Ritholtz, Brown launch RIA firm with five advisers

Barry Ritholtz and Josh Brown have launched their own independent investment advisory firm, the advisers and media personalities told InvestmentNews on Monday. The firm, which is known as Ritholtz Wealth Management, will launch with five advisers. They will manage more than $100 million in assets, but the executives declined to provide a specific figure. “This is an industry that is in desperate need of disruption,” said Mr. Ritholtz, who will become chief investment officer and chairman, in an interview. “Every time I hear a CEO talk about uncertainty or I hear about … an industry that has fallen into disrepute, we see those things as opportunities.” Both Mr. Ritholtz and Mr. Brown, who will be the chief executive officer of the new firm, are authors and regular fixtures in the financial press, and they have often been critical of Wall Street's ethical practices on television and social media. Mr. Brown has authored a popular blog for InvestmentNews called The Takeaway. In recent years, both men have been affiliated with Fusion Analytics Investment Partners LLC, a firm that emphasizes quantitative research in addition to advisory services, but Mr. Brown said they decided to leave to focus more exclusively on working with clients. A spokesman for Fusion could not be reached for comment Monday afternoon. Mr. Ritholtz said he saw an encouraging market for advisers and will be looking for new talent to staff the new firm's ranks. Barry Ritholtz (l), and Josh Brown