MutualFundWire.com: A Principal Owner Prepares to Retire From a $13.4B-AUM Firm

MutualFundWire.com

The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication

Wednesday, March 13, 2024

A Principal Owner Prepares to Retire From a $13.4B-AUM Firm

A C-suiter is preparing to say goodbye next year to the team at a $13.4-billion-AUM (as December 31, 2023), 36-year-old mutual fund firm near Portland, Oregon.

Eric Herbert Schoenstein
Jensen Investment Management
Chief Investment Office, Managing Director, Portfolio Manager

Earlier this month, Rob McIver, president at Jensen Investment Management [profile], confirmed that chief investment officer Eric Schoenstein plans to retire from the Lake Oswego, Oregon-based boutique on March 1, 2025. Schoenstein and McIver, both portfolio managers, are also Jensen's two principal owners, holding between 25 percent and 49 percent each. (19 other employees also own smaller stakes.) McIver and Schoenstein are also two of the firm's five managing directors.

The Jensen team has not yet not revealed who will succeed Schoenstein. In a press release, the Jensen team puts Schoenstein's planned departure in the context of succession planning always being "an important component of the firm."

"The investment discipline and every key business process have been institutionalized to ensure consistency of execution and a smooth transition following personnel changes, including anticipated retirements," the Jensen team writes. "As with previous retirements, Schoenstein's executive and investment responsibilities will be assigned across the firm over a 12-month transition period. Importantly, decisions for Jensen's three investment strategies will continue to be made collectively by the investment team."

Schoenstein highlights Jensen's "firmwide commitment to culture, people, client service and an unwavering focus on high-conviction investing in quality companies."

"It has been both a privilege and a pleasure to serve our clients, and I have thoroughly enjoyed participating in Jensen's growth over the last 22 years," Schoenstein states. "I am confident that the legacy Val Jensen began building back in 1988 is as strong as ever and will continue to serve our clients well into the future."

McIver highlights Schoenstein's "stewardship of Jensen's collaborative process." The Jensen team notes that the investment team has doubled in recent years to include 12 people in total. (By comparison, Jensen's whole non-clerical team includes 37 employees, according to the firm ADV filed last March.)

"We are grateful to Eric for his tireless dedication to our clients and the firm over the last 22 years," McIver states.

Schoenstein joined Jensen in 2002 after working with Arthur Andersen LLP for more than 13 years, serving as a senior audit manager. He is an alumnus of Oregon State University.

Printed from: MFWire.com/story.asp?s=67159

Copyright 2024, InvestmentWires, Inc.
All Rights Reserved