A Houston-based asset manager with a focus on responsible investing is finishing up a distribution reboot. Watch for more sales hiring in late 2018 or early 2019.
A year ago, David Rentfrow joined
Capstone Financial Services with a mission to turn the $5-billion shop into a $30-billion one over the next few years, through both organic and inorganic
growth. Last summer Capstone rebranded
as Crossmark Global Investments
] while Rentfrow was "doing a lot of hiring"
. Meanwhile, Crossmark just launched
the Crossmark Steward Covered Call Income Fund
, what the team there is pitching as the first ever SRI covered call mutual fund.
"I've deconstructed the sales and marketing apparatus that was at Capstone to rebuild," Rentfrow says, noting that he had several more new hires joining last month and this month. "We're in the final stages of that rebuild ... then we're going to take a pause."
Rentfrow's team now includes four external and four internal wholesalers, and he's now adding to his national accounts and institutional team. He also has a three-person marketing team. The overall firm has about 50 people on staff.
"The next evolution over the next 12 to 18 months will be to add hybrids," to work with the internals and externals already on board, Rentfrow says. "We'll be creating a three-person team structure per region."
Crossmark's fiscal 2019 year begins on April 1, 2018. He aims to start with one hybrid wholesaler first, then add two more in late 2018 or early 2019.
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