Easterly, an asset management holding company, today announced it has purchased the institutional investment business of Levin Capital Strategies, establishing Levin Easterly Partners, a long-only asset manager with approximately $6.1 billion in assets.
The new firm’s investment and management team will hold a 35% stake in Levin Easterly, providing a solid incentive for long-term growth. Easterly owns a 65% stake.
“We are thrilled to form a partnership with this team of outstanding investment talent,” said Darrell Crate, who serves as Chairman of Levin Easterly. “For years, this team has been consistently able to apply a fundamental predictive research process to find value in the most efficient segment of the equity market.”
“We are pleased to partner with Easterly. I am confident that they will be reliable stewards of this business. This was evidenced by the overwhelming support of clients throughout the consent process, with 100% support from institutions,” said John Levin, who founded Levin Capital Strategies in 2005 and its predecessor, John A. Levin & Co., in 1982. John Levin will continue to manage select long-only and alternative strategies through Levin Capital Strategies, which was not part of the sale to Easterly. John Levin will act as a strategic advisor to Levin Easterly.
Darrell Crate, the chairman of Levin Easterly, helped to build an asset management powerhouse as Chief Financial Officer of Affiliated Managers Group (NYSE: AMG) and founded Easterly in 2009 with the launch of Easterly Government Properties, Inc. (NYSE: DEA), a REIT that invests in real estate leased to U.S. government agencies. Most recently led by Avshalom Kalichstein, who has a long and distinguished track record of financial services investing, Easterly has developed affiliates through Easterly Partners, which forges partnerships with entrepreneurial management teams to build, manage and advance their platforms and operations; and Easterly Acquisition Corp. (NASDAQ: EACQ), a Special Purpose Acquisition Company that, in November 2018, closed a business combination with Sirius International Insurance Group, Ltd.
Jack Murphy serves as Chief Investment Officer of Levin Easterly, with lead responsibility for investment decision-making. Murphy, who joined John Levin in 1995, has been instrumental in developing and implementing Levin Capital Strategies’ approach to investment analysis. “As CIO, I plan to continue to build upon our team’s success, by delivering a platform to clients that combines a time-tested investment discipline within a management-owned investment boutique.”
Added Crate, “All of us at Levin Easterly are excited to work with Jack Murphy, an industry icon who has been recognized in leading media for his long-term performance over decades and through multiple market cycles.”
Glenn A. Aigen is Chief Executive Officer of Levin Easterly. Aigen, who has been with Levin since 1993, will assume senior day-to-day management responsibilities at Levin Easterly.
Mike Collins, Managing Director and Head of Business Development at Easterly, leads marketing and distribution initiatives at Levin Easterly, focusing on expansion of the firm’s visibility among leading institutional investors.
“At Easterly, our goal is to bring differentiated investment opportunities to investors and that is what we are doing with Levin Easterly,” said Crate. “This research team is remarkable in the consistency of approach and the results they have delivered to investors for over two decades. We look forward to supporting the team with resources, new products and access to new channels of distribution.”
Levin Easterly’s Strategies
Levin Easterly’s investment philosophy provides a consistent and repeatable investment process focused on identifying quality investments in liquid securities that have excellent potential versus the risk. Currently, the firm offers three primary strategies:
- Large Cap Value: An actively managed portfolio, typically of 30-35 companies of which the firm believes it possesses a differentiated view than its peers.
- Mid Cap Value: An actively managed portfolio, typically of 30-40 stocks that are quality companies, but down in price.
- All Cap Value: An actively managed portfolio, typically of the firm’s 20-25 best ideas, spanning large-, mid- and small-cap value stocks.
About Levin Easterly
Levin Easterly is a private asset management firm specializing in serving institutions and high net worth individuals with approximately $6.1 billion of AUM. The firm is focused on bottom- up, fundamental research with the goal of preserving capital and generating profit consistently through all market environments. For more information, please visit Levin Easterly at https://LevinEasterly.com.
Easterly brings deep asset management industry expertise in originating, underwriting and structuring asset management platforms. Our team includes veterans of some of the most successful asset management companies of the past decade. With their expertise, we are committed to meeting the financial needs of institutions, including corporations, foundations, endowments and pension plans, as well as the consultants and advisors who guide them. For more information, please visit Easterly at https://easterlycapital.com/.
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