The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Seven Months Post-Merger, Two Chiefs Leave a Fund Distro Giant Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, February 1, 2023

Seven Months Post-Merger, Two Chiefs Leave a Fund Distro Giant

Reported by Neil Anderson, Managing Editor

A pair of chiefs left a mutual fund distribution and compliance giant at the end of the year, seven months after a merger.

David "Dave" Whitaker
Dave Whitaker, global services leader at ACA Group, and Rich Berthy, a senior advisor to the New York City-based firm, left ACA on December 31, 2022, a spokesperson for ACA confirms. Berthy previously served as founder and CEO of Portland, Maine-based Foreside Financial Group, LLC, and Whitaker served as Foreside's president, prior to Foreside merging with ACA last spring, as planned.

Richard John "Rich" Berthy
Whitaker did not return a call for comment.

Chris Lanza, foirmerly senior managing director and head of distribution and broker-dealer solutions at Foreside, has taken over as head of managed services at ACA in the wake of Whitaker's exit, a spokesperson for ACA confirms. And ACA Foreside (the old Foreside distribution business) is led by Teresa Cowan, who also leads its B-Ds.

Christopher Conte "Chris" Lanza
ACA Group
Head of Managed Services
Cowan did not return a call for comment.

Meanwhile, when the ACA-Foreside deal closed and Berthy switched to being a senior advisor, he passed his CEO duties to ACA's CEO, Shvetank Shah. Prior to the merger, Foreside distribution more than $1.5 trillion in assets through 17 B-Ds and served more than 2,200 clients (including fund firms). After the merger last spring, ACA had more than 1,250 employees across 18 offices serving more than 6,300 clients. The deal also turned Foreside's majority backer, Genstar Capital, into the majority owner of ACA Group.

Berthy had been with Foreside since its inception back in 2005. In those 17 years, he led Foreside through a host of acquisitions. Earlier, he worked with Forum Financial, A.G. Edwards, and Hilliard Lyons. He is an alumnus of Ohio's Miami University.

Before joining Foreside, Whitaker worked with Citigroup Fund Services and PFPC. He is an alumnus of Suffolk University and of Providence College.

Lanza joined Foreside in 2007 to lead its ETP business, and he later served in several other senior leadership roles there. Earlier, he worked with Citigroup Asia Fund Services, AGF Funds, PwC, Charles Schwab Investment Management, and Mitsubishi Union Bank of California. He is an alumnus of Northeastern University.

Cowan co-founded Quasar Distributors in 2000 and served as its president. Foreside acquired Quasar three years ago. Earlier, she worked with Strong Funds and Firstar Investment Services. 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use