management group, we plan to put our resources towards areas in which we can add the most value. In some cases that will mean partnering with a sub-advisor, and in other instances it will mean hiring an in-house portfolio management team or even taking an ownership stake in an outside one,” Smith said.
Smith added that Spouting Rock Asset Management has been incubating a small-cap growth product, which is now available for investment purposes. The fund is slated to receive its one-year number later this year.