LOS ANGELES--(BUSINESS WIRE)--Bradford & Marzec, LLC has announced a management buy-out by key Bradford & Marzec employees and Tortoise Credit Strategies, LLC, part of the Tortoise Investments family.
“The two firms share a fundamentals-based investment philosophy and a dedication to providing clients with institutional-caliber fixed income investment management services,” said Founder & Managing Partner Zelda Marzec. “Our team is very enthusiastic about this strategic combination that brings together the success and consistency of the Bradford & Marzec track record, with a sound partner to support and grow the business.”
Bradford & Marzec’s team-based investment decision process, utilized for 32 years through numerous business and economic cycles, and the core investment team will remain the same. Ten Bradford & Marzec employees will be investing alongside Tortoise. Post close, key employees and firm management will collectively own approximately 37%, with the remainder owned by Tortoise Investments. Founders Ted Bradford and Zelda Marzec will exit their equity positions and remain employees to ensure a smooth transition.
“This is an exciting development for our company and we firmly believe that Tortoise Credit is the right partner for Bradford & Marzec, our clients and our employees,” said Founder & Managing Partner Ted Bradford. “We believe this transaction serves the best interest of our clients in the long term while facilitating a smooth management succession. It also provides significant alignment of interests through consistency and substantial employee ownership.”
The Tortoise family has a deep history in income and energy investing, with a disciplined investment approach rooted in credit analysis and managing risk. Tortoise Credit Strategies, a registered investment adviser focused on fixed income strategies, is led by Brad Beman, a seasoned leader with nearly three decades of investment management experience across the credit spectrum. Brad previously served in a variety of roles covering domestic and global fixed income, asset allocation, alternatives and derivatives within the AEGON Asset Management family, most recently as Global Chief Investment Officer and as a member of the global asset management board.
The transaction is expected to be completed by the end of the second quarter of 2016 following satisfaction of customary closing conditions. Tortoise Investments also issued a press release today announcing this pending acquisition and management buy-out which can be read here.
Colchester Partners is acting as financial advisor to Bradford & Marzec in this transaction.
About Bradford & Marzec
Bradford & Marzec, LLC is a Los Angeles-based investment adviser that specializes in the management of long-only domestic and global fixed income portfolios for institutional and high net worth investors. Founded in 1984 with a 32 year track record, the firm’s team-based investment philosophy is deeply rooted in an investment decision process refined over many economic and financial cycles. The firm had approximately $4.3 billion in assets under management as of March 31, 2016.
About Tortoise Investments
Through its family of companies including Tortoise Capital Advisors, Tortoise Index Solutions and Tortoise Credit Strategies, Tortoise Investments provides investors access to differentiated active and passive investment solutions and market insights. Tortoise’s business is rooted in more than a decade of leadership and expertise in both income and equity investing in energy and essential assets. Over time, Tortoise has enhanced and expanded its innovative product offerings, while staying true to its quality approach and focus. Tortoise Investments, through its family of registered investment advisers, had $13.1 billion assets under advisement as of March 31, 2016. Tortoise Investments is indirectly majority owned by Mariner Holdings, LLC, which had approximately $31 billion in assets across wealth and asset management as of Feb. 29, 2016.
About Tortoise Credit Strategies
Tortoise Credit is a registered investment adviser focused on fixed income-related strategies. The firm was built on an investment process that emphasizes top-down macro views, business fundamentals, bottom-up credit analysis as well as a disciplined focus on managing risk.