Dynasty Financial Partners has hired Bob Shea, CEO and chief investment officer at FCF Advisors, as its new chief investment strategist, replacing Joseph Dursi, former chief investment officer, who departed in June 2021 for J.P. Morgan. Dynasty introduced Shea to advisors during its Investors Forum 2022, held this week in Houston.
Joe D'Agostino has been serving as head of investment platform and product strategy in the interim.
As part of the appointment, Dynasty has also taken a minority stake in FCF Advisors, the New York-based boutique asset management firm and index provider Shea led. He'll continue to serve as CIO of FCF.
“That investment is a signal to the market and to our network that we will be getting more capabilities, more resources, more insights around investments and deepening our bench, our team,” said Ed Swenson, Dynasty co-founder and chief operating officer, who Shea reports to.
FCF specializes in free cash flow research and investment strategies. Shea began his career at Goldman Sachs from 1991 to 2004. There, he served as partner and co-head of cash equity trading.
In his new role with Dynasty, he is leading both the firm’s Investment Committee and investment manager selection. He also is tasked with constructing and maintaining their Outsourced Chief Investment Officer (OCIO) portfolios, providing top-down asset allocation insights, asset manager relations and participating in the investment committees of Dynasty’s clients.
“We have model portfolios and small account solutions that really allow the advisor to offload some of that work to our team” said Swenson, of their OCIO offering.
Dynasty’s Investment Platform had over $32 billion in assets under administration, as of the end of the second quarter.
“About half the assets within the Dynasty network are directly invested on our investment platform technology,” said Swenson.
That puts them within the top six turnkey asset management programs (TAMPs) currently in the U.S., he said.
“We’ve seen really nice growth in this part of our firm,” said Swenson.
Shea said he looked to be a “fulcrum of idea generation” in his new role.
“My 30 years of being an investor can be connected with building a very sophisticated and deep research network,” said Shea. “With that idea being able to then go to our asset manager partners to deliver the best solutions for our clients. I think that will really first and foremost bring a value add to our network partners on the investment side. We have access to this incredible intellectual capital, and we plan on leveraging it.”