E.F. Hutton & Co. isn't the only venerable brand to rise again in the advisory industry.
Radnor Capital Management LLC, the old-school wealth management shop based in Wayne, Pa., is back — this time as an independent registered investment adviser using the Dynasty Financial Partners LLC platform.
“It's a thrill to be back and self-employed again,” said Doug Pyle, who joined the original Radnor in 1996 and left Columbia Management Investment Advisers LLC to re-launch his old firm in May. “I'm really proud of what we've been able to accomplish in a short time.”
Mr. Pyle focuses on socially conscious investing in small- and midcap stocks largely for institutional clients, including religious organizations and foundations.
The firm announced today that another Radnor alumnus, Pierce Archer, is joining the firm. Mr. Archer focuses on wealth management for high-net-worth individuals and specializes in large-cap value and balanced accounts. He was formerly with Pennsylvania Trust Co. “We've recreated the blend of high-net- worth wealth management and institutional business that we had previously,” said Mr. Pyle.
It's been a circuitous journey for the Radnor brand. The original firm was founded in 1989 and sold to U.S. Trust Corp. in 1999. The
Charles Schwab Corp. bought U.S. Trust the following year and then sold it to
Bank of America Corp. in 2007. BofA then sold its institutional advisory business, at the time called Columbia Management Group, to
Ameriprise Financial Inc, where Mr. Pyle has worked for the last four years.
Last fall, Mr. Pyle purchased the Radnor name from
Bank of America without knowing how and if he planned to use it. Early this year, he decided to open an independent RIA. “[Pierce Archer] and I kept in touch over the years and talked about how fun it would be to put the firm back together,” Mr. Pyle said.
Three other former Radnor team members — Andrea Funk, Elisabeth Schwan and Pat Barlow — also have joined the firm.
The firm plans to offer “plain-vanilla” investment management services, said Mr. Pyle. It will use Schwab as custodian and plans to lean on Dynasty for asset allocation and other services the firm doesn't currently offer. “Dynasty is helping us provide things to clients that would have taken years for us to build,” Mr. Pyle said. “It was an easy decision for us.”
Mr. Pyle said he's had a very positive reaction from clients — many of whom have been with him since the early Radnor days. “Many of these clients have gone through all the same transitions I did with new contracts and repapering," he said. "They've been so loyal."
Mr. Pyle would not disclose the firm's current assets under management, but the new Radnor Capital meets Dynasty's minimum threshold of $300 million in managed assets, according to Dynasty chief executive Shirl Penney.
“They're going back to the future,” said Mr. Penney. “It's exciting to be involved in bringing back the Radnor name.”
