HomeWealth ManagementPitcairn Names Andrew Busser New CEO

Pitcairn Names Andrew Busser New CEO


Pitcairn President and CEO Leslie Voth is stepping down from the ones roles in mid-November after greater than 3 many years with the century-old company.

Voth will proceed serving as chair of Pitcairn and Circle of relatives Workplace President Andrew Busser will take over her tasks as president and CEO of the $7 billion multi-family place of business in a deliberate transition nearly two years in the past within the making.

Busser might be changed by way of Managing Director Matthew McCarte, a 25-year veteran of the company.

Voth first joined Pitcairn in 1993, when the relations place of business served 100 families descended from American industrialist John Pitcairn Jr., and their quite a lot of foundations. She held a sequence of management roles, together with leader running officer and president of wealth control, prior to turning into the primary feminine to function each CEO and chair of the board, positions she used to be named to in 2012 and 2019, respectively. She could also be the primary chairperson unrelated to the Pitcairn relations.

It used to be below Voth’s management that Pitcairn grew the company’s multi-family style, shed all proprietary funding merchandise and taken feminine illustration to 50%. She additionally led the improvement of Pitcairn’s signature “experience-based” relations place of business style, dubbed Wealth Momentum.

“Leslie Voth is an unbelievable visionary and her contributions to this company over the past 30 years are beneficial,” Pitcairn Co. Conserving Corporate Chair Clark Pitcairn mentioned in a observation. “I had the privilege of hiring her, serving to her develop, and looking at her adventure to develop into the chief she is as of late.”

Voth arrived at Pitcairn six years after the only relations place of business used to be restructured as a chartered consider corporate with multi-family features and straight away changed into concerned with developing “a firstclass Jstomer ride” that might lengthen to different ultra-wealthy households. The transition to an open structure platform round 2007 used to be pushed by way of a want to fulfill purchasers’ evolving wishes, she defined, by way of increasing get admission to to all conceivable funding methods and merchandise.

“We did a ton of study. We went to speak to one of the most wealthiest households within the nation and learned that they had been actually looking for a special ride at the funding facet. So, we concept, ‘Boy, we are early days in our MFO, shall we actually distinguish ourselves if we did this,’” Voth mentioned. “We would have liked to be extra refined than others as a non-public consider and actually noticed this as a part of our evolution.

“We had been the one one who I do know of in our business that had the legacy we did and took income out of our personal wallet to transport into this open structure platform,” she added. “However our purchasers actually treasure that we’re at the similar facet of the desk as them.”

Voth employed Busser as managing director in 2015 to focal point on expansion and technique after greater than 13 years managing investments as a spouse at Symphony Capital. In 2017, each had been a part of a staff growing a “century plan” having a look ahead to Pitcairn’s centennial anniversary this yr and, in 2021, Busser used to be named president of Pitcairn’s relations place of business staff.

“From running in combination, it used to be transparent that Andy had the skillset that we would have liked for the following segment of our company,” mentioned Voth. “And so, we had numerous discussions.”

“It’s all about selling from inside and that’s the reason been a excessive precedence on the company through the years,” Busser mentioned. “It is been a excessive precedence for Leslie, for which I am extraordinarily thankful.”

His alternative, McCarte, is “a marvelous, client-focused chief with the honour of his colleagues,” Busser added.

Stating that Pitcairn’s moderate new Jstomer has greater than $80 million in investable property, Busser mentioned his best precedence will stay making sure a “tremendous high-touch, complete carrier ride.” That comes with making an investment closely in human capital and era, he mentioned.

Voth didn’t deliberately goal for the 50/50 gender ratio at Pitcairn and mentioned the company could also be fascinated about diversifying throughout generations and disciplines. However she mentioned she’s proud that’s how it’s grew to become out and Busser agreed, crediting the company’s composition for attracting one of the most business’s best skill.

With greater than 120 multi-generational households, together with 22 single-family places of work, at the Pitcairn Jstomer roster, Busser mentioned he expects to develop “in a disciplined, natural method” going ahead, including not more than 5 households a yr.

“We aren’t going to head out and purchase up a number of competition at loopy costs,” he mentioned. “We are all the time evolving and all the time innovating, however we do not need to be careless with chance or with the consider that our purchasers have in us.

“Having the similar relations personal the company for 100 years, with workers, is a gigantic quantity of balance that you simply get only a few different puts,” he mentioned. “Our purchasers actually recognize that balance and we do not need to forget about the price of that.”

“Andy understands our industry, our purchasers, and the best way to proceed the expansion trajectory that Leslie set for the corporate,” mentioned Pitcairn Leader International Strategist Rick Pitcairn. “Lets now not have selected a person higher situated to take Pitcairn into our subsequent hundred years.”

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