Six Leading Executives Create Summit Trail Advisors, A National Wealth Management Boutique
28 July 2015 - 8:41PM
Business Wire
Summit Trail Advisors Partners with Dynasty
Financial Partners, the Leading Integrated Service Provider for
RIAs
With Offices in NY, Chicago and San
Francisco, Firm Immediately Becomes One of the Largest Independent
Wealth Management Firms in the U.S. With Over $3 Billion in
Assets
Dynasty Financial Partners today announced its partnership with
Summit Trail Advisors, the most recent independent advisory firm to
leverage Dynasty Financial Partners’ industry-leading platform of
integrated wealth management services and technology.
Summit Trail Advisors, with over $3 billion in client assets, is
an independent advisory firm created by six founding partners: Jack
Petersen, James Cantelupe, Peter Lee, Tom Palecek, David Romhilt
and John Scarborough, each of whom previously worked together at
Barclays Wealth Management. Summit Trail currently has three
locations: New York, Chicago and San Francisco. The firm
immediately becomes one of the largest RIAs in the country and is
poised to become one of the premier national advisory RIA
brands.
The firm’s Managing Partner, Jack Petersen, previously led
Lehman Brothers Private Investment Management and Barclays Wealth
Americas. Chief Investment Officer David Romhilt is the former Head
of Manager Due Diligence at Barclays and former Chief Investment
Officer of Barclays Wealth Trustees, N.A.
The founding six partners have worked together for over a decade
and bring experience from Barclays Wealth, Lehman Brothers, Goldman
Sachs, AllianceBernstein, Morgan Stanley and Cambridge
Associates.
"Summit Trail Advisors is an investment-focused firm with deep
capability and resources. Our partners have more than 80 years,
collectively, of experience caring for clients' financial futures
and Dave Romhilt provides our clients with truly world class
investment expertise", said Jack Peterson, Managing Partner of
Summit Trail Advisors. "When Tom Palecek first raised the idea of
establishing an independent firm, I thought it was intriguing and,
after extensive due diligence and working with Dynasty, it became
compelling: as an independent firm we can now provide even better
research, investment solutions and reporting technology for our
clients."
Shirl Penney, CEO of Dynasty Financial Partners, said, "We are
honored to welcome Jack, Jim, Peter, Tom, John, and David, along
with their employees, to the Dynasty community. We expect Summit
Trail to be a preferred destination for sophisticated clients who
seek deep investment expertise and un-conflicted advice. They will
also be a premium choice for advisors seeking partnership,
professionalism, and integrity in their new firm. We expect Summit
Trail to grow fast both organically and inorganically and believe
they are the type of firm that represents the wealth management
boutique of the future."
According to Dynasty’s Chairman Todd Thomson, “The launch of
Summit Trail marks another significant stage in the evolution of
the wealth management industry. Increasingly, we are seeing larger,
more sophisticated teams choosing independence as the path that
best benefits their clients. We anticipate that Summit Trail will
build one of the industry's truly significant, professional wealth
management firms and we look forward to partnering with them."
Summit Trail Advisors is an investment-focused wealth management
boutique. The firm works with leading research providers as well as
their in-house research team to design investment solutions and
source unique, highly specialized investment managers. They will
now be a large institutional client of the street and be able to
source investment opportunities for their clients on a completely
open architecture basis.
According to Summit Trail Chief Investment Officer David
Romhilt, “We believe our independent approach will create more
access to the best opportunities with specialty hedge fund and
private equity managers, where large firms are constrained because
of their size and business models. Because we are selecting
investments for a very specific group of clients, we can capitalize
on restricted capacity with exclusive managers.”
Jack Petersen, Managing Partner of Summit Trail, and David
Romhilt, Chief Investment Officer, will be based in New York
City.
Peter Lee will be based in the Chicago Office. James Cantelupe
will be based between New York City and Chicago.
Tom Palecek and John Scarborough will be based in the San
Francisco Office.
Summit Trail Advisors has selected both Pershing and Fidelity
for custody. For more information, please visit
www.summittrail.com.
About Dynasty Financial Partners
Dynasty Financial Partners is the premiere integrated platform
for the wealth management industry’s top advisors. Dynasty
develops, sources and integrates wealth management capabilities,
solutions and technology into its open-architecture platform to
help independent advisors protect and grow their clients’
wealth. Dynasty’s core principle is “objectivity without
compromise,” and the firm is committed to crafting solutions that
allow investment advisors to act as true fiduciaries to their
clients. For more information, please visit
www.dynastyfinancialpartners.com and follow us on
Twitter @DynastyFP.
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MediaDynasty Financial PartnersSally Cates,
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