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Rating:BPV Makes a Deal, Septuples Its AUM Not Rated 1.0 Email Routing List Email & Route  Print Print
Tuesday, April 07, 2015

BPV Makes a Deal, Septuples Its AUM

Reported by Neil Anderson, Managing Editor

A mutual fund shop in Tennessee just made its second acquisition in about four months, septupling in size. And separately, the shop's distribution chief just doubled his sales team and extended its reach to 23 states in total.

Today Mike West, CEO of Knoxville, Tennessee-based BPV Capital Management [profile], confirmed BPV's acquisition of Orlando, Florida-based Cain Brothers Asset Management (CBAM). An institutional asset manager, CBAM brings $1.65 billion in assets under management to the BPV fold, pushing BPV's AUM up to $1.93 billion.

BPV is keeping the whole seven-person CBAM team on board. That includes CBAM's four PMs and its Indianapolis-based CEO Tim Sheehan, who will become a senior vice president at BPV.

While CBAM focuses on institutional clients, watch for BPV to bring CBAM's wares to retail clients, perhaps by creating new BPV mutual funds. West tells MFWire that, in time, he's interested in making '40 Act mutual funds based on CBAM's three separately managed account (SMA) strategies.

The deal comes just four months after BPV unveiled its purchase of Shrewsbury, New Jersey-based Skyview Investment Advisors. That deal also brought six people to BPV.

Meanwhile, West is amping up BPV's distribution capabilities, too. Today West confirmed the addition of four wholesalers, three externals and on internal, to chief distribution officer Frank Gregory's team. Gregory, who joined BPV last summer, describes the new hires as "some of the best sales professionals in the industry."

Sarasota, Florida-based Dominic Alto joined BPV last month as a regional manager (external wholesaler) covering Alabama, Florida, Louisiana, Mississippi, and Texas. An alumnus of Florida State University, Alto previously held sales posts at Merrill Lynch and Nuveen. He most recently served as vice president and external wholesaler for Franklin Square Capital Partners, covering RIAs in the Southeast.

MFWire could not immediately reach a Franklin Square spokesperson for comment on how Alto's duties are being handled.

Richmond, Virginia-based Bill Cavey joined BPV in February as a senior regional manager (external wholesaler) covering Washington, D.C., Maryland, and Virginia. An alumnus of Elon University, Cavey previously worked in sales roles at Wells Fargo and Merrill Lynch Investment Managers (now part of BlackRock). He most recently served as a vice president at Nuveen, covering D.C. and Virginia.

MFWire could not immediately reach a Nuveen spokesperson for comment on how Cavey's duties are being handled.

Dan Hinckle joined BPV as a regional manager (external wholesaler) covering Delaware, New Jersey, and Pennsylvania. He previously served as senior vice president for Deutsche Asset and Wealth Management.

Citing company policy, a spokeswoman for Deutsche declined to comment on Hinckle's departure or on how his duties are being handled.

Eric Fiedler, based in the New York City area, joined BPV last month as director of internal sales (internal wholesaler). An alumnus of St. John's University, Fiedler previously worked at TIAA-CREF, AXA, Transamerica, and Jackson National Life. He most recently held a sales post at Lightstone Group, a privately held real estate company. 

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