Four investment professionals affiliated with Joseph Michaud and Michaud Capital Management, a Denver-based investment manager for ultra-high-net-worth and family office clients, have launched Crusonia Capital Partners, a firm that will offer financial planning and portfolio management to high-net-worth individuals.
The four—Zach Pashel, Patrick Kanouff, Erin Bawa and William Garnsey—on Monday received initial approval for Crusonia from the Securities and Exchange Commission under the agency’s 120-day rule, which gives the firm four months to meet all of the agency’s requirements, often including amassing $100 million in client assets under management.
Crusonia is operating out of the same address as Michaud Capital, and at least one of Crusonia’s owners, Bawa, works for both firms as she is also the director of investments at Michaud, according to SEC documents.
According to the firm’s Form ADV, Crusonia is headed by Pashel, a managing member and the largest partner among the owners with at least a 50% stake, and Kanouff, a managing member and chief compliance officer. Kanouff and Michaud own smaller stakes between 10% and 25%. Bawa and Garnsey each own less than 5%.
Pashel is also a partner at Rockcreek Investments in Denver.
According to Crusonia’s brochure, the firm offers financial planning and portfolio management for individuals and small businesses, portfolio management for businesses and advisor selection. The firm will be compensated by a percentage of assets under management, no more than 2%. This differs from Michaud Capital’s compensation, which is a straight consulting fee.
Recommended custodians are Charles Schwab, National Financial Services and Fidelity Brokerage Services, according to the form.
Michaud Capital is entirely owned by Joseph Michaud and was registered with the SEC in 2012. According to the firm’s latest Form ADV, which was filed on Monday, the firm serves seven high-net-worth individuals with nearly $244 million, one charitable organization with $3.7 million in assets, and 15 family offices with $1.8 billion, for a total of just over $2 billion in AUM.
Primary services include portfolio management for individuals and pooled investment vehicles, and general investment consulting.
Pashel did not respond to a request for comment.