The former CEO of a $30 billion investment management firm, along with several members of his team, have registered their own investment advisory firm and launched a wealth platform with plans to focus on advisors serving the wealthiest 10% of the U.S. population.
Garrett D’Alessandro leads Sandro Wealth Management, a New York-based company, as CEO and co-CIO with six others. Five, including President Kurt Hawkesworth, had previously worked at City National Rochdale, an RBC-owned bank headquartered in New York.
Sandro Wealth is launching full services for wealthy clients, including private market investing, succession planning and estate planning. It currently oversees about $101.8 million in client assets, according to its Form ADV.
D’Alessandro and team are also looking to partner with “elite advisors” for their wealth platform.
“At Sandro, we partner with top-tier advisors to facilitate their success, winning and retaining high-net-worth clients,” D’Alessandro wrote in a post on LinkedIn. “Our private wealth advisory solutions and Total Portfolio Approach create an exceptional advisor and client experience.”
D’Alessandro was part of the team that launched Rochdale Investment Management in 1986 and oversaw its sale to Los Angeles-based City National Bank in 2012, which was later acquired by RBC. During his time as CEO of its investment division, the firm’s assets under management grew from $5 billion to $30 billion.
With his new firm, Garrett will oversee the executive team and assist on asset allocation decisions as co-CIO with Tom Galvin. Galvin was previously CIO for City National Bank Rochdale.
The bank’s total client assets are $68.2 billion under CEO Abel Montañez. The bank did not immediately respond to a request for comment on the executive departures and the new RIA.
“Our founding team came together after decades in the industry because we saw an opportunity to strategically align with talented advisors as a partner to deliver a comprehensive wealth platform,” D’Alessandro wrote.
Sandro plans to offer advisors access to private market investments, estate planning, business succession planning, asset protection and risk management, as well as banking-as-a-service, according to the executives.
Several of D’Alessandro’s former Rochdale colleagues have joined him. Hawkesworth had been Rochdale’s chief operating officer and head of portfolio management.
Sandro’s head of marketing strategy and business relationships, Alok Gupta, led business strategy at Rochdale after working as a consultant at McKinsey and PwC. Head of systematic equities Fang Zhou had been director of the quantitative analysis group at Rochdale, and senior investment strategist and economist Steve Denike had been with Rochdale for 20 years and served on its investment strategy committee.
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