Brinker Capital co-founder and vice chairman John Coyne III resigns

Brinker Capital is losing its "ambassador to the marketplace" with the resignation of John Coyne III, vice chairman of the $21 billion investment management firm. Mr. Coyne, 62, will officially depart on Dec. 31 from the company he co-founded nearly 30 years ago. "John wanted to scratch his entrepreneurial itch, and I know he's especially interested in ESG investing," said Chuck Widger, Brinker's co-founder and executive chairman. "He was our top salesman, and later became president of Brinker and oversaw sales and marketing as well as corporate development," Mr. Widger said. "I made him chief compliance officer as well, just for fun. But I also gave him the role of ambassador to the marketplace." Mr. Coyne could not be reached for comment, but in a statement said, "I am very proud of what I helped to accomplish and to know my friends, whether advisers, managers, partners or, most importantly, investors, will continue to benefit from Brinker Capital's commitment to excellence in investment management and support." While the origins of Brinker date back 30 years, the company was purchased from Mutual Benefit Life Insurance Company in October 1991 by a half-dozen original investors that included Mr. Coyne and Mr. Widger. Brinker operates a turnkey asset management platform that has recently evolved into a more diversified investment management platform. In April, Brinker converted $7 billion worth of managed-account assets into a family of 10 mutual funds. The Destinations funds were designed to meet the standards set by the Department of Labor's pending fiduciary rule. Mr. Widger said the mutual funds have grown to $8.5 billion, and the firm's total assets have grown by 16% this year to $21 billion. Brinker, whose chief executive Noreen Beaman was recognized as one of InvestmentNews' 2017 Women to Watch, last week launched RIA Service to expand the platform capabilities. The expanded platform, which has been in beta testing for most of the year, opens access to advisers beyond just Brinker investment management and portfolio strategies. "This is about Brinker becoming more of a traditional tamp," said Brendan McConnell, chief operating officer. With RIA Service, Mr. McConnell said there will be more options for advisers who want to use outside investment managers and build their own portfolios. "We're really opening up the architecture, because we know RIAs want choice," he said. "We'll give each RIA that uses our platform their own customized set of strategies and managers."