Two of Dynasty Financial Partners’ top executives are leaving the firm on June 2, including co-founder and Chief Operating Officer Edward Swenson and Chief Client Officer Austin Philbin, a Dynasty spokeswoman confirmed.
Swenson helped launch Dynasty in late 2010 along with co-founders Shirl Penney, CEO, and Todd Thomson, who is now chief operating and financial officer for Kairos Ventures but remains on the Dynasty board of directors.
Prior to Dynasty, Swenson spent about three years as a portfolio manager for Legg Mason, an asset management shop acquired by Franklin Templeton in 2020, and six years as vice president of global markets for Citigroup.
Philbin started his career as an English teacher before transitioning to a business development role at Citigroup. Prior to joining Dynasty in 2012, he spent five years with Morgan Stanley, most recently as a senior vice president of business development in southern New Jersey.
“Both Ed Swenson and Austin Philbin have been great contributors to Dynasty from the early days,” said Sally Cates, Dynasty spokeswoman, in a statement Friday. “We are appreciative of their contributions and wish them all the best on their next chapters and, at the right time, they will speak to that.”
Cates declined to share details about who might be filling their roles but expressed an interest in advancing existing team members in addition to bringing on new talent.
The firm has made some recent hires with experience running established, scaled firms, including new Executive in Residence Andrew Marsh, who founded Richardson Wealth in Toronto 17 years ago, and Bob Shea, the firm's new chief investment officer.
Philbin and Swenson did not immediately respond to requests for comment. Both are still registered with Dynasty Securities, the firm’s broker/dealer, and will retain ownership in the firm, according to a source with knowledge of the situation.
News of the departures was first reported by Citywire.
Based in St. Petersburg, Fla., Dynasty currently serves 50 RIA firms and 300 advisors overseeing some $75 billion in client assets. An outsourced TAMP providing investment management represents another $40 billion in assets, according to Penney.
The firm also provides debt and equity capital options for partner firms pursuing M&A, and last month announced the launch of Dynasty Investment Bank to provide M&A consulting and capital solutions to RIAs outside of its network.
Last year, Dynasty filed for an initial public offering, but in December, the firm pulled its S-1 filing from the SEC and announced that Charles Schwab and private equity firm Abry Partners were taking minority stakes in the firm.