Outrunner Capital, a recently established family office based in Austin, Texas, has announced its decision to join Goldman Sachs’ RIA custody platform, Goldman Sachs Advisor Solutions (GSAS). This move aligns Outrunner with a growing number of firms utilizing GSAS as a custodian. We write this article as a part of our research process, since we have added the Austin family office to our US multi family office list.
Custodian Recommendations and Transition Payments
According to its brochure, Outrunner Capital identifies GSAS, Charles Schwab’s Schwab Advisor Services, and Fidelity’s National Financial Services and Fidelity Brokerage Services as preferred custodians. Goldman Sachs is the only custodian listed as offering transition payments, which may include exit fees associated with transferring clients to GSAS. These payments are contingent on Outrunner transitioning at least $300 million in client assets to GSAS. Outrunner’s brochure acknowledges that this arrangement may create a conflict of interest until the threshold is met.A spokesperson for Goldman Sachs declined to comment on the transition payment program.
Founders and Key Personnel
Outrunner Capital was registered as an investment adviser in April 2024 and is owned by Erik G. Cohen and Jonathan L. Levy, according to filings with the Securities and Exchange Commission (SEC). Both Cohen and Levy previously held roles at Brown Advisory, an independent investment firm managing over $108 billion in client assets as of May 202. Branko Martinez Pejnovich has joined Outrunner as Chief Compliance Officer. He brings over six years of experience from his previous role at Durbin Bennet.
Multi family office service Offerings and Fee Structure
Outrunner Capital provides wealth management services that include financial planning, consulting, and discretionary or non-discretionary investment portfolio management. The firm requires a minimum portfolio value of $25 million and charges a minimum annual fee of $150,000, though exceptions may apply. Outrunner’s brochure does not currently list any assets under management.
Goldman Sachs entered the RIA custody space in 2020 through its acquisition of Folio Financial. Despite partnerships with prominent firms like Creative Planning and NewEdge Wealth, GSAS holds a small share of the custody market, with less than 1% as of April 2024. Recent deals, including the addition of Outrunner Capital, signal GSAS’s efforts to expand its presence, particularly by targeting breakaway RIAs.
Source: FusionFp
Picture source: Mitchell Kmetz
Last Updated on December 18, 2024
Der Beitrag New Family Office in Austin: Outrunner Capital erschien zuerst auf familyofficehub.io.
