Morgan Stanley veterans Justin Bernier and Patrick Kennedy have launched All Source Investment Management, a partnership aimed at expanding services to the growing accredited investor market, the pair announced in a news release.
Bernier said through a spokesperson that the firm had roughly $100 million in client assets and that some of their clients are from Morgan Stanley.
The All Source launch represents a larger trend of advisor teams pulling up stakes at Wall Street firms for independent ownership and the registered investment advisor world. Kennedy describes the All Source mission as "putting accredited investors on a level playing field" with larger market participants.
"We want to help millionaires invest like billionaires, with advanced financial planning remaining central to our services," he said in the news release.
The Hartford, Conn.-based group, whose name was inspired by a method of intelligence production that uses all sources of available information, will continue helping successful individuals invest more like institutions by integrating traditional portfolio strategies with alternatives, such as private equity and hedge funds, the release said.
"All Source reflects our ability to expand client opportunities into alternative investments and tax-advantaged strategies that historically benefited only the mega-wealthy," Bernier said.
Both men were among the first Morgan Stanley advisors named "alternative investment director," a designation held by a small percentage of portfolio managers, the release said.
All Source's business plan includes a working relationship with Integrated Advisors Network, an SEC-registered investment advisor, as well as a custody and clearing services arrangement with Fidelity Institutional.
Bernier and Kennedy said that the strategic partnerships would give All Source the institutional access and scale necessary to achieve their goal of bringing elite investing methods to more accredited investors.
The team will serve clients in 20 states.