Miracle Mile Advisors, a Los Angeles-based RIA overseeing some $5.7 billion in client assets, has named a new chief investment officer with two decades of analyst experience to set the firm’s research agenda and oversee portfolio construction, implementation and management strategy.
Most recently, Matt Dmytryszyn served as CIO at Telemus Capital from late 2018 until it was absorbed by Focus Financial partner Kovitz Investment Management this year. He was also a senior research analyst with LaSalle Street Capital Management for nearly eight years and with Russell Investments for more than six. He started his career as a Piper Jaffray analyst in 1999.
Dmytryszyn is replacing Peter Lowden, who took a job with Syon Capital in San Francisco. He will report to Bruce Milam, who became the firm’s first CEO in June.
Both men agree the timing was right.
“He comes to us with a tremendous amount of experience that's really on point,” Milam said. “Deep RIA and broader industry experience, and a passion for investments. And Matt is an exceptional communicator and leader.”
“Miracle Mile has a really good investment offering today,” said Dmytryszyn. “I think I can leverage my background and my research experience to really take it where the industry's going and, more importantly, where our client needs are going. That's broadening our private investment offering and having more differentiated solutions there, but also really looking at unique, differentiated and broader investment solutions customized to our clients’ needs around things like tax efficiency or income or social needs.”
Dmytryszyn said his approach involves “talking to a lot of investment solutions and looking at a lot of things” to find private investments where clients are compensated for giving up some liquidity with both increased return and reduced downside risk.
Miracle Mile has a broad footprint on the West Coast, with satellite offices in San Diego, San Francisco and Portland, as well as a new Seattle office that opened earlier this year. However, following two acquisitions announced in February, Miracle Mile is expanding its reach with a Baltimore location and an office in Chicago expected to open this summer, alongside its pre-existing Long Island office.
Milam has been working to add niche capabilities and services through external partnerships and a growing stable of in-house professionals, including an estate attorney recently brought in. The firm has also been in conversations with existing CPA partners to provide tax services in-house while building out referral arrangements with others.
Founded by Managing Partner Brock Moseley in 2007, Miracle Mile received a minority investment from Merchant Investment Management in late 2020 that supported the firm’s first four acquisitions. Two years later, Corsair Capital acquired that stake. At the same time, the firm announced it was buying Karp Capital Management, a firm managing $1.2 billion. This was the largest acquisition in the firm’s history and it brought Lowden onto the staff.
Today, Miracle Mile comprises more than 70 employees, including 27 advisors, overseeing around 5,500 accounts for more than 1,600 households and about 260 institutional clients.
"We are seeing both more and stronger opportunities in the market in 2024 than we did last year,” Milam noted. “We are currently engaged with a number of really great firms that are exploring a partnership and I haven’t seen any indication that our opportunity set is going to slow.”
The RIA reported a five-year annual growth rate of 35% in September.