BRADENTON, Fla. — Wasmer, Schroeder & Co., a money management firm headquartered in Naples, Fla., has announced that the company and its affiliated advisory firm, Wasmer Schroeder & Co. LLC in Cleveland, merged on Jan. 1.
The merger essentially results in the transfer of administrative functions to the Naples office, while the Cleveland office will remain open.
In addition, John Majoros and Thomas Richmond, previously principals of Wasmer, Schroeder & Co. LLC, are now officers and directors of the company. Both will remain in Cleveland and clients will continue to contact the same representatives they had before the merger.
The merger will have a positive effect on the portfolio management process and benefit the firm’s clients by streamlining several critical functions, including compliance, accounting, research, and marketing, according to president and chief investment officer Michael Schroeder.
“Our team in Cleveland, Ohio, will now be able to focus 100% of their time on the portfolio management, research, and trading aspects of our investment process while various administrative functions previously handled in Cleveland are transferred to our Naples location,” Schroeder said.
The new structure will allow the company to focus resources as effectively as possible to meet the needs of clients and continue the company’s dedication to fixed-income portfolio management, said chief executive officer Martin Wasmer.
“The combination of the two advisory firms into one cohesive entity will produce operational, marketing, and administrative efficiencies and simplify our ownership structure,” Wasmer said.
Wasmer Schroeder, a privately owned company, has more than $2 billion in assets under management and specializes in fixed-income portfolio management for high-net-worth individuals, wealth management groups, institutions, and foundations. The company has been a registered investment adviser with the Securities and Exchange Commission since 1988.