is doubling AlphaCore's
business with the acquisition of San Diego-based Enviso Capital
| Dick Pfister|
Founder and Chief Executive Officer
In February 2015, Altegris
co-founder Pfister founded the liquid alts shop, and currently serves as president and CEO. Over the past two years, it has grown into a $100 million shop. In a single transaction that will be officially announced tomorrow, AlphaCore's assets under advisory will double to $205 million. As part of the deal, the Enviso brand will be fully absorbed into AlphaCore Capital.
Pfister credits the firm's pre-acquisition growth to the distribution of its subadvisory services. In October 2016, AlphaCore took over its first mutual fund, the AlphaCore Absolute Institutional Fund
. Pfister says the fund is now gaining traction on the distribution platforms, and is currently offered through Fidelity
, and a couple of the wirehouses. At the time of the fund takeover, Pfister hinted
that an acquisition might be on the horizon.
Post-acquisition, he's making a push to grow through the intermediary channel. Pfister is significantly expanding his current staff of seven, bringing on five new staff members to manage the growing needs of the firm.
"We're not shutting up our direct business, but we're emphasizing intermediary growth with these new hires," Pfister tells MFWire
The new additions to the AlphaCore team are: Tricia Zehr
joining as deputy chief compliance officer from Altegris; Mark Seward
joining as senior wealth manager from Enviso; Chris Ricciardi
joining as vice president of intermediary distribution from Vivaldi Asset Management
; Lisa Zard
joining as regional director in intermediary distribution from Vivaldi; and Tonya Dupree
joining as client relationship manager from Enviso. Zehr, Ricciardi, and Zard previously worked with Pfister at Altegris.
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