An entrepreneurial mutual fund distribution ally has raised seed funding and added a trio of sages to help guide his startup.
| Brian Michael Moran|
The team at Basking Ridge, New Jersey-based FLX Distribution
(a third-party marketing firm focused on asset management) has closed
a $2.5-million seed round and named members to both its board of directors and its advisory board. Paul Hatch
and Patrick Galley
are the first two members of the TPM's newly created board of directors, and Fran Cashman
joins the advisory board.
RiverNorth Capital Management
led the seed round, which also included six strategic, private investors. (The FLX team has not publicly revealed the terms of the deal or the names of the private investors.) Galley is the CEO and CIO of RiverNorth.
, FLX founder and CEO, writes in a statement MFWire
that funds from the seed round are "allocated for general corporate purposes, technology development, product launches, and related efforts."
Hatch, a group managing director at UBS, will officially join FLX's board of directors on August 1.
"In an environment like today, I felt it important to surround our leadership team with experienced and forward thinking industry leaders. We are building and growing a company in the most unusual economic period in generations. In my opinion, surrounding yourself with incredibly talented, passionate and experienced people is imperative," Moran explains to MFWire
"[Hatch and Galley] have built platforms, products and companies. They are passionate about the industry and helping investors reach their goals."
Cashman boasts more than 25 years in the financial services industry. She has served as executive vice president and global head of marketing and communications and prior co-head of US sales at Legg Mason. Along with her position on the advisory board, Cashman is principal and founder of Mayfair Davie Consulting
"Fran brings extensive experience and knowledge. Fran is a visionary and one of the industry's most forward thinking leaders. Our team is fortunate to have her as a resource and a partner," Moran tells MFWire
These additions at FLX come on the heels of other leadership additions in May
of this year. Also in June, four national firms became the first to sign on with FLX.
"Given FLX's rapid expansion, we anticipate opportunistically adding to our advisory board in the coming months/quarters. Early indications from asset managers, distribution professionals and wealth managers continue to be promising." Moran tells MFWire
. "We expect additional asset manager announcements in the near future as well. As pioneers in asset management distribution, we want input and feedback from experienced leaders to reach our ambitious goals."
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