Sage Advisory Services, (Sage), an investment manager with more than USD23 billion in client assets under management and advisement, primarily in fixed income strategies, and Kudu Investment Management, LLC (Kudu), a provider of permanent capital solutions to independent asset and wealth managers, have announced that Kudu has made a minority investment in Sage. Financial terms were not disclosed.
Based in Austin, Texas, Sage manages fixed income and global asset allocation strategies, structuring portfolios to meet the needs of institutional and individual investor clients. Sage’s investment strategies include taxable and tax-exempt fixed income, liability-driven investing, enhanced cash management, global tactical ETF asset allocation, and responsible investing. Founded in 1996 by Robert G. Smith III, president and co-CIO, and partners, Sage was an early proponent of liability-driven investing and in 1998 became one of the first institutional investment firms to actively employ ETFs within its strategies.
Sage continues to be led by executive committee members Smith; Thomas Urano, co-CIO; Robert Williams, chief investment strategist; Michael Walton, managing partner; and Robert Moser, managing partner. The firm has 56 employees and remains majority-owned and operated by employees, with Kudu as a minority capital investor.
“In Kudu we have found a strategic partner to sustain the next chapter of Sage’s growth and development,” Smith said. “In seeking a partner, it was important for us to preserve our unique culture, maintain management control, and further develop the talents of the next generation of leadership.”
In the last five years, total client assets under management and advisement at Sage have risen more than 50 per cent. Sage has seen continued growth in 2023, with new and existing clients adding more than USD4.5 billion in assets across the firm’s strategies. Going forward, Smith said Sage is exploring natural extensions of its core competencies within the fixed income landscape and is working to help clients solve what he calls “the retirement income riddle” with decumulation strategies.
“Bob and his executive team have built a an exceptionally innovative and agile investment platform that produces exemplary outcomes for clients,” says Rob Jakacki, Kudu’s CEO. “Sage is that rare firm that balances vision with execution, as demonstrated by its host of cutting-edge investment solutions, impressive client roster, and history of being ahead of the curve on critical issues like responsible investing.”
Since it was founded in 2015, New York-based Kudu has invested in 26 asset and wealth managers located in the US, Canada, UK, continental Europe, and Australia. Kudu-affiliated asset and wealth managers now collectively invest approximately USD115 billion as of Sept. 30, 2023, on behalf of individual and institutional investors worldwide in traditional and alternative strategies and market segments. Kudu’s capital partners are White Mountains Insurance Group, Ltd., Massachusetts Mutual Life Insurance Company (MassMutual), and Martello Re.
Dwyer Murphy Calvert LLP was legal counsel and PL Advisors was financial advisor to Sage. Seward & Kissel LLP served as legal advisor to Kudu.
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