Arnerich Massena, an independent investment firm headquartered in Portland, Ore., has promoted Reegan Rae to the position of co-chief executive officer, making her the first woman to hold the top C-Suite spot, the company said in a news release.
Rae has been with the firm for nearly a decade, most recently leading its Wealth Management division, and will continue to serve in that role alongside co-CEO Bryan Shipley.
Prior to being named co-CEO, Rae served as managing director, senior investment advisor, and principal, working with a number of the firm’s individual investors, as well as endowments and foundation clients. Rae was instrumental in crafting the firm’s wealth management service model.
In her new role, she will continue to focus on ensuring that the company’s client service model and overall strategic direction meet client needs, while maintaining her role as an investment advisor to select existing Arnerich Massena clients.
Shipley, who has been with the firm for nearly two decades, will continue to oversee the firm’s investment strategy, investment guidelines and policies, product selection, and model portfolio construction. He will also continue to lead the firm’s research team, which is instrumental in establishing Arnerich Massena’s current portfolio positioning and identifying future investment opportunities. Shipley will also be stepping into a senior investment advisor role, leveraging his investment acumen to work with clients.
Shipley, who has been in the co-CEO role for over a year and served as co-Chief Investment Officer for four years, will now also assume the role of sole CIO.
The announcement comes as firm founder Tony Arnerich, who also held the title of co-CEO, transitions to focus on his family and venture capital firm, 3x5 Partners. Arnerich will continue to serve clients through the end of this year in a senior advisor role.
“This transition is bittersweet—I am deeply proud of the success we’ve had as a firm over the last 30 years and the trust you have placed in us as your financial partners,” Arnerich said in a prepared statement reported in the news release. “We are excited for this new team to take the reins and continue our legacy of exceptional client service and investment advice.”
Founded in 1991, Arnerich Massena is among the largest women-owned firms in the greater Portland area. As of December 31, 2020, the firm reported having approximately $7.74 billion in client assets under management.