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Northern Lights Ventures, Echelon Capital Merge to form Northern Lights Capital Group

June 2nd, 2010

SEATTLE/DENVER, (June 2, 2010) – Northern Lights Ventures, LLC (“Northern Lights”), which provides strategic resources and capital to high quality boutique asset management firms, and Echelon Capital Group, LLC (“Echelon”), a leader in strategic business and distribution services, have merged to form Northern Lights Capital Group, LLC (“NLCG”), it was announced today.

The firm combines the strength of Northern Lights in identifying leading boutique asset managers with Echelon’s strategic support and distribution capabilities across a broad range of channels within the asset management industry. Its senior management team will be made up of five partners who bring together a long and substantial record of accomplishments in the investment management industry. They are:

  • Timothy J. Carver, a Northern Lights co-founder. Carver was previously a general partner with the private equity firm Orca Bay Partners and specialized in transactions in asset management.
  • Paul R. Greenwood, CFA, a Northern Lights co-founder. Greenwood spent nearly 15 years with Russell Investments (formerly the Frank Russell Company) where he directed US equity manager research and evaluation. At the time, Russell Investments was the largest multi-manager research firm in the world.
  • Jack C. Swift, an Echelon co-founder. Previously, Swift was Managing Director and Head of Institutional Sales for Janus Capital Group. Swifts’ team was the #1 Greenwich sales group in 2006, raising more than $30 billion from 2004 to 2007.
  • Andrew L. Turner, PhD., a Northern Lights co-founder. A more than 20-­year veteran of Russell Investments, Turner previously oversaw global research and investments at Russell Investments and was instrumental in the firm’s growth from $15 billion to $125 billion in assets under management.
  • John W. Zimmerman, CFA, an Echelon co-founder. Zimmerman was previously Executive Vice President and Managing Director at Janus Capital Group where he rebuilt and grew that firm’s institutional business from $20 billion to more than $70 billion in assets under management.

“In today’s market, the ability to identify managers capable of delivering solid risk-adjusted returns on a consistent basis is more important than ever,” said Greenwood. “Equally important is the ability to provide strategic leadership and to effectively communicate the strengths of our managers to investors, including institutions and financial advisors.”

“With this merger we are bringing together two terrific organizations with complementary strengths,” Greenwood added.

Founded in 2006, Northern Lights utilizes a combination of quantitative and qualitative analysis to identify and support those boutique managers it believes are capable of delivering sustained investment excellence. Echelon was launched in 2007 and has focused on capitalizing and helping position leading boutique managers with investors in the institutional and intermediary marketplaces. The firm uses a highly customized approach to identifying investor needs, and matching those needs with the appropriate investment strategies.

“Echelon and Northern Lights are both strong believers in the boutique asset management approach to delivering value for investors,” said Zimmerman. “In order to be successful, you also need to convey the relevance of your strategy to the marketplace, and to position your strategy within a client’s overall portfolio.”

Northern Lights Capital Group will take only minority positions in those asset management firms in which it invests. It will continue to take a long-term view of the market, providing permanent capital and serving as strategic partner to portfolio companies. The NLCG family of partner companies continues to grow and now includes:

  • Aether Investment Partners, LLC, which focuses on funds-of-funds related to real assets and related sectors;
  • AlphaShares, LLC, which concentrates on China-related investments and counts among its founders Princeton University professor Burton Malkiel;
  • BME Investment Partners, LLC, a developer of the latest generation of active global asset allocation strategies;
  • del Rey Global Investors, LLC (pending), a global and international equity investor that seeks to identify opportunities among companies that it believes are intrinsically undervalued with strong and/or improving franchise quality;
  • Elessar Investment Management, LLC, an opportunistic US small- and mid-cap value investor;
  • Goodhart Partners, LLP (UK), a specialist in hedge fund-of-funds and long-only offerings based in London;
  • Raven Capital Management, LLC, which underwrites, invests in, and actively manages asset-based investments;
  • Seizert Capital Partners, LLC, a long-only US mid-cap and large cap equity manager; and,
  • TAMRO Capital Partners, LLC, which uses a research-intensive approach in managing its US all-cap and small-cap portfolios.

Collectively, these firms managed approximately $6.0 billion in assets as of April 30, 2010.

“The evidence is clear that high-quality boutique asset managers can deliver higher returns to end investors. With this merger, Northern Lights Capital Group can provide even more strategic resources to help boutique firms grow, while providing our clients access to superior asset management firms,” added Turner.

About Northern Lights Capital Group, LLC

Northern Lights Capital Group is a multi-boutique asset management group dedicated to identifying and collaborating with superior boutique asset managers with client-oriented investment cultures. We apply our strategic resources, such as: capital, operations and distribution, to help our partner companies and our clients achieve new heights in performance.