Turner Investment Partners has launched a retail wrap program with a lift-out of three executives from nearby Rittenhouse. Thomas Anderson, Thomas Burt, and Gerard "Roddy" Marino have started divvying up regions for the nascent business. Turner is also close to announcing acquisitions which are presently in the works.

Rittenhouse is not embittered by the departures from its sales force of twenty-two, according to spokesperson Laurel O'Brien. She also said that Rittenhouse will replace the departed execs and is looking to further expand its staff, although she was uncertain to what extent.

"They knew we were looking to go into managed accounts and approached us as a team," said Stephen Kneeley, president and chief executive officer at Turner. "I can't emphasize enough what high regard we have for the people at Rittenhouse, so high that we stole three of their people."

All three have joined the firm as principles and will report directly to Kneeley. Over the course of the year, Turner plans to expand the staff to a total of ten.

Anderson, who had been vice president and manager of the Eastern division at Rittenhouse, now leads the team as director of managed accounts. He is slated to handle the Southeast division.

Burt had been vice president or portfolio management and marketing for the state of New Jersey at Rittenhouse. He is now vice managed-account director in charge of the Mid-West.

Marino had been vice president or portfolio management and marketing for the state of Pennsylvania at Rittenhouse. He is now vice managed-account director in charge of the region between Pennsylvania and Maine.

Kneeley said that Turner is currently working on some acquisitions which will add new investment strategies to the firm. In particular, the firm has its eye on international growth and domestic value. The move is unrelated to the launch of the wrap program, although beneficial.

"Basically, what we're looking to acquire is investment teams," explained Kneeley. "If they have the product to go into all our distribution channels, that would be the goal."

Kneely said that the development of the wrap program rounds out the firm's business, but Turner is aggressively looking to expand all its areas of business. The expansion comes after the development of its investment management; now that the product is solidly in place, the firm can implement a marketing strategy.

"We now feel we've put the proper resources behind the investment team to support this," said Kneeley.

 

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