Two new alternative asset managers—Harrison Street Asset Management and ABS Global Investments—have launched private wealth divisions to target financial advisors and their high-net-worth clients.
Harrison Street Asset Management, with $100 billion in global AUM and the investment management division of Colliers, announced the creation of Harrison Street Private Wealth. The firm hired Versus Capital Advisors partners Mark Quam, Bill Fuhs and Casey Frazier to lead the new division.
Quam co-founded Harrison Street’s former subsidiary Versus Capital Advisors, which has now been integrated into the larger firm, and will serve as CEO of Harrison Street Private Wealth. Harrison Street Private Wealth will be based in Denver. Quam, Fuhs and Frazier will work with Chip Saltz, newly appointed global head of distribution services; Scott Toohig, new director of advisory services for the Northeast region; and Adam Evans, new director of advisory services for the Southwest region, to expand client services and distribution capabilities for the wealth division.
“This integration builds on the strength and long-standing success of our partnership with Versus and allows us to accelerate our reach in the growing private wealth channel, said Christopher Merrill, co-founder and global CEO of Harrison Street, in a statement. “As we celebrate 20 years of leadership in institutional alternative investments, we remain focused on expanding investor access to our strategies and capturing new growth opportunities, while continuing to complement our institutional platform.”
ABS Appoints Private Wealth Head
In separate news, ABS Global Investments, which manages $8.8 billion in AUM globally across all equity strategies, also launched a private wealth division. The firm appointed Steve DiMaio as head of private wealth management. DiMaio has over 30 years of experience in strategic distribution. Prior to joining ABS, he worked as head of the RIA channel at Brookfield Oaktree Wealth Solutions.
The move is part of ABS’s effort to expand its late-stage private companies offering.
“Expanding into private wealth is a natural extension of our platform. We believe ABS is uniquely positioned to deliver institutional-caliber private market access to RIAs and HNW clients, with external sourcing partners from around the world,” said Laurence Russian, founder and managing director of ABS Global Investments.
Other recent examples of asset managers beefing up their private wealth teams include global real estate investment firm Greystar and HarbourVest Partners.
#Harrison #Street #ABS #Global #Launch #Private #Wealth #Divisions