A storied name in the mutual fund world is making a comeback. Nearly a decade-and-a-half after Bankers Trust purchased Alex. Brown & Sons, Brown Advisory
-- a spin-off from that Baltimore-based mutual fund advisor -- is making plans for quick growth.
Brown Advisory was in the news this week for the launch of its newest mutual fund, the Equity Income Fund
(BIADX). The mutual fund advisor's hometown paper Baltimore Business Journal
covered the launch.
Of more interest may be the firm's expansion push that it started last fall.
The Baltimore Business Journal
reported in November that Brown Advisory is hiring up to 130 people -- an amount equal to 50 percent of its current workforce -- in a bid to grow its business globally.
CEO Michael Hankin
is leading the push. Not only is Brown Advisory opening offices around the globe and adding to its product lineup, it has also hired a chief marketing officer. Malcolm Fitch
is a veteran from Citigroup and Goldman Sachs. Fitch has signed New York City PR firm Sloane & Co. to handle publicity.
The firm now claims $26 billion of AUM.
The just-launched mutual fund is Brown Advisory's tenth. The fund family is also reportedly eyeing launching an international mutual fund that would be based outside the U.S.
Michael L. Foss and Brian Graney co-PM Equity Income
. They will invest at least 80 percent of the portfolio in stocks and the remaining 20 percent in investment grade and non-investment grade bonds. The new mutual fund will also focus on companies with more than $1 billion in market capitalization.
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