Westmount Asset Management LLC will recapitalize equity and expand internal ownership with an investment in the firm made by Rosemont Investment Partners LLC.
Westmount will remain majority owned by its founders, Robert Berliner and Jim Berliner, and Rosemont, a private equity boutique based in West Conshohocken, Pa., that focuses exclusively on making investments in asset management companies, will own a minority stake.
Terms of the transaction were not disclosed. The deal is expected to close in August 2011, company officials said.
As a result of the recapitalization, two long-time Westmount employees, Mike Amash and Chris Werner, will become partners.
Founded in Los Angeles in 1990, Westmount provides institutional investment management services and related planning advice tailored to a customer's financial objectives.
Westmount currently manages approximately $1.4 billion on behalf of high-net-worth individuals, foundations, endowments and pension plans, and is among the oldest and largest independent investment advisors in Los Angeles.
"Partnering with Rosemont gives us the opportunity to accomplish a number of important objectives, including providing a path to ownership for other leaders at the firm, and retaining our investment and operational autonomy, which is so vital to serve our clients' best interests," said Jim Berliner, Westmount's president and chief investment officer.
"Westmount has a well-established reputation as a trusted advisor and counsel to its clients, said David Silvera, managing director of Rosemont. "Rosemont is thrilled to have the opportunity to partner with the entire Westmount team as they continue to build on that foundation by serving their clients' needs, reinvesting in the people and resources that will allow the business to grow in a thoughtful and client-focused manner."