Salient Partners has acquired Integrity Capital Services and named Integrity’s founder, Lee Partridge, as Salient’s chief investment officer.
Currently, Partridge serves as the portfolio strategist on San Diego County Employees Retirement Association’s approximately USD7.7b portfolio.
During his tenure with SDCERA, Partridge has assisted the board of trustees and staff in implementing a new asset allocation framework, which integrates a cost-effective approach to core asset classes and styles, top-tier external managers and downside protection.
In addition, Partridge assisted the plan in increasing its exposure to alternative investments. As a result of these initiatives, Partridge has reduced management costs within the portfolio by approximately USD10m per annum, while adding approximately 1.5 per cent in net returns above the previous benchmark over the past year.
Andrew B. Linbeck, managing director of Salient, says: “We are delighted to have Lee join the Salient family as our chief investment officer. Lee has a strong moral compass, values grounded in a deep faith, excellent institutional experience, and a superlative track record that will serve our current and prospective clients well.”
Salient’s acquisition of Integrity is a part of a strategy to have an industry leading investment platform, which focuses on a quantitative approach to asset allocation, a focus on cost savings for the benefit of clients, and a strategy to use alternative investments and hedging strategies to enhance overall risk-adjusted returns.
Partridge says: “By combining my firm with Salient, we have created a platform that is unique in the industry. The platform combines a sophisticated approach to managing risk and assets for institutions and individuals alike, particularly in a rapidly changing investment environment. With the resources at hand, I believe that the level of investment and risk management expertise that we can bring to bear will be at the forefront of the asset management industry, and increasingly coveted by institutional and individual investors alike. Our goal is to serve all of these investors, and to serve them well.”